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兔宝宝(002043):半年报点评:业绩稳健,中期分红2.3亿元,红利价值突出
NORTHEAST SECURITIES· 2025-08-23 14:45
Investment Rating - The report maintains a "Buy" rating for the company, emphasizing the value of dividends [5][13]. Core Insights - The company reported a revenue of 3.63 billion yuan for H1 2025, a year-on-year decrease of 7%, while the net profit attributable to the parent company was 270 million yuan, reflecting a year-on-year increase of 10% [2][3]. - The net profit margin for H1 2025 was 7.4%, an increase of 0.9 percentage points compared to the full year of 2024. The gross profit margin for H1 2025 was 18.3%, up by 0.8 percentage points year-on-year [3]. - The company’s decorative materials business saw a revenue of 2.99 billion yuan in H1 2025, down 9% year-on-year, with a significant decline in board product revenue, which fell by 16% [3][4]. - The custom home business remained stable, achieving a revenue of 620 million yuan in H1 2025, a year-on-year increase of 4% [4]. - The company announced a mid-term dividend of 230 million yuan, with a payout ratio of 87% for H1 2025 [4]. Financial Summary - The projected net profit for the company from 2025 to 2027 is estimated at 660 million yuan, 740 million yuan, and 820 million yuan, respectively, with year-on-year growth rates of 13%, 12%, and 10% [5]. - The company’s revenue for 2025 is expected to be 8.45 billion yuan, reflecting a decrease of 8.1% compared to 2024 [6]. - The earnings per share (EPS) for 2025 is projected to be 0.80 yuan, with a price-to-earnings (P/E) ratio of 13 times [6].
九江泰福装饰材料有限公司成立 注册资本20万人民币
Sou Hu Cai Jing· 2025-08-23 03:50
Group 1 - A new company, Jiujiang Taifu Decoration Materials Co., Ltd., has been established with a registered capital of 200,000 RMB [1] - The legal representative of the company is Yin Xuke [1] - The company's business scope includes the sale and manufacturing of lightweight building materials, construction materials, and various chemical products, among others [1] Group 2 - The company is involved in the retail and wholesale of hardware products and the manufacturing of non-metallic mineral products [1] - It also provides packaging services and labor services, excluding labor dispatch [1] - The company is permitted to engage in road cargo transportation for general quality vehicles with a total mass of 4.5 tons or less [1]
宣城美居乐装饰材料有限公司成立 注册资本100万人民币
Sou Hu Cai Jing· 2025-08-22 01:46
Core Viewpoint - Xuancheng Meijule Decoration Materials Co., Ltd. has been established with a registered capital of 1 million RMB, indicating a new player in the construction materials industry [1] Company Summary - The legal representative of the company is Zhu Liuxia [1] - The registered capital of the company is 1 million RMB [1] - The company operates in various sectors including sales of construction decoration materials, lightweight building materials, insulation materials, and household goods [1] Industry Summary - The company’s business scope includes general projects such as sales of bamboo products, daily ceramic products, plastic products, furniture, and hardware retail [1] - The company is positioned to engage in the sales of daily necessities and other non-restricted legal projects [1]
东吴证券给予兔宝宝增持评级:装饰板材收入承压,盈利能力同比改善
Mei Ri Jing Ji Xin Wen· 2025-08-21 13:19
东吴证券8月21日发布研报称,给予兔宝宝(002043.SZ,最新价:10.45元)增持评级。评级理由主要 包括:1)事件:公司发布2025年中报;2)装饰板材业务有所承压,继续推进渠道下沉;3)毛利率同 比有所改善,期间费用率有所提高;4)经营性现金流有所下滑,继续保持高分红。风险提示:下游房 地产竣工不及预期的风险、行业竞争加剧的风险、应收账款回款风险。 (文章来源:每日经济新闻) ...
兔宝宝(002043)2025年中报点评:持续优化渠道产品结构 高分红延续
Xin Lang Cai Jing· 2025-08-21 08:36
Q2 收入降幅收窄,扣非净利略有下滑。2025H1 公司实现营收36.3 亿元,同比-7.01%,归母净利润2.68 亿元,同比+9.71%,扣非归母净利润2.38 亿元,同比+1.35%,非经常性损益同比变化主因持有联翔股 份公允价值变动影响,报告期48 万,上年同期为-2279 万元,EPS 为0.33 元/股,同时公司拟中期分红 10 派2.8 元(含税);其中Q2 单季度实现营收23.63 亿元,同比-2.55%,归母净利润1.67 亿元,同比 +7.15%,扣非归母净利润1.51 亿元,同比-2.05%,盈利同比承压主要受裕丰汉唐持续降规模控风险影 响,H1 裕丰汉唐收入同比-60.5%,净利润同比-12.4%。 板材持续优化渠道产品结构,全屋定制逆势小幅增长。2025H1 装饰材料/定制家居业务分别实现营收 29.9/6.2 亿元,同比-9.05%/+4.46%,其中装饰材料业务中的板材/板材品牌使用费/其他装饰材料收入分 别为17.9/1.9/10.1亿元,同比-16.45%/-15.64%/+9.87%,报告期易装业务转入家居运营,剔除后品牌使用 费同比-12.4%,在家装需求整体承压背景下, ...
