Investment Rating - The report maintains a "Buy" rating for the company, with a projected market value of 60 billion yuan based on a 21x PE for 2024, indicating a 25% upside potential [27][144]. Core Insights - The company has successfully transitioned to developing its own brand since 2021, benefiting from two rounds of alpha market performance. The first round occurred in late 2021, driven by the focus on its own brand, while the second round was during the 2023 618 shopping festival, where the company's online performance was outstanding [7][25][66]. - The company is expected to continue its growth trajectory, leveraging its manufacturing advantages and expanding its offline presence through a "store-in-store" model, which is anticipated to drive a new round of alpha performance starting in 2024 [42][126]. Financial Summary - Total revenue for 2023 is estimated at 2,179 million yuan, with a year-on-year growth rate of 11.2%. For 2024 and 2025, revenue is projected to reach 2,836 million yuan and 3,545 million yuan, respectively, with growth rates of 30.1% and 25.0% [4][178]. - The net profit attributable to the parent company is forecasted to be 222 million yuan in 2023, with growth rates of 5.2%, 29.0%, and 24.9% for the years 2023, 2024, and 2025, respectively [4][106][178]. - The company’s gross margin is expected to stabilize around 28.5% for the forecasted years [177]. Market Dynamics - The smart toilet market is projected to grow with a compound annual growth rate (CAGR) of 11.1% from 2024 to 2026, driven by increasing penetration rates and the shift towards smart home products [41][74]. - The company is positioned well within the market, with a focus on high cost-performance products and a successful online sales strategy, particularly on platforms like Douyin [29][131]. Product and Channel Strategy - The company has expanded its product line from water fittings to a full supply chain for smart toilets, leveraging its experience in OEM for major brands to create competitive products [126][148]. - The "store-in-store" model allows for lower operational costs and inventory management, which is expected to enhance the company's offline sales capabilities significantly [158][160]. - The company is also entering the home appliance channel, which aligns well with the trends in the renovation of existing homes, further opening growth opportunities [162][164].

证券代码：002790 证券简称：瑞尔特 公告编号：2024-006 厦门瑞尔特卫浴科技股份有限公司 关于董事会换届选举的提示性公告 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。 厦门瑞尔特卫浴科技股份有限公司（下称"公司"）第四届董事会任期将于 2024 年 5 月 14 日届满。为了顺利完成本次董事会的换届选举工作，并同时切 实保障社会公众股东的合法权利，根据《公司法》《证券法》《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》《上市公司独立董事 管理办法》《公司章程》等有关规定，现将第五届董事会的组成、董事任职资格、 董事候选人的提名、换届选举程序、选举方式等相关事项公告如下： 一、第五届董事会的组成 根据《公司章程》规定，公司第五届董事会将由 9 名董事组成，其中非独立 董事 6 名，独立董事 3 名。 公司董事会中兼任公司高级管理人员以及由职工代表担任的董事人数总计 不得超过公司董事总数的二分之一。 第五届董事会董事任期将自股东大会选举通过之日起计算，任期三年。 在第五届董事会董事就任前，第四届董事会董事仍按有关法律法规的规 ...

一、第五届监事会的组成 根据《公司章程》规定，公司第五届监事会将由 3 名监事组成。其中，非职 工代表监事 2 名，职工代表监事 1 名。 第五届监事会监事任期将自股东大会选举通过之日起计算，任期三年。 在第五届监事会监事就任前，第四届监事会监事仍按有关法律法规的规定继 续履行职责。 证券代码：002790 证券简称：瑞尔特 公告编号：2024-007 厦门瑞尔特卫浴科技股份有限公司 关于监事会换届选举的提示性公告 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。 厦门瑞尔特卫浴科技股份有限公司（下称"公司"）第四届监事会任期将于 2024 年 5 月 14 日届满。为了顺利完成本次监事会的换届选举工作，并切实保 障社会公众股东的合法权利，根据《公司法》《证券法》《深圳证券交易所上市 公司自律监管指引第 1 号——主板上市公司规范运作》、中国上市公司协会《上 市公司监事会工作指引》《公司章程》等有关规定，现将第五届监事会的组成、 监事任职资格、监事候选人的提名、换届选举程序、选举方式等相关事项公告如 下： 二、监事的任职资格 1、监事候选人应当具备正常履行职责所 ...

