证券代码：002790 证券简称：瑞尔特 公告编号：2024-048 厦门瑞尔特卫浴科技股份有限公司 关于公司使用部分自有资金进行委托理财的进展公告（五） 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。 厦门瑞尔特卫浴科技股份有限公司（以下简称"公司"）于 2024 年 4 月 19 日召开第四届董事会第十四次会议审议通过了《关于使用部分自有资金进行委托 理财的议案》，批准同意公司及控股子公司使用不超过人民币 80,000 万元的自 有资金进行委托理财，在上述额度内资金可滚动使用。本次使用部分自有资金进 行委托理财的投资产品，包括银行、证券公司、基金公司等金融机构的安全性高、 流动性好、中低风险的理财产品。公司及其控股子公司使用部分自有资金进行委 托理财的实施期限自董事会审议通过之日起一年内有效。公司董事会授权公司董 事长或者总经理在额度范围内行使该项投资决策权并签署相关法律文件（包括但 不限于）：选择合格的投资产品发行主体、明确理财金额、选择理财产品品种、 签署合同等，同时授权公司管理层具体实施相关事宜。 《关于使用部分自有资金进行委托理财的公告》（公告编号 ...

证券代码：002790 证券简称：瑞尔特 公告编号：2024-047 厦门瑞尔特卫浴科技股份有限公司 关于公司使用部分自有资金进行委托理财的进展公告（四） 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。 厦门瑞尔特卫浴科技股份有限公司（以下简称"公司"）于 2024 年 4 月 19 日召开第四届董事会第十四次会议审议通过了《关于使用部分自有资金进行委托 理财的议案》，批准同意公司及控股子公司使用不超过人民币 80,000 万元的自 有资金进行委托理财，在上述额度内资金可滚动使用。本次使用部分自有资金进 行委托理财的投资产品，包括银行、证券公司、基金公司等金融机构的安全性高、 流动性好、中低风险的理财产品。公司及其控股子公司使用部分自有资金进行委 托理财的实施期限自董事会审议通过之日起一年内有效。公司董事会授权公司董 事长或者总经理在额度范围内行使该项投资决策权并签署相关法律文件（包括但 不限于）：选择合格的投资产品发行主体、明确理财金额、选择理财产品品种、 签署合同等，同时授权公司管理层具体实施相关事宜。 证券代码：002790 证券简称：瑞尔特 公告编号： ...

Group 1: Financial Outlook for 2024 - The company projects a revenue of 262,130.81 million CNY for 2024, representing a 20% year-on-year growth [1] - The net profit is estimated at 24,762.58 million CNY, reflecting a 15.06% increase compared to the previous year [1] - The budget serves as an internal management reference and is subject to uncertainties influenced by economic conditions and market demand [1] Group 2: Online Sales Performance - Currently, online sales account for less than 20% of the company's total revenue, indicating a relatively low proportion [2] Group 3: Investor Relations Compliance - The company adheres to regulations regarding investor relations activities, ensuring no undisclosed significant information was leaked during the event [2]