亳州市捷盛装饰材料有限公司成立 注册资本50万人民币
Sou Hu Cai Jing· 2025-08-21 07:52
Group 1 - A new company, Bozhou Jiesheng Decoration Materials Co., Ltd., has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Chen Liangsui [1] - The company's business scope includes sales of various construction materials, metal fittings, electrical equipment, and ceramic products [1] Group 2 - The company is involved in both wholesale and retail of hardware products and plastic products [1] - The business operations are not limited to licensed activities, allowing for self-managed operations in compliance with legal regulations [1]
兔宝宝(002043):结构改善,盈利稳步增长
Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company shows steady profit growth and margin improvement, with a reported revenue of 3.634 billion yuan in H1 2025, a year-on-year decrease of 7.0%, while net profit attributable to shareholders increased by 9.7% to 268 million yuan [5] - The company is optimizing its product and channel structure in response to pressures in the decorative materials segment, with a revenue of 2.985 billion yuan in H1 2025, down 9.05% year-on-year [5] - The custom home business is growing steadily, with revenue of 621 million yuan in H1 2025, an increase of 4.46% year-on-year [5] - The profit forecast for 2025-2027 has been revised down, with expected net profits of 706 million, 832 million, and 923 million yuan respectively, corresponding to PE ratios of 12, 10, and 9 [5] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 8.602 billion yuan, with a year-on-year growth rate of -6.4% [4] - Net profit attributable to shareholders for 2025 is projected at 706 million yuan, with a year-on-year growth rate of 20.7% [4] - The company’s gross margin is expected to improve to 19.6% in 2025, with a return on equity (ROE) of 22.7% [4]
石家庄宗林装饰材料有限公司成立 注册资本10万人民币
Sou Hu Cai Jing· 2025-08-20 22:19
Core Viewpoint - Shijiazhuang Zonglin Decoration Materials Co., Ltd. has been established with a registered capital of 100,000 RMB, indicating a new player in the decoration materials industry [1] Company Summary - The legal representative of the company is Liu Wenlong, which may suggest a centralized management structure [1] - The company’s business scope includes the sale of cork products, daily wooden products, doors and windows, indoor wooden door and window installation services, retail of hardware products, manufacturing and sales of metal structures, sales of metal tools, sales of metal products, sales of furniture accessories, and sales of building decoration materials [1] - The company is allowed to operate independently within the scope of its business license, except for projects that require legal approval [1]
董承非大调仓!
Zhong Guo Ji Jin Bao· 2025-08-20 08:23
Summary of Key Points Core Viewpoint - Dong Chengfei, Chief Research Officer of Ruijun Asset, has made new investments in Yangjie Technology and Tubao, while reducing holdings in Chipeng Microelectronics as of August 20, 2025 [1]. Group 1: Yangjie Technology - Dong Chengfei's Ruijun Youfu No. 1 private equity fund has newly entered the top ten circulating shareholders of Yangjie Technology, acquiring 2.5533 million shares with a reference market value of 133 million yuan, accounting for 0.47% of circulating shares [3][4]. - Yangjie Technology reported a total revenue of 3.455 billion yuan in the first half of the year, representing a year-on-year increase of 20.58%, and a net profit attributable to shareholders of 601 million yuan, up 41.55% [5]. - The company's stock price has risen approximately 34% year-to-date, recovering from a drop to 37.59 yuan per share in April to around 58 yuan per share [6]. Group 2: Tubao - Ruijun Youfu No. 1 private equity fund has also newly invested in Tubao, holding 6.068 million shares with a reference market value of 59 million yuan, making it the ninth largest circulating shareholder [8][9]. - Tubao reported a total revenue of 3.634 billion yuan in the first half of the year, a year-on-year decrease of 7.01%, while the net profit attributable to shareholders was 268 million yuan, an increase of 9.71% [10]. - The stock price of Tubao has decreased by approximately 8.8% year-to-date [11]. Group 3: Chipeng Microelectronics - Ruijun Youfu No. 1 and No. 3 funds have reduced their holdings in Chipeng Microelectronics by 420,000 shares, bringing the total holdings down to 2.4158 million shares, with a reference market value of 135 million yuan [13]. - Chipeng Microelectronics achieved a revenue of 636 million yuan in the first half of the year, a year-on-year increase of 40.32%, and a net profit attributable to shareholders of 90 million yuan, up 106.02% [14].
【私募调研记录】睿郡资产调研国瓷材料、兔 宝 宝等3只个股(附名单)
Zheng Quan Zhi Xing· 2025-08-20 00:07
Group 1: Guocera Materials - The company is developing both oxide and sulfide solid electrolyte technologies and has established a joint venture focused on sulfide [1] - The honeycomb ceramic products have shown steady growth, covering domestic automotive brands and entering the supply chains of international leading car manufacturers [1] - The subsidiary Guocera Saichuang has mass-produced and sold ceramic substrates for optical modules, with plans for increased investment after the completion of the second-phase factory [1] - The company is expanding its market share in automotive and server MLCCs, with limited impact from rare earth regulations [1] Group 2: Rabbit Baby - The distribution channels for decorative materials are composed of 38.5% from distributors, 49.6% from furniture factories, 8.1% from home decoration companies, and 3.8% from engineering [2] - The company has seen growth in rural channels, with 847 new stores opened and 600,000 sales of decorative boards in the first half of the year [2] - Gross margins in the decorative materials business have improved due to cost control measures and a 9.9% increase in auxiliary material sales [2] - The custom home business has shown stable growth, with a 46.5% year-on-year increase in sales through home decoration company channels [2] Group 3: Meihua Medical - In the first half of 2025, the company achieved revenue of 733 million yuan and a net profit of 114 million yuan, with adjusted net profit of 129 million yuan [3] - The company has increased R&D investment, with home and consumer electronics components revenue growing by 35.69% and other medical product components by 54.41% [3] - The company is advancing its investment and acquisition efforts while focusing on risk control [3] - The company has begun mass deliveries of injection pens and CGM products, and is exploring the humanoid robot industry [3]