DEHUA TB(002043) 东莞证券·2025-04-25 10:12Investment Rating - The report maintains an "Accumulate" rating for the company, Rabbit Baby (002043) [2][8]. Core Views - The company achieved a slight revenue increase of 1.39% year-on-year, reaching 9.189 billion yuan, while the net profit attributable to shareholders decreased by 15.11% to 585 million yuan due to impairment provisions [5][6]. - The company's revenue from decorative materials, which constitutes 80.58% of total revenue, grew by 7.99%, while the custom home business saw a significant decline of 18.73% [5][6]. - Management and financial expenses decreased significantly, indicating improved cost control and operational efficiency [5][6]. Summary by Relevant Sections Financial Performance - In 2024, the company reported total revenue of 9.189 billion yuan, a 1.39% increase year-on-year, and a net profit of 585 million yuan, down 15.11% [5][6]. - The fourth quarter saw a revenue drop of 18.21% year-on-year, with a net profit decrease of 55.75% [5][6]. - Basic earnings per share for 2024 were 0.71 yuan, with a proposed cash dividend of 3.2 yuan per 10 shares [5][6]. Business Segments - Decorative materials revenue was 7.404 billion yuan, up 7.99%, while custom home revenue fell to 1.720 billion yuan [5][6]. - The custom home segment's retail business grew by 18.49%, but the engineering business saw a decline of 46.81% [5][6]. Cost Management - Sales, management, and financial expenses were reported as 316 million, 204 million, and -34 million yuan respectively, with management expenses decreasing by 23.04% [5][6]. - The overall expense ratio was 5.99%, reflecting a decrease of 0.74 percentage points [5][6]. Profitability Metrics - The company's gross margin remained stable at 18.18%, with a slight decrease of 0.32 percentage points from the previous year [5][6]. - The asset-liability ratio at the end of 2024 was 46.59%, down 0.98 percentage points year-on-year [5][6]. Future Outlook - The company is expected to achieve earnings per share of 0.94 yuan and 1.10 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 11.7 and 10 [6][7].