兔宝宝：稳增长，高分红，低估值

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [77]. Core Insights - The company's brand service model has established a high return on equity (ROE), with a stable mid-point around 20% and a peak of approximately 30% [93]. - The company has successfully expanded its small B business, which targets local custom furniture enterprises, increasing its revenue share from 8% in 2018 to 31% in 2023 [78]. - The company is focusing on channel expansion and penetration into rural markets, with plans to add over 1,000 new stores in the coming years [83]. Summary by Sections Business Model - The company operates as a brand service provider, primarily selling engineered wood products and finished home furnishings, utilizing an OEM production model to facilitate rapid geographic expansion [12][107]. - The revenue recognition includes both A-class sales and B-class brand usage fees, enhancing revenue stability [12]. Financial Performance - The company reported a gross margin of 23.77% for its custom home business and 16.52% for its decorative materials business in 2023 [11]. - The projected net profit for 2024 and 2025 is estimated at 740 million and 900 million respectively, with corresponding price-to-earnings ratios of 14 and 12 [95]. Market Position - The company has established itself as a leader in the environmentally friendly home building materials sector, participating in the formulation of numerous national and international standards [16]. - The company’s brand strength allows it to command higher prices compared to competitors, resulting in better profit margins for its distributors [17]. Growth Strategy - The company is enhancing its product offerings by diversifying into various types of engineered wood products to meet the evolving needs of its customers [31]. - The focus on rural market penetration is expected to tap into a significant portion of the total market demand, estimated at around 20% [83]. Dividend Policy - The company has shifted from aggressive acquisitions to a focus on cash dividends, proposing a cash dividend of 456 million in 2023, reflecting a payout ratio of 66.2% [39].