DEHUA TB(SZ:002043) CAITONG SECURITIES·2025-10-29 12:05Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 6.319 billion yuan for the first three quarters of 2025, a decrease of 2.25% year-on-year, while the net profit attributable to shareholders increased by 30.44% to 629 million yuan [9] - In Q3 2025, the revenue was 2.684 billion yuan, showing a year-on-year increase of 5.03%, and the net profit attributable to shareholders reached 361 million yuan, up 51.67% year-on-year [9] - The company is focusing on optimizing product strategies and improving operational efficiency to counteract pressures in the real estate market [9] - The forecast for net profit attributable to shareholders for 2025-2027 is 742 million, 793 million, and 906 million yuan, respectively, with corresponding EPS of 0.89, 0.96, and 1.09 yuan [9] Financial Performance - The company's revenue for 2023 is projected at 9.063 billion yuan, with a growth rate of 1.63%, while the net profit is expected to be 689 million yuan, reflecting a significant increase of 54.66% [8] - The projected revenue for 2024 is 9.189 billion yuan, with a slight growth rate of 1.39%, and a net profit of 585 million yuan, indicating a decrease of 15.11% [8] - For 2025, the expected revenue is 9.019 billion yuan, a decline of 1.85%, but the net profit is forecasted to increase by 26.86% to 742 million yuan [8] Market Comparison - The company's stock price closed at 12.28 yuan, with a total share capital of 830 million shares and a circulating share capital of 736 million shares [2] - The company has shown a market performance of -21% over the last 12 months, compared to the Shanghai Composite Index and the home improvement materials sector [4]