Financial Performance - The company's operating revenue for 2024 reached ¥2,358,318,408, an increase of 7.96% compared to ¥2,184,423,430 in 2023[18]. - The net profit attributable to shareholders for 2024 was ¥181,052,250, representing a decrease of 17.17% from ¥218,581,659 in 2023[18]. - The net cash flow from operating activities decreased by 38.46% to ¥268,527,389 in 2024, down from ¥436,380,701 in 2023[18]. - Basic earnings per share for 2024 were ¥0.43, a decline of 18.87% compared to ¥0.53 in 2023[18]. - Total assets as of the end of 2024 were ¥2,743,762,057, reflecting a 1.84% increase from ¥2,694,208,110 at the end of 2023[18]. - The company reported a decrease in the weighted average return on net assets to 8.63% in 2024, down from 10.97% in 2023[18]. - The company experienced a net loss from non-current asset disposal of ¥4,553,584.74 in 2024, compared to a loss of ¥847,765.37 in 2023[24]. - Government subsidies recognized in 2024 amounted to ¥13,271,952.66, an increase from ¥10,907,221.72 in 2023[25]. - The company reported a total of ¥21,122,616.22 in non-recurring gains and losses for 2024, compared to ¥18,495,161.58 in 2023[24]. Dividend Policy - The company plans to distribute a cash dividend of 2.00 RMB per 10 shares to all shareholders, based on a total of 417,872,300.00 RMB[5]. - The proposed profit distribution plan for 2024 includes a cash dividend of RMB 2.00 per 10 shares (including tax), amounting to a total of RMB 83,574,460.00 (including tax), pending approval at the 2024 annual general meeting[172]. - The cash dividend policy stipulates that the total cash dividend should not be less than 30% of the company's net profit for the year, barring special circumstances[169]. - The company reported a distributable profit of RMB 916,501,351.75, with the total cash dividend amounting to 100% of the profit distribution total[173]. - The company is in a mature development stage with no significant capital expenditure plans, thus maintaining a minimum cash dividend proportion of 80% in profit distribution[173]. Market and Industry Insights - The company operates in the plastic products industry, primarily focusing on the home decoration and bathroom industry[28]. - The global market for water-saving flushing systems is supported by government policies and the increasing need for water conservation, with approximately 75% of household water consumption occurring in bathrooms[30]. - China's sanitary ware exports account for over 50% of the global total, indicating significant opportunities for domestic companies to expand their overseas market share[31]. - The smart toilet market in China saw a production volume of 12.65 million units in 2023, representing an 8.2% year-on-year growth, although the market penetration rate remains low at around 9.6%[34]. - The competitive landscape for smart toilets is intensifying, with 24.4% of online sales in the price segment below 2000 RMB, indicating ongoing price competition[35]. - The smart toilet market is projected to experience a decline in production growth of 9.1% in 2024, with online retail sales expected to drop by 18.6% to 5.6 billion RMB[36]. - The elderly population in China is projected to exceed 310 million by the end of 2024, driving demand for elderly-friendly bathroom products[38]. - Government initiatives aimed at promoting the silver economy and home renovations for the elderly are expected to create new growth opportunities in the smart bathroom sector[39]. Research and Development - The company holds 1,940 patents, including 181 invention patents, demonstrating its strong R&D capabilities in the bathroom product sector[58]. - Research and development expenses rose by 18.42% year-on-year to 107.93 million yuan, driven by strong demand for product updates and increased market competition[71]. - R&D investment increased by 18.42% to ¥107,931,452.78, representing 4.58% of total revenue[87]. - The number of R&D personnel rose by 12.03% to 391, with a significant increase in those under 30 years old by 64.89%[86]. - The company has been awarded multiple patents and awards for its innovative technologies, including the dual-cleaning patent technology awarded in 2022[59]. Corporate Governance - The company has established a sound corporate governance structure and effective internal control mechanisms to manage risks associated with its expanding business scale[120]. - The company maintains independence from any single controlling shareholder, ensuring its operations and assets are not dependent on major shareholders[129]. - The company has established an independent and complete financial accounting system, complying with the requirements for listed companies[132]. - The company has implemented a performance evaluation and incentive mechanism for directors and senior management, linking their compensation directly to the company's operating performance[128]. - The company has a structured governance model with a mix of internal and independent directors to ensure effective oversight[144][146]. Sustainability and Social Responsibility - The company emphasizes sustainable development through green operations and social responsibility initiatives, aiming for long-term value alignment[110]. - The company has achieved ISO 50001 energy management system certification to lower energy consumption[186]. - The company has implemented measures to reduce carbon emissions and is committed to becoming a green low-carbon enterprise[183]. - The company has introduced environmental protection equipment to promote low-carbon and efficient production processes, with no pollution from "three wastes" during manufacturing[189]. - The company has not faced any significant environmental penalties during the reporting period[183]. Strategic Initiatives - The company is focused on expanding its market presence both domestically and internationally, optimizing its sales channels to enhance its competitive position[70]. - The company aims to enhance its global market position in water-saving flushing systems and maintain strategic partnerships with renowned bathroom brands[109]. - By 2025, the company plans to increase market share in smart bathroom products and related systems, focusing on technological, production, and market advantages[109]. - The company is considering potential mergers and acquisitions to enhance its competitive position in the market[139]. - The company is committed to digital transformation and enhancing its service system to improve customer satisfaction and operational efficiency[110].

