Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][14] Core Views - The company achieved a revenue of 2.36 billion yuan in 2024, representing an 8.0% year-on-year increase, while the net profit attributable to shareholders decreased by 17.2% to 181 million yuan [6][9] - The decline in profit is attributed to significant advertising expenses for promoting its own brand and ongoing price competition in the industry, leading to a decrease in product gross margins [6][7] - The company expects a gradual recovery in domestic sales due to favorable consumption policies in 2025, as it is a leading OEM in the bathroom industry [7][9] Financial Performance - In 2024, the revenue breakdown by product shows: water tanks and accessories at 638 million yuan (+2.93%), smart toilets and covers at 1.435 billion yuan (+13.37%), and same-layer drainage systems at 181 million yuan (-13.54%) [7] - The gross margin for smart toilets and covers was 26.62%, a decrease of 2.19 percentage points year-on-year [7] - The company’s overall gross margin for 2024 was 27.3%, down 2.2 percentage points, while the net profit margin was 7.6%, down 2.2 percentage points [7][9] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 209 million yuan, 234 million yuan, and 268 million yuan respectively, with corresponding EPS of 0.50, 0.56, and 0.64 yuan [6][9] - The current stock price corresponds to P/E ratios of 13.3, 11.9, and 10.3 for 2025-2027 [6][9] Market Position - The company is positioned as a leading OEM in the bathroom sector, with both domestic and international sales showing steady growth [7][9] - The company’s overseas revenue in 2024 was 672 million yuan, reflecting a year-on-year increase of 25.50% [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 2.36 billion yuan in 2024, representing an 8.0% year-on-year increase, while the net profit attributable to shareholders decreased by 17.2% to 181 million yuan [6] - The decline in profit is attributed to significant advertising expenses for promoting its own brand and ongoing price competition in the industry, leading to a decrease in product gross margins [6] - The company expects a gradual recovery in domestic sales due to favorable consumption policies in 2025, as it is a leading OEM in the bathroom industry [7] Financial Performance - In 2024, the company's revenue from smart toilets and covers was 1.435 billion yuan, with a year-on-year growth of 13.37% [7] - The overall gross margin for 2024 was 27.3%, down by 2.2 percentage points, while the net profit margin was 7.6%, down by 2.2 percentage points [8] - For 2025, the company forecasts net profits of 209 million yuan, 234 million yuan in 2026, and 268 million yuan in 2027, with corresponding EPS of 0.50, 0.56, and 0.64 yuan [6][9] Market Position - The company has seen steady growth in both domestic and international sales, with domestic revenue reaching 1.686 billion yuan in 2024, up 2.26% year-on-year, and international revenue at 672 million yuan, up 25.50% [7] - The company is positioned to benefit from the ongoing development of its own brand and the expansion of overseas channels, which are expected to contribute to long-term growth [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company's performance is under short-term pressure due to multiple factors, including changes in trade policies and varying implementation of consumer promotion policies across regions, leading to a decrease in orders [1] - The company aims to enhance its market share in smart bathroom products and expand internationally while focusing on product innovation and digital transformation [3][4] - Increased R&D and sales expenses are expected to impact net profit in the short term but are seen as strengthening the company's market foundation for long-term growth [2] Financial Performance Summary - In Q1 2025, the company reported revenue of 400 million, a decrease of 21% year-on-year, and a net profit of 21 million, down 63% [1] - For the full year 2024, revenue is projected at 2.4 billion, an 8% increase, while net profit is expected to decline by 17% to 181 million [9] - The gross margin for 2024 is forecasted at 27.4%, a decrease of 1.4 percentage points compared to the previous year [1] Product and Market Insights - In 2024, revenue from water tanks and accessories is expected to be 600 million, accounting for 27% of total revenue, while smart toilets and covers will generate 1.4 billion, making up 61% [1] - Domestic revenue is projected at 1.7 billion, a 2% increase, while international revenue is expected to reach 670 million, a 26% increase [1] R&D and Sales Investment - The company increased R&D expenses by 18.42% to 107.93 million, driven by strong demand for smart bathroom product updates and intensified market competition [2] - Sales expenses rose by 27% to 280.27 million, reflecting increased investment in market expansion and promotion of smart bathroom products [2]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Viewpoints - The company's performance is under short-term pressure due to multiple factors, including changes in trade policies and varying implementation of consumer promotion policies across regions, leading to a decrease in orders [1] - The company aims to enhance its market share in the smart bathroom products sector and expand internationally, leveraging its competitive advantages in smart toilets and other products [3] - Increased investment in R&D and sales expenses is expected to impact net profit in the short term but is seen as strengthening the company's market foundation for long-term growth [2] Financial Performance Summary - In Q1 2025, the company reported revenue of 400 million, a decrease of 21% year-on-year, and a net profit attributable to the parent company of 21 million, down 63% [1] - For the full year 2024, the company achieved revenue of 2.4 billion, an 8% increase, but a net profit of 180 million, a decrease of 17% [1] - The gross margin for 2024 is projected at 27.4%, down 1.4 percentage points from the previous year [1] Product and Regional Breakdown - In 2024, revenue from water tanks and accessories is expected to be 600 million, accounting for 27% of total revenue, while smart toilets and covers will generate 1.4 billion, making up 61% [1] - Domestic revenue is projected at 1.7 billion, a 2% increase, while overseas revenue is expected to reach 670 million, a 26% increase [1] R&D and Sales Expenses - R&D expenses are projected to be 107.93 million, an increase of 18.42%, driven by strong demand for smart bathroom product updates and intensified market competition [2] - Sales expenses are expected to rise to 280.27 million, a 27% increase, due to efforts to expand market share and enhance product promotion [2] Profit Forecast Adjustments - The profit forecast has been adjusted, with net profits expected to be 150 million, 190 million, and 210 million for 2025, 2026, and 2027 respectively [4] - Earnings per share (EPS) are projected at 0.4 yuan, 0.5 yuan, and 0.5 yuan for the same years [4]

