DEHUA TB(SZ:002043)2024-10-25 10:09Group 1: Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 6.464 billion CNY, a year-on-year increase of 12.79% [4] - The net profit attributable to shareholders was 482 million CNY, up 5.55% year-on-year, while the net profit after deducting non-recurring gains and losses was 427 million CNY, reflecting a growth of 14.14% [4] - In Q3 2024, the company reported operating revenue of 2.556 billion CNY, a 3.56% increase year-on-year, and a net profit of 238 million CNY, which is a significant rise of 41.5% [4] Group 2: Business Segment Performance - The decorative materials business generated revenue of 5.366 billion CNY in the first three quarters, marking a 17.65% increase, with the board business revenue at 3.484 billion CNY, up 21% [4] - The custom home retail business reported revenue of 808 million CNY, a 13.89% increase, with whole-house customization revenue reaching 514 million CNY, growing by 22.84% [4] - The custom home engineering business (Qingdao Yufeng Hantang) saw a revenue decline of 36% [4] Group 3: Channel and Market Strategy - The sales distribution channel accounted for approximately 49.7% of the decorative materials business, while the furniture factory channel increased from single-digit levels in 2018 to 36.8% [4] - The company completed the establishment of 1,001 stores in rural markets, focusing on increasing customer value and profit through supplementary sales [4] - The furniture factory channel experienced a sales growth rate exceeding 30%, with over 20,000 cooperative furniture factories [4] Group 4: Future Outlook and Dividends - The company adheres to a high dividend and high return strategy, having conducted a mid-year dividend in 2024, and plans to continue enhancing investor returns through cash dividends and share buybacks [6]