在工业4.0的全球数智化浪潮推动下，AI技术正以前所未有的速度重塑各行各业。同时，依托于 Deepseek等国产AI大模型的爆发式崛起，我国在制造业、能源、交通、医疗等多个领域的数智化变革中 取得了全球领先的发展。 今年以来，各行业龙头企业更是纷纷发力推动"人工智能+"的数智化变革。 1月份，吉利汽车发布首个 "智能汽车全域 AI" 技术体系； 2月份，华为宣布Deepseek满血版大模型正式登陆华为云； 3月份，美的发布首款Deepseek空调； 4月份，瑞尔特发布全球首台搭载Deepseek的AI健康马桶； 从汽车、手机到家电、卫浴，中国制造业的数智化浪潮正滚滚而来，势不可挡。 ※本文中全球首台是指瑞尔特全球业务线下第一台搭载deepseek的智能马桶，产品名称为AI健康马桶。 一键监测5大健康系统 提供全方位的健康管理方案 据悉，瑞尔特这台AI健康马桶可以通过尿液，实时生成涵盖代谢、肾脏、肝胆等五大系统的健康报 告，包括健康雷达图、指标异常原因等，及时发现身体异常，为用户提供包括健康饮食建议、运动指 导、生活习惯优化、健康问题诊疗建议、健康知识科普等多方面内容。 瑞尔特全球首台搭载Deepseek的AI ...

Investment Rating - Industry rating: Recommended [4] Core Views - The report highlights a positive outlook on domestic demand recovery, driven by supportive policies and improving real estate data [2][3] - The retail sector shows significant recovery, with March retail sales growth at 5.9%, surpassing expectations [1][6] - The report emphasizes the potential for the home furnishing sector to rebound due to policy support and consumer demand [3][7] Summary by Sections Retail Data - In the first three months of 2025, total retail sales increased by 4.6% year-on-year, with March showing a 5.9% increase, exceeding the consensus forecast of 4.36% [1] - Specific categories such as furniture, cultural office supplies, cosmetics, and gold and silver jewelry saw growth rates of 18.1%, 21.7%, 3.2%, and 6.9% respectively [1] - Online retail sales growth was recorded at 7.9% in the first quarter, indicating a steady increase in online consumption [6] Real Estate Data - National residential new construction area, completion area, sales area, and development investment completed in the first three months of 2025 showed declines of 23.9%, 14.7%, 2.0%, and 9.0% respectively [1] - In March, the new construction area and completion area declined by 18.6% and 8.1% year-on-year, while the sales area decreased by 1.2% [1][2] Policy Impact - The government has released favorable signals to stabilize the real estate market, including measures to optimize housing provident fund policies [2][3] - The "Consumption Promotion Special Action Plan" emphasizes support for upgrading consumer goods, which is expected to stimulate demand in the home furnishing sector [3][7] Investment Recommendations - For the home furnishing sector, the report recommends companies like Oppein Home, Kuka Home, and others, anticipating steady growth driven by policy support and consumer demand [7] - In the cultural office supplies sector, it suggests Morning Glory Co., which is expected to benefit from collective procurement policies [7] - The cosmetics sector is highlighted for its potential growth, recommending domestic brands like Runben and Pechoin [7] - Gold and silver jewelry consumption is expected to remain strong, with recommendations for companies like Laopu Gold [7]

证券代码：002790 证券简称：瑞尔特 公告编号：2025-006 厦门瑞尔特卫浴科技股份有限公司 关于全资子公司使用部分自有资金进行委托理财的 进展公告（二十） 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。 公司全资子公司厦门一点智能科技有限公司（下 ...