以下文章来源于每日经济新闻 ，作者每经记者 每日经济新闻 . 中国主流财经全媒体。互联网新闻信息服务许可证编号：51120190017 。 来源|每日经济新闻 作者| | 赵李南 4月23日，瑞尔特（SZ002790，股价7.18元，市值30亿元）公告称，其董事长、股东罗远良所持的部分股份被冻结，因为其妻子谢桂琴提起离婚诉 讼，并申请冻结罗远良所持公司股份的50%。 4月24日，《每日经济新闻》记者拨打了瑞尔特证券事务代表的固定电话，瑞尔特的工作人员在电话中表示，目前公司处于无实控人状态，相关的诉 讼并不会导致控制权变化。 公开资料显示，厦门瑞尔特卫浴科技股份有限公司主要从事生产、研发、销售卫浴空间和家庭水系统相关解决方案。2016年3月，瑞尔特成功登陆深 交所，成为为数不多在A股上市的卫浴企业之一。 据厦门海沧区融媒体中心2023年的一篇报道，瑞尔特是国产智能马桶的开创者之一。早在2008年，罗远良赴日本、韩国商务出差时，发现两国的智 能马桶普及率已经很高，他意识到智能马桶也将在国内成为消费升级的一个趋势。"我们2008年立项智能马桶的研发，一直到2019年产品才面市， 十年研发投入2亿元以上。"文章当时介 ...

Group 1: Financial Performance - In 2024, the company achieved a revenue of 23.58 billion yuan, a year-on-year increase of 60.87% in the smart toilet and cover category, which accounted for 13.37% of total revenue [3] - The first quarter of 2025 saw a revenue decline of approximately 21% year-on-year, primarily due to changes in trade policies and varying regional consumer promotion policies [3] - The company's net profit margin improved in the fourth quarter of 2024, influenced by exchange rate fluctuations and a recovery in sales performance [4] Group 2: Market and Policy Impact - The company's direct exports to North America account for 10%-15% of overseas revenue, which is a small portion of total revenue [5] - The implementation of national subsidy policies has positively impacted consumer behavior in home improvement, enhancing the penetration rate of smart toilets [4] - The upcoming new national standards for toilets and mandatory product certification are expected to raise market entry barriers, benefiting companies with strong R&D capabilities [6][7] Group 3: Future Outlook and Strategy - For 2025, the company projects a revenue growth of 10% and a net profit growth of 9.20%, with significant investments in brand building and marketing [7] - The focus for future product development will be on upgrading existing features, emphasizing health, environmental sustainability, and hygiene [7] - The company aims to diversify its market channels and enhance its product matrix, including smart toilets, drainage products, and wellness products [7]

