Investment Rating - The report assigns a "Buy" rating for the company [4]. Core Views - The company is expected to leverage its advantages in smart toilet manufacturing, driving growth through a dual strategy of "own brand + OEM". The online growth of its own brand and accelerated offline store openings are anticipated to contribute to revenue growth, with significant potential in overseas markets such as the Middle East and the United States. The year 2024 is projected to be a pivotal year for international expansion, with expected revenue growth of 23% in 2024, 22% in 2025, and 20% in 2026 [2][12]. Summary by Sections Company Overview - The company, established in 1999, initially focused on manufacturing water-saving flushing components and has since expanded into smart toilet products. In 2023, the revenue breakdown was 28% from water tanks and accessories, 58% from smart toilets and covers, and 10% from same-layer drainage products. The company holds the top market share in flushing components in China and ranks among the top three globally [7][20]. Industry Analysis - The domestic smart toilet industry has shown significant growth, with a production volume of 9.9 million units in 2022, accounting for 66% of global production. The industry has benefited from advancements in manufacturing technology and a shift towards domestic brands, with major players like Jomoo and Arrow gaining market share [8][55]. Financial Performance - In 2023, the company reported revenues of 2.184 billion yuan and a net profit of 218 million yuan, with a three-year compound annual growth rate (CAGR) of 19% for revenue and 24% for net profit. The revenue from smart toilets has increased significantly, with its share rising from 23% in 2018 to 58% in 2023 [7][20][32]. Future Outlook - The global smart toilet market is expected to grow at a CAGR of 11.4% from 2022 to 2028, with significant opportunities in the U.S. and Middle Eastern markets. The company aims to expand its international presence through both domestic traders and direct engagement with overseas clients [12][34]. R&D and Innovation - The company invests approximately 4% of its revenue in R&D, holding 1,834 patents, including 135 invention patents. It has been recognized as one of the few national-level industrial design centers in the bathroom industry, indicating its strong manufacturing and innovation capabilities [9][28]. Market Position - The company has established a strong market position with a focus on smart toilet products, which are expected to drive future growth. The competitive landscape is shifting towards domestic brands, with increasing market share for local players as they enhance product quality and reduce prices compared to foreign brands [8][61].

公司点评 证券研究报告 市价 (人民币): 11.59元 | --- | --- | --- | --- | --- | --- | |-------------------------------|--------|--------|--------|--------|--------| | 公司基本情况（人民币） \n项目 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元 ) | 1,960 | 2,184 | 2,681 | 3,214 | 3,826 | | 营业收入增长率 | 4.89% | 11.47% | 22.71% | 19.89% | 19.05% | | 归母净利润(百万元 ) | 211 | 219 | 272 | 334 | 407 | | 归母净利润增长率 | 51.36% | 3.62% | 24.58% | 22.55% | 21.98% | | 摊薄每股收益(元 ) | 0.505 | 0.523 | 0.652 | 0.799 | 0.974 | | 每股经营性现金流净额 | 0.87 | 1.04 | 0.48 | 1. ...

证券代码：002790 证券简称：瑞尔特 公告编号：2024-034 厦门瑞尔特卫浴科技股份有限公司 第四届监事会第十四次会议决议公告 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 厦门瑞尔特卫浴科技股份有限公司（以下简称"公司"）第四届监事会第十四次（临 时）会议（以下简称"会议"），由公司监事会主席召集。2024 年 4 月 20 日，以电子邮 件方式向全体监事发出会议通知；2024 年 4 月 25 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。会议由监事 会主席崔静红主持，董事会秘书列席会议。 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监事会议事规则》的相关规定, 会议决议合 法、有效。 二、监事会会议审议情况 1、审议议案一《关于 2024 年第一季度报告的议案》 表决结 ...

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"）第四届董事会第十 五次（临时）会议（以下简称"会议"），由公司董事长召集。2024 年 4 月 20 日，以电子邮件及电话方式向全体董事发出会议通知；2024 年 4 月 25 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。 证券代码：002790 证券简称：瑞尔特 公告编号：2024-033 厦门瑞尔特卫浴科技股份有限公司 第四届董事会第十五次会议决议公告 1 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 2024 年第一季度报告的议案》 表决结果：同意票 9 票，反对票 0 ...