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 2023 年 8 月 24 日召开第四届董事会第十二次会议审议通过了《关于增加使用部分自有资金进行 现金管理额度的议案》，批准公司及其子公司将原有使用最高额度不超过 50,000 万元自有资金进行现金管理的额度增加至 60,000 万元，在上述额度内资金可滚 动使用，单个投资产品的期限不得超过 12 个月。本次使用部分自有资金进行现 金管理的投资产品，包括结构性存款类产品以及投资安全性高、流动性好、短期 （不超过 12 个月）银行或其他金融机构的理财产品。公司及其子公司使用部分 自有资金进行现金管理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。 《关于增加使用部分自有资金进行现金管理额度的公告》（公告编号： 2023-062）于 2023 年 8 月 25 日发 ...

Investment Rating - Maintain "Buy" rating with a target price of 10.15 yuan [3][9] Core Views - The company achieved revenue of 2.179 billion yuan in 2023, a year-on-year increase of 11.2%, and net profit attributable to the parent company of 222 million yuan, a year-on-year increase of 5.2% [1] - The company actively optimized its product structure and improved product quality, while vigorously promoting the expansion of its own brand in the domestic market [1] - The company launched new products such as A1/S1/S1P/M2 priced below 2,000 yuan and high-end series like UX and A60, enriching its product price matrix [1] - The company's smart toilet products are mainly provided as ODM to mid-to-high-end domestic and international bathroom brands, famous home appliance brands, and home furnishing companies [9] - The company's domestic own brand growth continues to be validated, and export sales are expected to grow in 2024 [9] Financial Performance - In 2023, the company's operating income was 2.179 billion yuan, a year-on-year increase of 11.22%, and net profit attributable to the parent company was 222.34 million yuan, a year-on-year increase of 5.40% [10] - The company's revenue in Q4 2023 was 633 million yuan, a year-on-year increase of 10.4%, and net profit attributable to the parent company was 46 million yuan, a year-on-year decrease of 18.7% [8] - The company's EPS for 2023-2025 is expected to be 0.5/0.7/0.9 yuan per share, with a PE ratio of 19/15/12X [9] Product and Market Strategy - The company focuses on the smart toilet market, with its products mainly serving mid-to-high-end domestic and international bathroom brands, famous home appliance brands, and home furnishing companies [9] - The company has launched new products priced below 2,000 yuan and high-end series, continuously enriching its product price matrix [1] - The company is expanding its domestic market through online and offline channels, with a focus on TikTok and other online platforms, and a flat offline channel model to accelerate the expansion of dealerships [9] Industry and Market Outlook - The company is well-positioned in the smart toilet market, with strong growth potential in both domestic and international markets [1][9] - The company's export sales are expected to grow in 2024, driven by stable customer relationships and the recovery of overseas markets [9] Financial Forecast - The company's revenue for 2023-2025 is expected to be 2.179/2.674/3.166 billion yuan, with a year-on-year growth rate of 11.22%/22.69%/18.40% [10] - The company's net profit attributable to the parent company for 2023-2025 is expected to be 222.34/292.27/360.59 million yuan, with a year-on-year growth rate of 5.40%/31.45%/23.38% [10]

证券代码：002790 证券简称：瑞尔特 厦门瑞尔特卫浴科技股份有限公司 投资者关系活动记录表 编号： 2024-001 □特定对象调研 □分析师会议 投资者关系 □媒体采访 □业绩说明会 活动类别 □新闻发布会 □路演活动 □现场参观 ☑其他 投资者电话会议 参会人员（以下排名不分先后）： 国投证券、深圳新思哲投资、长城财富保险资产、平安基金、 中国人寿养老保险、西部利得基金、博时基金、景顺长城基金、 宏利基金、长信基金、世纪证券、融通基金、光大保德信基金、 深圳泽正私募证券投资基金、中信建投证券、兴华基金、长安 基金、民生证券、华泰证券、华夏基金、德邦证券、广东正圆 私募基金、中信证券、上海丹羿投资、兴业证券、招商信诺资 产、太平资产、海富通基金、信达证券、华商基金、中加基金、 红土创新基金、信达澳亚基金、太平基金、中欧基金、浙商证 活动参与人员 券、申万宏源证券、中国人寿保险、上海东方证券资产、工银 ...