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证券代码：002790 证券简称：瑞尔特 公告编号：2024-039 厦门瑞尔特卫浴科技股份有限公司 关于公司使用部分自有资金进行委托理财的 进展公告（三） 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。 厦门瑞尔特卫浴科技股份有限公司（以下简称"公司"）于 2024 年 4 月 19 日召开第四届董事会第十四次会议审议通过了《关于使用部分自有资金进行委托 理财的议案》，批准同意公司及控股子公司使用不超过人民币 80,000 万元的自 有资金进行委托理财，在上述额度内资金可滚动使用。本次使用部分自有资金进 行委托理财的投资产品，包括银行、证券公司、基金公司等金融机构的安全性高、 流动性好、中低风险的理财产品。公司及其控股子公司使用部分自有资金进行委 托理财的实施期限自董事会审议通过之日起一年内有效。公司董事会授权公司董 事长或者总经理在额度范围内行使该项投资决策权并签署相关法律文件（包括但 不限于）：选择合格的投资产品发行主体、明确理财金额、选择理财产品品种、 签署合同等，同时授权公司管理层具体实施相关事宜。 《关于使用部分自有资金进行委托理财的公告》（公告编 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting an expected return of over 20% within the next six months [11][24]. Core Insights - The company has demonstrated strong revenue growth, with a 32% year-on-year increase in Q1 2024, driven by recovering overseas orders and growing domestic demand in the smart bathroom market [1]. - The company is focusing on enhancing its product offerings and brand presence, with plans to introduce new products that cater to consumer needs and preferences, particularly in health, environmental, and hygiene aspects [8][10]. - The company is actively optimizing its product structure and expanding its own brand in the domestic market, which has helped mitigate the impact of declining overseas orders [9]. Financial Performance - In 2023, the company reported revenues of 2.18 billion, an increase of 11.5% year-on-year, and a net profit of 218.58 million, reflecting a growth of 3.6% [4][15]. - The gross margin improved to 29.5%, up by 4.7 percentage points year-on-year, while the net margin was 9.9%, down by 0.8 percentage points [4]. - For Q4 2023, the company achieved revenues of 640 million, an increase of 11.3% year-on-year, although net profit decreased by 24.8% [6]. Product and Market Strategy - The company is enhancing its product matrix by introducing a light smart series priced below 2000 yuan and high-value products under 3000 yuan, alongside high-end offerings [10]. - The company is expanding its online presence through platforms like Tmall, Douyin, and JD, while also increasing its offline distribution in building materials and home appliance stores [10]. - The company plans to continue launching new products in 2024, guided by consumer demand and market trends [8]. Regional Performance - In 2023, domestic sales reached 1.65 billion, a year-on-year increase of 17.3%, while overseas sales were 540 million, a decline of 3.2% [7]. - The company anticipates a recovery in overseas OEM business, particularly benefiting from the recovery in the US real estate market [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The global smart toilet market has significant potential, and the company is expected to grow based on its manufacturing advantages in smart toilets, driven by a dual strategy of "own brand + OEM" [2][13]. - The company's domestic brand is transitioning from e-commerce to offline channels, with steady online growth and accelerated offline store openings, contributing to revenue growth [2][13]. - The company is expected to continue high growth in its own brand revenue in 2024, with substantial overseas expansion opportunities, particularly in the U.S. and Middle Eastern markets [2][13]. Financial Performance - In Q1 2024, the company achieved revenue of 523 million yuan, a year-on-year increase of 32%, and net profit attributable to the parent company of 59 million yuan, up 47% [5][12]. - The gross margin improved by 5.0 percentage points to 30.2%, with net profit margin increasing by 1.1 percentage points to 11.2% [12]. - The company expects net profits to reach 270 million, 320 million, and 380 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 19, 16, and 13 [7]. Business Strategy - The company emphasizes R&D, maintaining a stable investment of about 4% of revenue, and holds 1,834 patents, including 135 invention patents [6]. - The company has launched new products, including the lightweight smart product S3 and the upgraded F30, and plans to continue introducing high-cost performance products [6]. - The company is leveraging its manufacturing advantages and cost control capabilities to expand into overseas markets, with 2024 expected to be a year of accelerated overseas growth [2][13].