Financial Performance - The company's revenue for Q1 2024 reached ¥523,377,253.44, representing a 32.30% increase compared to ¥395,610,746.12 in the same period last year[4] - Net profit attributable to shareholders was ¥58,554,382.85, up 47.15% from ¥39,793,016.78 year-on-year[4] - The net profit excluding non-recurring gains and losses was ¥53,464,710.08, reflecting a 54.48% increase from ¥34,609,581.40 in the previous year[4] - Basic and diluted earnings per share were both ¥0.1401, marking a 47.16% increase from ¥0.0952 in the same period last year[4] - The total operating revenue for Q1 2024 was CNY 523,377,253.44, representing an increase of 32.3% compared to CNY 395,610,746.12 in the same period last year[15] - The net profit for Q1 2024 was CNY 57,890,419.78, a 47.3% increase from CNY 39,309,626.42 in Q1 2023[16] - The earnings per share (EPS) for Q1 2024 was CNY 0.1401, compared to CNY 0.0952 in the previous year, reflecting a growth of 47.2%[16] Cash Flow and Liquidity - Operating cash flow for the period was ¥38,377,867.88, which is a 22.00% increase compared to ¥31,456,150.78 in the same quarter last year[4] - The company's cash flow from operating activities showed a positive trend, indicating improved liquidity and operational efficiency[17] - The net cash flow from operating activities for the current period is $38,377,867.88, an increase of 22.5% compared to $31,456,150.78 in the previous period[18] - Cash inflow from sales of goods and services reached $503,623,135.75, up from $422,143,720.75, reflecting a growth of 19.3%[18] - The total cash outflow from operating activities was $486,741,168.47, compared to $407,331,770.61 in the previous period, indicating an increase of 19.4%[18] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,744,402,633.47, a 1.86% increase from ¥2,694,208,111.23 at the end of the previous year[4] - The total current assets increased to CNY 2,105,356,167.54 from CNY 2,069,433,985.97, reflecting a growth of approximately 1.3%[12] - Cash and cash equivalents rose to CNY 609,480,525.75 from CNY 587,769,386.17, an increase of about 3.0%[12] - The total liabilities decreased slightly to CNY 616,249,788.60 from CNY 625,041,643.04 in the previous period[14] Shareholder Information - The total number of common shareholders at the end of the reporting period was 8,834[8] - Major shareholders include 邓光荣, 罗远良, and 王兵, each holding 12.50% of the shares, totaling 52,224,000 shares[8] - Shareholders' equity attributable to the parent company increased by 2.87% to ¥2,139,798,900.63 from ¥2,080,149,046.65 at the end of the last year[4] Expenses and Investments - Research and development expenses for Q1 2024 were CNY 22,297,221.26, up from CNY 16,567,094.44 in the same period last year, highlighting a focus on innovation[15] - The company reported a significant increase in sales expenses, which rose to CNY 61,015,818.37 from CNY 23,015,129.35, indicating a strategic push for market expansion[15] - Long-term equity investments increased to CNY 1,564,670.37 from CNY 1,412,819.13, representing a growth of approximately 10.7%[12] Non-Recurring Items and Future Outlook - The company reported non-recurring gains of ¥5,089,672.77 for the period, after accounting for tax effects and minority interests[5] - The company has not disclosed any new product developments or market expansion strategies in this quarter[11] - There were no significant mergers or acquisitions reported during this period[11] - The company did not provide specific future guidance or performance outlook in the current report[11]

瑞尔特（002790.SZ） 公司发布 2023 年年报：2023 年实现收入 21.84 亿元（同比+11.5%），归母净利 润 2.19 亿元（同比+3.6%），扣非净利润 2.00 亿元（同比+3.9%）；单 Q4 实现 收入 6.38 亿元（同比+11.3%），归母净利润 0.43 亿元（同比-24.8%），扣非净利 润 0.37 亿元（同比-23.1%）。Q4 收入、利润增速承压，预计受发货节奏影响收入 存在延缓确认，利润主要受自主品牌宣传费用投入加大叠加汇兑损失等因素影响， 24Q1 在去年同期低基数下有望实现加速修复。 智能马桶：23 年公司大力推进自有品牌的国内市场开拓，线上抖音为代表的新零售 渠道放量，流量外溢至天猫&京东等传统电商渠道、稳定盈利；线下积极拓经销网点， 并提升门店形象，如扩大专卖店比例、扩大门头市占率等，且新进入家电渠道，渠 道扩张提速，全年自主品牌收入预计延续强势增长。智能马桶代工业务预计保持稳 健，2024 年计划大力开拓海外市场，驱动代工客户结构优化、盈利能力提升。 品牌业务驱动毛利率向上，营销维持高投入，全年盈利水平稳健。公司 2023 年毛利 率 29.53%（同比 ...

