Minsheng securities released a research report on March 2, saying that it maintained the recommended rating of Dehua Tb New Decoration Material Co.Ltd(002043) ( Dehua Tb New Decoration Material Co.Ltd(002043) .sz, latest price: 12.33 yuan). The reasons for rating mainly include: 1) the high growth of income exceeds the expectation, and the deduction of Non Profits meets the expectation; 2) The channel is the king, small B makes great efforts, and the decorative materials have a high growth; 3) Establishment of customized home furnishing mode, retail + engineering two wheel drive; 4) Non recurring profits and losses and equity incentive fees have a great impact. Risk warning: the branch’s operation mechanism and channel expansion are not as expected; Risks of real estate policy regulation.
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