天眼查App显示，近日，德阳市旌阳区胜亿兴木材经营部（个体工商户）成立，法定代表人为龚旭佳， 注册资本5万人民币，经营范围为一般项目：木材销售；木材收购；木材加工；建筑材料销售；建筑装 饰材料销售；五金产品零售；机械设备租赁；普通机械设备安装服务；人造板销售。（除依法须经批准 的项目外，凭营业执照依法自主开展经营活动）。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock with expected returns exceeding 20% over the next six months [6][17]. Core Insights - The company's revenue for the first half of 2025 (25H1) was 3.63 billion yuan, a year-on-year decline of 7.01%, while net profit attributable to shareholders increased by 9.71% to 268 million yuan [1]. - The company continues to implement a high dividend strategy, distributing 229 million yuan in cash dividends, which represents 95.13% of its distributable profits [1]. - The company is experiencing stable growth in its custom home business and rapid development in overseas markets, with overseas revenue increasing by 33.22% to 191 million yuan in 25H1 [2]. Financial Performance - The comprehensive gross profit margin for 25H1 was 18.27%, an increase of 0.80 percentage points year-on-year, while the net profit margin improved to 7.43%, up 1.07 percentage points [3]. - The company reported a decrease in operating cash flow, with a net inflow of 107 million yuan, down from 171 million yuan year-on-year [3]. - The company has adjusted its net profit forecasts for 2025-2027 to 650 million, 760 million, and 870 million yuan respectively, reflecting a cautious outlook amid industry challenges [4]. Business Segments - In terms of product revenue, decorative materials accounted for 2.8 billion yuan, a decline of 8.58%, while cabinet business revenue grew by 5.72% to 441 million yuan [2]. - The company has successfully completed the recruitment of 847 township stores and has upgraded its retail model to adapt to market trends [4]. Valuation Metrics - The projected earnings per share (EPS) for 2025 is 0.79 yuan, with a price-to-earnings (P/E) ratio of 13.20 [5][11]. - The company’s total market capitalization is approximately 8.74 billion yuan, with a price-to-book (P/B) ratio of 2.83 [7][11].

Core Viewpoint - The article discusses the recent investment activities of Dong Chengfei, the Chief Research Officer of Ruijun Asset, highlighting new positions in Yangjie Technology and Rabbit Baby, while reducing holdings in Chipeng Micro [2][9]. 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 the circulating shares [5][6]. - Yangjie Technology reported a total revenue of 3.455 billion yuan in the first half of the year, a year-on-year increase of 20.58%, and a net profit attributable to shareholders of 601 million yuan, up 41.55% [7]. - The company's stock price has increased approximately 34% year-to-date, recovering from a drop to 37.59 yuan per share in April to around 58 yuan per share [7]. Group 2: Rabbit Baby - Ruijun Youfu No. 1 private equity fund has also newly invested in Rabbit Baby, holding 6.068 million shares with a reference market value of 59 million yuan, making it the ninth largest circulating shareholder [10][11]. - Rabbit Baby reported a 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% [12]. - The stock price of Rabbit Baby has declined approximately 8.8% year-to-date [13]. Group 3: Chipeng Micro - Ruijun Youfu No. 1 and No. 3 funds have reduced their holdings in Chipeng Micro by 420,000 shares, bringing the total holdings down to 2.4158 million shares, with a reference market value of 135 million yuan [15]. - Chipeng Micro 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].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 12.75 CNY over the next six months [4]. Core Views - The company reported a revenue of 3.634 billion CNY for H1 2025, a decrease of 7.01% year-on-year, while the net profit attributable to shareholders increased by 9.71% to 268 million CNY [2][3]. - The decline in revenue is attributed to a combination of decreasing demand and a high base from the previous year, where H1 2024 revenue grew by 19.77% [2]. - Despite the revenue drop, the company managed to improve its gross margin, which contributed to the net profit growth [2][3]. Summary by Sections Financial Performance - In H1 2025, the company achieved a gross margin of 18.27%, an increase of 0.8 percentage points year-on-year [3]. - The net profit margin for H1 2025 was 7.43%, up by 1.07 percentage points compared to the previous year [3]. - The company’s operating cash flow decreased by 61.39% year-on-year to 107 million CNY, primarily due to a significant drop in cash received from sales [9]. Business Segments - The decorative materials segment generated revenue of 2.985 billion CNY, down 9.05% year-on-year, with a notable decline in board revenue [2]. - The custom home segment saw a revenue increase of 4.46% to 621 million CNY, with retail sales of full-house customization growing by 3% [2]. Future Outlook - The company is expected to achieve revenues of 9.981 billion CNY, 10.779 billion CNY, and 11.688 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 8.62%, 8.00%, and 8.43% [11]. - The projected net profits for the same years are 709 million CNY, 856 million CNY, and 1.032 billion CNY, reflecting growth rates of 21.16%, 20.74%, and 20.50% respectively [11].