上 市 公 司 公 司 研 究 / 公 司 点 评 | --- | --- | |---------------------------------------------------------|-------------------------------| | | | | 基础数据 : | 2023 年 12 月 31 日 | | | | | 每股净资产（元） | 4.98 23.20 | | 资产负债率 % | 418/261 | | 总股本 / 流通 A 股（百万） 流通 B 股/H 股（百万） | -/- | -20% 0% 20% 40% 60% 80% 瑞尔特 沪深300指数（收益率） 04-2505-2506-2507-2508-2509-2510-2511-2512-2501-2502-2503-25 -40% 《瑞尔特（002790）深度：智能马桶赛道 黑马，国产平替+渠道创新助力品牌弯道超 车》 2024/03/29 《瑞尔特（002790）点评：线下新发力家 电渠道，看好智能马桶赛道黑马成长性》 2024/03/28 2024 年 04 月 24 日 瑞尔特 (002790) ——自 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but it is implied that the company has strong growth potential and is recommended for investment based on its performance and future projections [6][7]. Core Insights - The company achieved a revenue of 2.184 billion yuan in 2023, representing a year-on-year growth of 11.47%. The net profit attributable to the parent company was 219 million yuan, with a year-on-year increase of 3.59% [6]. - The company is focusing on expanding its own brand through multi-channel strategies both domestically and internationally, with a strong growth momentum expected in 2024 [6][7]. - The gross profit margin improved to 29.53% in 2023, an increase of 4.7 percentage points year-on-year, driven by changes in product structure [6][7]. Financial Summary - **Revenue and Profit**: The company forecasts a revenue of 2.632 billion yuan for 2024, a growth of 20% year-on-year, and a net profit of 248 million yuan, reflecting a 15.06% increase [6][7]. - **Gross Margin**: The gross margin for 2023 was 29.53%, with a significant increase in Q4 to 32.02% [6][7]. - **Earnings Per Share (EPS)**: The projected EPS for 2024 is 0.65 yuan, with a corresponding P/E ratio of 17.16 [8]. - **Return on Equity (ROE)**: The ROE for 2023 was 10.5%, with expectations to rise to 11.5% in 2024 [8].