Investment Rating - Outperform rating maintained for the company [17] Core Views - The company has effectively capitalized on the opportunities in the smart bathroom industry, with significant progress in domestic market expansion for its own brand [7] - In 2023, the company achieved domestic revenue of RMB 1.649 billion, a year-on-year increase of 17.26%, while overseas revenue declined by 3.23% to RMB 536 million [7] - The company's smart toilet and cover business generated revenue of RMB 1.266 billion, up 25.90% YoY, while the same-floor drainage system products saw a 17.72% increase in revenue [7] - The company is expected to continue its growth trajectory in 2024, focusing on consumer demand and expanding its product portfolio to include a wider range of smart bathroom products [7] Financial Performance and Forecast - The company reported revenue of RMB 2.184 billion in 2023, an 11.47% YoY increase, with net profit attributable to shareholders of RMB 219 million, up 3.59% YoY [19] - For 2024Q1, the company achieved revenue of RMB 523 million, a 32.30% YoY increase, and net profit attributable to shareholders of RMB 59 million, up 47.15% YoY [19] - The company's gross margin improved to 29.53% in 2023, up 4.72 percentage points YoY, driven by higher gross margins in the smart toilet and cover business (30.12%) and the water tank and accessories business (25.80%) [22] - Sales expenses increased by 92.86% in 2023, primarily due to increased brand promotion efforts [22] Business Segment Analysis - Smart toilet and cover business is expected to grow significantly, with projected revenue of RMB 1.646 billion in 2024, a 30% YoY increase, and further growth to RMB 2.530 billion by 2026 [10] - The same-floor drainage system products are forecasted to generate revenue of RMB 256 million in 2024, up 22% YoY, with steady growth expected through 2026 [10] - The water tank and accessories business is expected to see modest growth, with revenue projected to reach RMB 645 million in 2024, a 4% YoY increase [10] Valuation and Peer Comparison - The company's 2024E PE ratio is 17.5x, compared to an average of 11.9x for peers in the same industry [23] - The company's valuation is supported by its leading position in the smart toilet and water tank components market, with a projected 2024 net profit of RMB 277 million, up 26.7% YoY [20] Market Performance - The company's stock price has shown strong performance, with a 52-week range of RMB 7.10 to RMB 13.29, and a closing price of RMB 12.10 as of April 30 [5] - The company's stock outperformed the CSI 300 index over the past three months, with an absolute gain of 5.9% and a relative gain of 0.3% [6]

Investment Rating - The report maintains a "Buy" rating for the company [6][13]. Core Insights - The company reported a revenue of 2.184 billion yuan in 2023, representing a year-on-year growth of 11.47%, with a net profit attributable to the parent company of 219 million yuan, up 3.59% year-on-year [15]. - In Q1 2024, the company achieved a revenue of 523 million yuan, a significant increase of 32.30% year-on-year, and a net profit of 59 million yuan, up 47.15% year-on-year, primarily driven by the rapid growth of its proprietary brand [15]. - The company has seen a notable increase in gross margin, with an overall gross margin of 29.53% in 2023, up 4.72 percentage points year-on-year, while the net margin was 9.85%, down 0.77 percentage points year-on-year [17]. Financial Performance Summary - The company’s revenue is projected to grow to 2.716 billion yuan in 2024, 3.278 billion yuan in 2025, and 3.909 billion yuan in 2026, with growth rates of 24.35%, 20.69%, and 19.22% respectively [7]. - The net profit attributable to the parent company is expected to reach 271 million yuan in 2024, 330 million yuan in 2025, and 394 million yuan in 2026, with growth rates of 24.02%, 21.56%, and 19.64% respectively [7]. - The earnings per share (EPS) is projected to be 0.65 yuan in 2024, 0.79 yuan in 2025, and 0.94 yuan in 2026 [8]. Product and Market Insights - The company has optimized its product structure, with significant growth in the smart toilet segment, which generated 1.266 billion yuan in revenue in 2023, a year-on-year increase of 25.90% [16]. - The company is also expanding its market presence in the smart toilet sector, benefiting from increased brand recognition and sales efforts [18].

关于公司使用部分自有资金进行委托理财的 进展公告（一） 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。 厦门瑞尔特卫浴科技股份有限公司（以下简称"公司"）于 2024 年 4 月 19 日召开第四届董事会第十四次会议审议通过了《关于使用部分自有资金进行委托 理财的议案》，批准同意公司及控股子公司使用不超过人民币 80,000 万元的自有 资金进行委托理财，在上述额度内资金可滚动使用。本次使用部分自有资金进行 委托理财的投资产品，包括银行、证券公司、基金公司等金融机构的安全性高、 流动性好、中低风险的理财产品。公司及其控股子公司使用部分自有资金进行委 托理财的实施期限自董事会审议通过之日起一年内有效。公司董事会授权公司董 事长或者总经理在额度范围内行使该项投资决策权并签署相关法律文件（包括但 不限于）：选择合格的投资产品发行主体、明确理财金额、选择理财产品品种、 签署合同等，同时授权公司管理层具体实施相关事宜。 《关于使用部分自有资金进行委托理财的公告》（公告编号：2024-024）于 2024 年 4 月 23 日发布于中国 证监 会指定信息披 露网 站巨潮资 ...