Core Viewpoint - The report indicates that 瑞尔特 (002790) is facing performance pressure but is expected to see growth in its self-owned brand segment in the future, maintaining a "buy" rating for the stock [1]. Financial Performance - In Q1 2025, the company reported revenue of 410 million yuan, a year-on-year decrease of 21.2%, and a net profit attributable to shareholders of 20 million yuan, down 63.3% year-on-year. The net profit excluding non-recurring items was also 20 million yuan, reflecting a 67.0% decline year-on-year [1][2]. Operational Analysis - The domestic OEM business is under pressure due to weak overall industry demand and an increase in clients' self-production ratios, leading to a significant decline in revenue for Q1 2025. The self-owned brand business is also expected to face substantial pressure, with a double-digit revenue decline anticipated due to the staggered rollout of national subsidies and intense low-price competition in the market [2]. - The gross margin for Q1 2025 decreased by 5.6 percentage points to 24.7%, attributed to intensified industry competition and a higher proportion of low-end product sales. The sales, management, R&D, and financial expense ratios were 11.0%, 5.2%, 5.5%, and -1.1% respectively, showing a mixed trend [2]. Market Outlook - Domestic demand is expected to stabilize, with improvements in the self-owned brand segment anticipated as national subsidies are rolled out and real estate sales gradually recover. The company is well-positioned to benefit from the mandatory CCC certification for electronic toilets starting July 1, 2025, which may optimize the industry landscape [3]. - The overseas business is expected to remain stable despite trade policy disruptions, with signs of easing trade tensions [3]. Earnings Forecast and Valuation - The company’s earnings per share (EPS) are projected to be 0.49 yuan, 0.55 yuan, and 0.62 yuan for 2025, 2026, and 2027 respectively. The current stock price corresponds to price-to-earnings (PE) ratios of 15, 13, and 12 times for the respective years, maintaining a "buy" rating [4].

Financial Data and Indicators - The basic earnings per share for Q1 2025 is 0.0514 yuan, a decrease of 63.31% compared to Q1 2024, which was 0.1401 yuan [1] - The operating revenue for Q1 2025 is 4.12 billion yuan, down 21.22% from 5.23 billion yuan in Q1 2024 [1] - The net profit for Q1 2025 is 0.21 billion yuan, a decline of 64.41% from 0.59 billion yuan in Q1 2024 [1] - The return on equity for Q1 2025 is 1.00%, a decrease of 64.03% compared to 2.78% in Q1 2024 [1] Shareholder Information - The top ten unrestricted shareholders hold a total of 11,827.2 million shares, accounting for 45.37% of the circulating shares, with a decrease of 1,140.85 million shares from the previous period [2] - The top shareholders include individuals such as 邓光荣, 罗远良, and 王兵, each holding 1,305.60 million shares, representing 5.01% of the total share capital [2] Dividend Distribution - The company will not distribute dividends or transfer shares in this period [3]

证券代码：002790 证券简称：瑞尔特 公告编号：2025-020 厦门瑞尔特卫浴科技股份有限公司 第五届监事会第六次会议决议公告 本公司及监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、监事会会议召开情况 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票，议案获得通过。 经审核，监事会认为：董事会编制和审核厦门瑞尔特卫浴科技股份有限公司 2025 年第一季度报告的程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、 完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 厦门瑞尔特卫浴科技股份有限公司（以下简称"公司"）第五届监事会第六次（临 时）会议（以下简称"会议"），由公司监事会主席召集。2025 年 4 月 19 日，以电子邮 件方式向全体监事发出会议通知；2025 年 4 月 24 日 14 时，在厦门市海沧区后祥路 18 号一楼会议室召开现场会议。 会议应出席的监事 3 人，实际出席会议的监事 3 人（其中，委托出席的监事 0 人； 以通讯表决方式出席会议的监事 0 人），超过半数。缺席会议的监事 0 人。会议由 ...

证券代码：002790 证券简称：瑞尔特 公告编号：2025-019 厦门瑞尔特卫浴科技股份有限公司 第五届董事会第六次会议决议公告 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、董事会会议召开情况 厦门瑞尔特卫浴科技股份有限公司（以下简称"公司"）第五届董事会第六 次（临时）会议（以下简称"会议"），由公司董事长召集。2025 年 4 月 19 日， 以电子邮件及电话方式向全体董事发出会议通知；2025 年 4 月 24 日 10 时以通 讯表决方式召开。 会议应出席的董事 9 人，实际出席会议的董事 9 人（其中，委托出席的董 事 0 人，以通讯表决方式出席会议的董事 9 人），缺席会议的董事 0 人。会议由 董事长罗远良先生主持，董事会秘书、财务总监列席会议。 本次会议的召开符合《中华人民共和国公司法》《厦门瑞尔特卫浴科技股份 有限公司章程》《厦门瑞尔特卫浴科技股份有限公司董事会议事规则》的相关规 定, 会议决议合法、有效。 二、董事会会议审议情况 1、审议议案一《关于 2025 年第一季度报告的议案》 表决结果：同意票 9 票，反对票 0 票，弃 ...