Group 1 - A new company named Huzhou Rabbit Baby Home Decoration Co., Ltd. has been established, with Shen Yiqiang as the legal representative [1] - The company's business scope includes sales of household appliance parts, installation services for household appliances, sales of electrical equipment, and sales of lighting fixtures [1] - Huzhou Rabbit Baby Home Decoration Co., Ltd. is wholly owned by Rabbit Baby (002043) [1]

一、 股东股份解除质押的基本情况 | 股东 | 是否为第一大 股东及一致行 | 本次解除质 | 占其所 持股份 | 占公 司总 | 起始日 | 解除 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | 押股数(股) | | 股本 | | 日期 | | | | 动人 | | 比例 | 比例 | | | | | 德华 集团 | 是 | 40,000,000 | 13.30% | 4.81% | 2023-8-2 | 2024-12-24 | 中国工商银行股 份有限公司德清 | | | | | | | | | 支行 | 二、 股东股份累计被质押的情况 截至公告披露日，控股股东及其一致行动人所持质押股份情况如下： 证券代码： 002043 证券简称： 兔宝宝 公告编号： 2024-056 德华兔宝宝装饰新材股份有限公司 关于控股股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 德华兔宝宝装饰新材股份有限公司近日接到控股股东德华集团控股股份有限公司（以 下简称"德 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 德华兔宝宝装饰新材股份有限公司（以下简称"公司"）于 2024 年 12 月 7 日披露 《关于全资子公司购买股权投资合伙企业份额暨与专业机构共同投资的公告》（公告编 号：2024-054），公司全资子公司德华兔宝宝投资管理有限公司（以下简称"兔宝宝投 资公司"）以自有资金购买物产中大集团投资有限公司持有的嘉兴物源股权投资合伙企 业（有限合伙）（以下简称"嘉兴物源"或"合伙企业"）认缴出资人民币 1,030.00 万 元所对应的合伙企业 15.8706%的合伙份额。具体内容详见巨潮资讯网的相关公告。 近日，嘉兴物源已完成相关工商变更登记手续，并取得嘉兴市南湖区行政审批局换 发的《营业执照》，相关信息如下： 一、完成工商变更登记后的基本信息 名称：嘉兴物源股权投资合伙企业(有限合伙) 统一社会信用代码：91330402MABMRWTP0A 证券代码：002043 证券简称：兔宝宝 公告编号：2024- 055 德华兔宝宝装饰新材股份有限公司 关于全资子公司参与投资合伙企业完成工商变更登记的公告 主要经营场所：浙江省 ...

关于全资子公司购买股权投资合伙企业份额暨 证券代码：002043 证券简称：兔宝宝 公告编号：2024- 054 德华兔宝宝装饰新材股份有限公司 与专业机构共同投资的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、交易概述 德华兔宝宝装饰新材股份有限公司（以下简称"公司"或"兔宝宝"）全资子公司 德华兔宝宝投资管理有限公司（以下简称"兔宝宝投资公司"）近日与物产中大集团投 资有限公司（以下简称"物产中大投资"）签署了《合伙企业份额转让协议》，兔宝宝 投资公司以自有资金购买物产中大投资持有的嘉兴物源股权投资合伙企业（有限合伙） （以下简称"嘉兴物源"或"合伙企业"）认缴出资人民币 1,030.00 万元所对应的合 伙企业 15.8706%的合伙份额，认缴出资已全部实缴，本次交易对价为人民币 12,290,502.79 元。 由于嘉兴物源的执行事务合伙人为甬上致善（宁波）私募基金管理合伙企业（有限 合伙）（以下简称"甬上致善"或"普通合伙人"），兔宝宝投资公司将签署《嘉兴物 源股权投资合伙企业（有限合伙）之合伙协议 》（以下简称"《合伙协议》"），形成 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 14.55 CNY over the next six months [1][3]. Core Insights - The company reported a total revenue of 64.6 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 12.8%. The net profit attributable to the parent company was 4.8 billion CNY, up 5.6% year-on-year. In the third quarter alone, revenue reached 25.6 billion CNY, a 3.6% increase year-on-year, with net profit soaring by 41.5% [3][15]. - The company is enhancing its channel competitiveness and expanding revenue sources through various initiatives, including the establishment of multiple operational centers and a focus on e-commerce platforms [3][15]. - The gross margin has decreased by 1.5 percentage points to 17.3% due to a decline in the real estate market and weak demand for renovation materials. However, the net profit margin has remained stable, with a slight increase in the non-recurring net profit margin [3][17]. - The company has a strong competitive advantage in high-end products, with a focus on brand building and product quality, supported by a robust distribution network of over 4,000 specialized stores nationwide [3][15]. Summary by Sections Financial Performance - For 2023A, the company reported a revenue of 90.63 billion CNY, with projections of 99.65 billion CNY for 2024E, 111.01 billion CNY for 2025E, and 124.61 billion CNY for 2026E, reflecting growth rates of 1.63%, 9.95%, 11.40%, and 12.25% respectively [2][21]. - The net profit attributable to the parent company for 2023A was 6.89 billion CNY, with forecasts of 6.69 billion CNY for 2024E, 8.03 billion CNY for 2025E, and 9.60 billion CNY for 2026E, indicating a growth rate of 54.79% in 2023A followed by a decline of 2.92% in 2024E and subsequent increases [2][21]. Market Position and Strategy - The company has established a comprehensive competitive advantage in the decorative materials industry, focusing on high-end brand development and maintaining a strong market reputation [3][15]. - The report highlights the company's strategic initiatives to penetrate lower-tier markets and expand its B-end customer base, which includes furniture manufacturers and home decoration companies [3][15]. Valuation and Future Outlook - The company is expected to maintain a stable earnings trajectory, with EPS projected at 0.80 CNY for 2024E, 0.97 CNY for 2025E, and 1.15 CNY for 2026E, corresponding to PE ratios of 15, 12, and 10 respectively [2][21]. - The report anticipates that the company will benefit from the recovery of the real estate market and the ongoing urban renewal initiatives, positioning it to capture significant market share as conditions improve [3][22].