Financial Performance - The company's operating revenue for 2023 reached ¥2,184,423,437, representing an increase of 11.47% compared to ¥1,959,589,030 in 2022[19]. - Net profit attributable to shareholders for 2023 was ¥218,581,659, a growth of 3.59% from ¥210,942,549 in 2022[19]. - The net cash flow from operating activities increased by 20.08% to ¥436,380,701 in 2023, up from ¥363,417,464 in 2022[19]. - Basic earnings per share for 2023 were ¥0.5300, reflecting a 3.92% increase from ¥0.5100 in 2022[19]. - Total assets at the end of 2023 amounted to ¥2,694,208,111, marking a 10.74% increase from ¥2,430,234,250 at the end of 2022[20]. - The net assets attributable to shareholders increased by 7.51% to ¥2,080,149,046 in 2023, compared to ¥1,934,638,200 in 2022[20]. - The company reported a total income of ¥18,495,161.58 in 2023, slightly up from ¥18,304,968.02 in 2022[28]. - The company achieved a net profit margin of 12% for the last fiscal year, reflecting a stable financial performance amidst market challenges[157]. Market Strategy and Expansion - The company is focused on expanding its market presence and developing new products, particularly in the smart toilet segment, which includes features like temperature control and automatic cleaning[11]. - The company aims to enhance its market position in the smart bathroom sector, where the current penetration rate of smart toilets in China is approximately 5%[37]. - The company is actively expanding its overseas market for smart toilets, contributing significantly to its overall sales performance[43]. - The company plans to enhance its market share in the smart toilet product segment, which has a potential market capacity of "hundred billion" level[117]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market presence, with a budget of 50 million RMB allocated for this purpose[157]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[160]. Research and Development - The company is committed to innovation in product development, particularly in water-saving technologies and integrated bathroom solutions[11]. - Research and development expenses rose to CNY 9,114,500, marking a 9.90% increase from the previous year[70]. - The company has obtained over 1,800 independent intellectual property rights in the bathroom products field under the leadership of Mr. Wang Bing[150]. - New product development initiatives are underway, with an investment of 128 million allocated for R&D in advanced bathroom technologies[148]. - The company is focusing on the development of new technologies, particularly in smart bathroom solutions, aiming to invest 10 million RMB in R&D over the next year[157]. Corporate Governance - The company has established a governance structure that complies with relevant laws and regulations, ensuring the protection of shareholder rights and facilitating participation in shareholder meetings[134]. - The board of directors consists of 9 members, including 3 independent directors, adhering to legal requirements for board composition[135]. - The company has implemented a performance evaluation and incentive mechanism for senior management, linking compensation directly to company performance[136]. - The company has maintained compliance with corporate governance standards set by regulatory authorities, with no significant discrepancies reported[136]. - The company emphasizes the importance of balancing the interests of various stakeholders, including customers, shareholders, and employees, to promote sustainable development[136]. Product Development and Innovation - The company has established a comprehensive product system including water-saving flushing systems and smart bathroom solutions, positioning itself as a leading provider in the industry[32]. - The smart toilet product segment is evolving towards features like automatic sensing, health and environmental benefits, and enhanced antibacterial capabilities, with new products increasingly incorporating these functionalities[39]. - The company is focusing on developing products for elderly care and integrated bathroom solutions, aligning with future market trends in the bathroom industry[46]. - The company has successfully adjusted its product layout to prioritize the development of smart bathroom products in response to evolving consumer preferences[105]. Cash Management and Dividends - The company plans to distribute a cash dividend of 2.5 RMB per 10 shares to all shareholders, based on a total of 417,872,300 shares[3]. - The total distributable profit for the company is RMB 927,541,087.44, with cash dividends accounting for 100% of the profit distribution[179]. - The company has not made any adjustments to its existing cash dividend policy during the reporting period, adhering strictly to the established profit distribution principles[178]. - The company is in a mature development stage and aims for cash dividends to constitute at least 80% of profit distribution when no significant capital expenditures are planned[179]. Operational Efficiency - The company is enhancing its operational efficiency through strategic investments in technology and infrastructure[13]. - The company has seen significant growth in the smart toilet segment, with sales growth rates of 987% for users aged 45-55 and 2868% for users aged 56 and above in 2022[56]. - The company has achieved a significant reduction in production costs through the optimization of its production line layout[105]. - The company aims to reduce operational costs by 32 million through efficiency improvements and workforce optimization[147]. Market Competition - The company faced significant market competition in the smart bathroom products sector, necessitating increased investment in R&D and brand building[123]. - The number of manufacturers producing smart toilets in China has increased from 68 in 2015 to 300-400 by early 2023, indicating a rapidly growing market with intense competition[38]. - The average online price of smart integrated toilets decreased from 4060 RMB in 2018 to 2505 RMB in 2023, while smart toilet lids dropped from 2052 RMB to 1383 RMB, reflecting a price war in the smart toilet market[38]. Sustainability and Social Responsibility - The board of directors has emphasized a commitment to sustainability, planning to integrate eco-friendly materials in 50% of new products by 2024[146]. - The management team emphasized the importance of sustainability in future strategies, with plans to reduce carbon emissions by 15% by 2025[157]. - The company is dedicated to sustainable development and aims to innovate and upgrade its products to meet the evolving consumer demands for energy-saving and comfortable bathroom solutions[116].

厦门瑞尔特卫浴科技股份有限公司 2023 年 度 审计报告 | 索引 | 页码 | | --- | --- | | 审计报告 | 1-4 | | 公司财务报表 | | | — 合并资产负债表 | 1-2 | | — 母公司资产负债表 | 3-4 | | — 合并利润表 | 5 | | — 母公司合并利润表 | 6 | | — 合并现金流量表 | 7 | | — 母公司现金流量表 | 8 | | — 合并股东权益变动表 | 9-10 | | — 母公司股东权益变动表 | 11-12 | | — 财务报表附注 | 13-110 | 二、 形成审计意见的基础 审计报告 XYZH/2024SZAA6B0120 厦门瑞尔特卫浴科技股份有限公司 厦门瑞尔特卫浴科技股份有限公司全体股东： 一、 审计意见 我们审计了厦门瑞尔特卫浴科技股份有限公司（以下简称瑞尔特）财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、合 并及母公司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反 映了瑞 ...