兔宝宝（002043）：经营稳健，高分红低估值

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company is characterized by stable operations, high dividends, and low valuation. In 2024, it achieved operating revenue of 9.19 billion, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 585 million, a decrease of 15.1% [2][3]. - The company’s main business growth remains evident, with the decorative materials segment generating revenue of 7.404 billion, up 7.99% year-on-year, while the custom home business saw a revenue decline of 18.73% [9]. - The company is expected to maintain a high dividend payout ratio, with a projected dividend of 493 million for 2024, corresponding to a dividend rate of 84.21% and a dividend yield of 5.3% [9]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 9.189 billion and a gross profit of 1.663 billion, resulting in a gross margin of 18% [14]. - For Q1 2025, the company achieved revenue of 1.271 billion, a decrease of 14.3% year-on-year, but net profit attributable to shareholders increased by 14.2% to 101 million [2][3]. Business Segments - The decorative materials business showed resilience with a revenue increase, while the custom home segment faced challenges, particularly with a significant decline in revenue from the Yufeng Hantang brand [9]. - The company’s operational cash flow for 2024 was 1.152 billion, indicating strong cash generation capabilities [14]. Valuation and Future Outlook - The company is considered undervalued with a projected PE ratio of 11 and 10 for 2025 and 2026, respectively, suggesting potential for valuation expansion [9]. - Future profit forecasts indicate net profits of 810 million and 910 million for 2025 and 2026, respectively [9].