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company achieved a total revenue of 6.46 billion with a year-on-year increase of 12.8% and a net profit attributable to shareholders of 0.482 billion, reflecting a year-on-year growth of 5.5% [4][5]. - The third quarter alone saw a revenue of 2.556 billion, up 3.6% year-on-year, and a net profit of 0.238 billion, which is a significant increase of 41.5% year-on-year [4][5]. - The company continues to show stable profitability with a gross margin of 17.3% for the first three quarters, although it decreased by 1.5 percentage points year-on-year, primarily due to the impact of revenue recognition from AB [4][5]. - The company is actively expanding its distribution channels, particularly in the small B sector, which is expected to provide substantial growth momentum in the future [6][7]. Summary by Sections Financial Performance - For the first three quarters, the company reported a gross profit margin of 17.3%, with a net profit margin of 7.5%, down 0.5 percentage points year-on-year [4]. - The third quarter's gross margin was 17.1%, with a net profit margin of 9.3%, an increase of 2.5 percentage points year-on-year [5]. Growth Strategy - The company is focusing on channel expansion, particularly in traditional retail and small B channels, which have shown promising results in recent quarters [6]. - As of mid-2024, the company has partnered with over 20,000 custom furniture enterprises, increasing the share of revenue from furniture factory channels to approximately 36% [6]. Valuation - The company is considered undervalued with a projected net profit of 0.69 billion and 0.85 billion for 2024 and 2025, respectively, corresponding to a PE ratio of 15 and 12 times [7].

Investment Rating - The report assigns a rating of "Accumulate" to the company [3]. Core Views - The company reported a revenue of 6.464 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 12.79%, with a net profit attributable to shareholders of 482 million yuan, up 5.55% year-on-year [2]. - The growth in revenue is driven by rapid expansion in the furniture factory and rural channels, with the decorative materials business revenue reaching 5.366 billion yuan, a year-on-year increase of 17.65% [2]. - The company has improved its cost control, with a decrease in the expense ratio to 6.56%, down 1.86 percentage points year-on-year, primarily due to reduced management and financial expenses [2]. - The cash flow situation is healthy, with a net operating cash flow of 420 million yuan, although it reflects a decrease of 52% year-on-year due to increased cash payments for goods and services [2]. Summary by Sections Financial Performance - For Q3 alone, the company achieved a revenue of 2.556 billion yuan, a year-on-year increase of 3.56%, and a net profit of 238 million yuan, up 41.5% year-on-year [2]. - The company expects net profits for 2024-2026 to be 661 million, 795 million, and 908 million yuan respectively, with corresponding P/E ratios of 15.92, 13.25, and 11.60 [4]. Business Development - The furniture factory channel has seen significant growth, with retail distribution channel business accounting for approximately 49.7% of total sales, and the furniture factory channel's share rising from single digits in 2018 to 36.8% [2]. - The company has opened 1,001 new stores in rural areas in the first three quarters, enhancing customer value and profit through supplementary sales [2]. Future Outlook - The report expresses optimism about the company's channel expansion, particularly in the context of increasing demand for small B and C-end markets and renovation needs [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][8] Core Views - The company's Q3 2024 results show significant improvement in net profit margin year-on-year, with effective cost control [1][2] - For the first three quarters of 2024, the company achieved operating revenue of 6.46 billion, net profit attributable to shareholders of 480 million, and net profit excluding non-recurring items of 430 million, representing year-on-year growth of +12.79%, +5.55%, and +14.14% respectively [1][2] - In Q3 2024, the company reported operating revenue of 2.56 billion, net profit attributable to shareholders of 240 million, and net profit excluding non-recurring items of 190 million, with year-on-year growth of +3.56%, +41.50%, and +23.50% respectively [1][2] Summary by Sections Financial Performance - The gross margin, net profit margin, and net profit margin excluding non-recurring items for the first three quarters of 2024 were 17.3%, 7.5%, and 6.6%, showing year-on-year changes of -1.5, -0.5, and +0.1 percentage points respectively [2] - The company’s operating expenses ratio was 6.6%, down by 1.9 