证券研究报告 | 首次覆盖报告 gszqdatemark 2026 01 30 年 月 日 兔宝宝（002043.SZ） 定制化趋势下的全方位变革，新动能助力新成长 人造板行业已进入成熟期，市场规模庞大，OEM 资源丰富，但核心品牌 稀缺。2024 年我国人造板消费量达 3.3 亿立方米，市场规模约 7253 亿 元，其中据我们测算用于家具制造的人造板市场规模约 2500 亿元。人造 板产业总体已步入平稳发展阶段，刨花板受益于定制家具行业的快速发 展，细分品种仍存结构性增长机会。由于全国各地对木材材质偏好不一、 板材存经济运输半径等原因，我国人造板产业长期呈现高度分散的格局特 征，截至 2024 年底从业企业数量仍超 8600 家，OEM 资源丰富。但知名 品牌较为稀缺，兔宝宝作为业内头部，2024年板材AB类合计销售额126.58 亿元，占人造板整体市场规模的 1.75%，占家具板材市场规模的 5.03%， 后续受益于板材消费群体 B 端化趋势，份额或加速趋向头部品牌。 稳抓板材使用痛点，环保品牌理念深入人心。衡量板材健康环保程度的最 核心指标为甲醛释放量，而人造板及其制品又占到室内甲醛释放来源的绝 对大头 ...

Core Viewpoint - The company Rabbit Baby has launched a new product, the Pure Core Board, which addresses common concerns in home decoration, such as health risks from formaldehyde, durability issues, and aesthetic appeal, by focusing on three core product strengths [1][6]. Group 1: Product Strengths - The Pure Core Board is made from a single type of wood, specifically birch, poplar, and reed, ensuring a uniform and strong core, which enhances its anti-deformation capability by over 20% and nail-holding power by 30% [3][5]. - The board incorporates nano-level silicon and silver particles for active protection against common bacteria and mold, creating a healthier home environment, especially for families with children and pregnant women [5][6]. - The design of the Pure Core Board features advanced aesthetics, developed in collaboration with the University of Florence, utilizing deep-pressing techniques and a custom ink system to achieve vibrant colors and realistic wood textures, ensuring durability against fading and wear [6].

Investment Rating - The report gives a "Buy" rating for the company with a target price of 15.19 CNY [2][10]. Core Views - The company, TUBABO (兔宝宝), is a leading player in the decorative panel industry, focusing on the sales of decorative materials, particularly plywood, which is well-suited for the lower-tier market [7][14]. - The company has a strong channel layout and brand strength, targeting both C-end and small B-end markets, with significant growth potential in the underdeveloped markets [10][9]. - The report forecasts revenue growth of 0.3%, 10.3%, and 9.7% for 2025-2027, with net profit growth of 33.5%, 0.8%, and 9.3% respectively [10][7]. Summary by Sections 1. Industry Overview - TUBABO has been a key player in the decorative panel industry for over 30 years, becoming one of the largest in terms of sales scale and channel coverage [14]. - The company’s revenue is primarily derived from decorative materials, which accounted for 81% of total revenue in 2024, while the custom home business has been declining [15][22]. 2. Market Dynamics - The decorative panel market is characterized by a fragmented competitive landscape, with significant opportunities in the C-end and small B-end markets [9][61]. - The company’s main product, plywood, is favored in traditional woodworking systems, while particleboard is preferred by large custom furniture manufacturers [50][55]. 3. Channel Strategy - TUBABO is accelerating the establishment of specialty stores in rural areas, with a notable increase in the number of stores [7][10]. - The company is also enhancing its online presence through partnerships with e-commerce platforms to drive traffic and customer acquisition [7][10]. 4. Financial Performance - The company’s revenue from panel sales reached 48 billion CNY in 2024, with an 8% year-on-year growth [32]. - The brand licensing business has shown stable growth, contributing significantly to the overall gross margin, with a gross margin rate of 99% [34][38]. 5. Future Outlook - The report anticipates a recovery in the real estate market, which will positively impact the company’s business in the medium to long term [10][7]. - The company is expected to leverage its channel advantages and brand strength to capture substantial growth in the lower-tier markets [10][9].