Core Insights - The article emphasizes the importance of preparation and strategic planning for private companies considering an IPO, as illustrated by Jesse Singh's experience with AZEK [1][7] Group 1: Preparation and Flexibility - Companies should be prepared and flexible, as timing cannot be chosen; thorough preparation is essential for a successful IPO [3] - AZEK's IPO journey began in 2019, with meticulous preparations including forming an active board and audit committee, and operating in a public company mode to identify and resolve issues [3] - Despite initially abandoning the IPO plan, AZEK quickly adapted to market opportunities, completing the transition to public status in under a month [3] Group 2: Governance and Compliance - Transitioning to a public company involves heightened scrutiny and governance, with significant changes in audit processes and compensation structures [4] - The shift to PCAOB audits represents a new level of compliance, providing opportunities for adjusting compensation that were not available as a private company [4] Group 3: Team Selection - The roles of the Chief Financial Officer and General Counsel are critical during the IPO process, with the latter being more significant than initially anticipated [5] - Hiring a CFO with public company experience is essential, as is selecting the right investment banks and advisors to effectively represent the company [5] Group 4: Building Credibility - Companies should establish credibility through conservative financial projections during the IPO to gain investor trust [5] - AZEK's strategy included releasing conservative numbers at the IPO, which led to stock sales at prices significantly above the initial offering three months later [5] Group 5: Managing Distractions - The IPO process can distract from daily operations, necessitating internal resilience and a solid business foundation [6] - Companies should ensure they have experienced personnel in place to navigate the IPO process effectively [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][24][30] Core Views - The company demonstrated resilient revenue growth with a total revenue of 9.19 billion yuan in 2024, a year-on-year increase of 1.39%. However, the net profit attributable to shareholders decreased by 15.11% to 590 million yuan due to credit impairment and goodwill impairment [8][24] - The company plans to distribute a cash dividend of 3.2 yuan per share (before tax), with a total dividend payout of 493 million yuan in 2024, resulting in a dividend payout ratio of 84.2% [8][24] - The company is focusing on expanding its market presence in rural areas and small B channels, which is expected to drive growth in the board materials segment and continue the upward trend in the whole-house customization business [12][24] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 9.19 billion yuan, with a net profit of 590 million yuan, and an EPS of 0.71 yuan per share. The first quarter of 2025 saw a revenue of 127 million yuan, a decrease of 14.3% year-on-year, while the net profit increased by 14.2% to 101 million yuan [8][24] - The overall gross margin for 2024 was 18.1%, slightly down by 0.32 percentage points year-on-year. The operating cash flow for 2024 was 1.15 billion yuan, a decrease of 39.7% [19][24] Business Segments - The decorative materials and custom home segments generated revenues of 7.404 billion yuan and 1.72 billion yuan respectively in 2024, with the decorative materials segment growing by 8.0% while the custom home segment declined by 18.7% [12][24] - The board materials segment within decorative materials saw revenues of 4.77 billion yuan, an increase of 7.57% year-on-year, driven by multi-channel operations and expansion into rural markets [12][24] Future Outlook - The company is expected to maintain a high dividend payout and continue to focus on shareholder returns. The earnings per share (EPS) forecast for 2025-2027 is projected to be 0.96, 1.04, and 1.14 yuan respectively, with corresponding price-to-earnings (PE) ratios of 11.0, 10.1, and 9.2 [24][28]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][24][30] Core Views - The company demonstrated resilient revenue growth with a total revenue of 9.19 billion yuan in 2024, a year-on-year increase of 1.39%. However, the net profit attributable to shareholders decreased by 15.11% to 590 million yuan due to credit impairment and goodwill impairment [8][24] - The company plans to distribute a cash dividend of 3.2 yuan per share (before tax), resulting in a total dividend payout of 493 million yuan for 2024, with a dividend payout ratio of 84.2% [8][24] - The company is focusing on expanding its market presence in rural areas and small B channels, which is expected to drive growth in its board materials and custom home furnishing segments [24] Revenue and Profitability - In 2024, the decorative materials and custom home furnishing businesses generated revenues of 7.404 billion yuan and 1.72 billion yuan, respectively, with year-on-year growth rates of 8.0% and a decline of 18.7% [12][24] - The overall gross margin for 2024 was 18.1%, slightly down by 0.32 percentage points year-on-year, while the operating cash flow was 1.15 billion yuan, reflecting a decrease of 39.7% [19][24] Financial Forecasts - The company expects earnings per share (EPS) to be 0.96, 1.04, and 1.14 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 11.0, 10.1, and 9.2 [24][28] - The projected net profit for 2025 is 798 million yuan, representing a significant recovery of 36.4% compared to 2024 [4][28]