[East Money Building Materials] Tubao: Both Steady Growth and High Dividends, Cost-Effective at Current Levels, Continue Strong Call

English summary

Top pick for high-to-low switching. The company operates steadily upward, with Q2 revenue growth above 10%, a rare company with alpha in the real estate chain, while also possessing high dividends with dividend yield near 5-6%. Board business steady growth: Q1 board demand was relatively stable. The company's three channels—furniture factories, retail, and decoration companies—all worked together to achieve a good start. We judge that in Q1, the share of Class A boards increased significantly, possibly exceeding 40%, supporting high revenue growth. After the Spring Festival holiday misalignment impact in March, board business returned to double-digit growth from April to June, maintaining steady growth. According to CRIC data, in 2026H1, the total second-hand home transaction area in 20 key national cities was approximately 93.17 million square meters, up 12% YoY and 22% QoQ, with the real estate beta continuing to improve marginally. ...