瑞尔特（002790.SZ） 2024E 2221 833 446 9 27 409 498 651 7 554 30 60 2872 530 0 367 163 84 15 69 614 -16 418 456 1332 2274 2872 地址：北京市东城区永定门西滨河路 8 号院 7 楼中海地产 邮箱：gsresearch@gszq.com 邮箱：gsresearch@gszq.com 2024 年 02 月 27 日 自主品牌势能向上，海外代工前景可期 | --- | --- | |-----------|-----------| | | | | 2022A | 2023E | | 1829 | 2064 | | 554 | 803 | | 449 | 520 | | 6 | 8 | | 19 | 19 | | 303 | 217 | | 498 | 498 | | 601 | 597 | | 3 513 30 | 5 504 30 | | 55 | 57 | | 2430 | 2661 | | 410 0 | 510 0 | | 252 | 316 | | | | | 158 | 194 | | | ...

| --- | --- | --- | --- | --- | --- | --- | |--------------------------------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | [Table_Finance] 财务摘要（百万元） | 2021A | | 2022A | 2023E | 2024E | 2025E | | 营业收入 | 1,868 | | 1,960 | 2,179 | 2,659 | 3,058 | | (+/-)% | 45% | | 5% | 11% | 22% | 15% | | 经营利润（ EBIT ） | 150 | | 184 | 238 | 320 | 387 | | (+/-)% | 24% | | 23% | 29% | 35% | 21% | | 净利润（归母） | 139 | | 211 | 222 | 296 | 356 | | (+/-)% | 22% | | 51% | 5% | 34% | 20% | | 每股净收益（元） | 0.33 | ...

证券代码：002790 证券简称：瑞尔特 厦门瑞尔特卫浴科技股份有限公司 投资者关系活动记录表 编号： 2023-011 □√特定对象调研 分析师会议 投资者关系 □媒体采访 □业绩说明会 活动类别 □新闻发布会 □路演活动 现场参观 其他 调研人员（以下排名不分先后顺序）： 华泰证券：陈慎、刘思奇 中银基金：王伟然、丁雅纯、曹英婕 活动参与人员 海通证券：郭庆龙、吕科佳 上市公司接待人员： 财务总监：陈绍明 董事会秘书：吴燕娥 2023年12月6日 10：00—11：00 时 间 2023年12月6日 16：00-17：00 地 点 厦门市海沧区后祥路 18 号办公楼一层会议室 形 式 现场调研 ...

证券代码：002790 证券简称：瑞尔特 厦门瑞尔特卫浴科技股份有限公司 投资者关系活动记录表 编号： 2023-010 □√特定对象调研 分析师会议 投资者关系 □媒体采访 □业绩说明会 活动类别 □新闻发布会 □路演活动 现场参观  其他 线上会议 调研人员（以下排名不分先后顺序）： 安信证券、兴证全球基金、仁灏资产、招商基金、华夏基金、 东方证券资管、广银理财、圆信永丰基金、国华兴益保险、兴 华基金、平安基金、国联基金、中信证券、嘉实基金、中银证 券、国金证券、兴银基金、招商证券、南方基金、敦和资管、 华西证券、国海证券、汇添富基金、华夏基金、方正证券、华 宝基金、永赢基金、华富基金、阳光资管、泰康资管、瞰道投 资、平安资管、国盛证券、国寿安保基金、宝盈基金、农银汇 理基金、广发证券、广发基金、天弘基金、平安养老保险、合 活动参与人员 创友量基金、万家基金、建信养老基金、诺安基金、长盛基金、 ...