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 3.7%, 2.6%, 0.7%, and -0.4% respectively [2] - In Q3 2024, the gross margin, net profit margin, and net profit margin excluding non-recurring items were 17.1%, 9.3%, and 7.5%, with year-on-year changes of +0.2, +2.5, and +1.2 percentage points [2] Cash Flow and Assets - As of the end of Q3 2024, the company’s asset-liability ratio and interest-bearing debt ratio were 45.7% and 1.0%, down by 1.4 and 1.6 percentage points year-on-year [2] - The company’s operating cash flow for the first three quarters of 2024 was 420 million, down by 52.0% year-on-year, primarily due to an increase in cash paid for goods and services [2] Earnings Forecast - The company is expected to achieve operating revenues of 10.15 billion, 11.20 billion, and 12.31 billion for 2024, 2025, and 2026 respectively, with net profits attributable to shareholders of 690 million, 830 million, and 970 million [5][6] - The estimated EPS for 2024, 2025, and 2026 are 0.80, 1.00, and 1.20 respectively, with corresponding P/E ratios of 15.2, 12.7, and 10.9 [5][6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [4][6]. Core Insights - The company reported a resilient revenue growth of 12.79% year-on-year for the first three quarters, with a significant increase in net profit attributable to the parent company by 42% in Q3 [1][4]. - The improvement in operating quality is highlighted by a reduction in expense ratios and an increase in investment income [1][2]. - The company has adjusted its profit forecast downwards due to slow recovery in real estate sales affecting board demand, projecting net profits of 660 million, 760 million, and 870 million for 2024-2026 [4][5]. Financial Performance Summary - For Q1-Q3, the company achieved a revenue of 6.46 billion, with net profits of 482 million and 427 million, reflecting year-on-year increases of 5.55% and 14.14% respectively [1]. - The gross margin for Q1-Q3 was 17.3%, a decrease of 1.54 percentage points year-on-year, while Q3 gross margin improved slightly to 17.07% [2]. - The net profit margin for Q1-Q3 was 7.62%, down 0.60 percentage points year-on-year, but Q3 saw a significant increase to 9.53% [3]. Financial Data and Valuation - The company’s projected revenue for 2024 is 10.06 billion, with a growth rate of 10.97% [5]. - The estimated net profit for 2024 is 655.77 million, with a corresponding P/E ratio of 16.05 [5]. - The company’s cash dividend for the first half of 2024 was 230 million, reflecting a high payout ratio of 94.21% [4].

Investment Rating - The investment rating for the company is "Buy - A" with a 12-month target price of 13.95 CNY [2][4]. Core Insights - The company reported a strong performance in Q3 2024, with a year-on-year revenue increase of 12.79%, reaching 6.464 billion CNY, and a net profit of 482 million CNY, up 5.55% year-on-year [1][2]. - The company's operating income growth has shown resilience despite industry headwinds, with a notable improvement in the main business profitability and an increase in investment income [4]. - The company has adjusted its profit forecast for 2024, expecting revenues of 10.053 billion CNY, 11.087 billion CNY, and 12.094 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 681.5 million CNY, 776.3 million CNY, and 882.4 million CNY [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 17.31%, a decrease of 1.54 percentage points year-on-year, attributed to a decline in high-margin brand revenue [2]. - The net profit margin for the first three quarters was 7.62%, down 0.59 percentage points year-on-year, but improved by 0.67 percentage points compared to the first half of 2024 [2]. - The company’s operating cash flow for the first three quarters was 420 million CNY, a significant decrease of 454 million CNY year-on-year, primarily due to increased cash payments for goods and services [2]. Revenue and Profit Forecast - The company expects to maintain steady revenue growth despite industry challenges, with projected revenues of 10.053 billion CNY in 2024, 11.087 billion CNY in 2025, and 12.094 billion CNY in 2026, reflecting year-on-year growth rates of 10.92%, 10.29%, and 9.08% respectively [4][5]. - The forecasted net profits for the same years are 681.5 million CNY, 776.3 million CNY, and 882.4 million CNY, with slight declines in 2024 followed by growth in subsequent years [4][5]. Market Position and Strategy - The company is positioned as a leader in the high-end retail panel market, with ongoing efforts to expand into township markets and enhance its small B channel strategy [4]. - The company is expected to benefit from favorable real estate policies, which may enhance its valuation and long-term growth prospects [4].