瑞尔特 20250314 摘要 • 瑞尔特智能马桶产品占总营收近半，增速约 15%；海外市场占比约 30%，营收增长约 25%，主要产品为水电和智能马桶。公司加大研发和 销售投入，导致期间费用率上升，净利率同比下降，但四季度净利率环比 提升至 9.5%（扣除汇兑收益约 8%），显示改善趋势。 • 2025 年一季度品牌端受政策空窗期影响表现平稳，但 3 月起各地国补政 策陆续落地，公司积极对接。预计国补效益将逐步显现，海外代工业务符 合预期，对北美出口智能马桶影响不大，国内代工受个别客户订单影响延 续下降趋势。 • 国补政策在多省份实施，呈现属地化趋势，如福建省按 20%比例补贴，不 区分节水等级。消费者有补贴上限，单件产品也有最高补贴额度，政策调 整灵活。2024 年国邑主要在第四季度产生影响，平台端收入占比 30%- 40%，补贴订单占比不超过 40%。 • 2025 年公司计划全线产品参与国补，线上业务预计增长约 40%，提升非 智能马桶类家具产品比例至 30%。品牌端线下业务预计增长约 50%，通 过经销渠道推动国巨覆盖率。代工方面，海外智能代工规划 50%增长，国 内代工力争持平，智能马桶品类预计双 ...

企查查股权穿透显示，该公司由瑞尔特间接全资持股。 人民财讯3月13日电，企查查APP显示，近日，中山市瑞上客商贸有限公司成立，法定代表人为季长 瑞，注册资本50万元，经营范围包含：智能家庭消费设备销售；橡胶制品销售；模具销售；新型陶瓷材 料销售等。 ...

[Table_Rank] 投资评级：买入 首次覆盖 | 报告日期： 2025-3-6 | | | --- | --- | | [Table_BaseData] 收盘价（元） | 7.75 | | 近 12 个月最高/最低（元） | 13.87/6.14 | | 总股本（百万股） | 418 | | 流通股本（百万股） | 261 | | 流通股比例（%） | 62.38 | | 总市值（亿元） | 32 | | 流通市值（亿元） | 20 | [Table_StockNameRptType] 瑞尔特（002790） 公司深度 深耕卫浴领域，积极布局自主品牌 [公司价格与沪深 Table_Chart] 300 走势比较 -42% -19% 5% 29% 52% 3/24 6/24 9/24 12/24 瑞尔特 沪深300 [Table_Author] 分析师：徐偲 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 邮箱：yuqianying@hazq.com 主要观点： ⚫[Table_Summary] 概况：深耕卫浴领域，积 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has been deeply engaged in the bathroom industry and is actively developing its own brand, having transitioned from producing water-saving flushing components to a range of smart bathroom products [4][19] - The company's revenue has grown from 817 million yuan in 2016 to 2.364 billion yuan in 2024, with a CAGR of 14.20%, while net profit has increased from 176 million yuan to 188 million yuan during the same period, with a CAGR of 0.84% [4][28] - The company is well-positioned in the stable development of the bathroom flushing system industry and has significant growth potential in the smart toilet sector [5][8] Company Overview - The company was established in 1999 and initially focused on producing water-saving flushing components, becoming a leading manufacturer in this field [4][19] - The company has expanded its product offerings to include smart toilets, health products, and sensing products, fully entering the smart home era [4][19] - The company has a stable shareholding structure, with the founding team holding a significant portion of shares, ensuring effective governance [23][25] Industry Overview - The bathroom flushing component industry is experiencing stable growth, with a domestic demand of approximately 55.8 million sets per year in China and a global demand of around 140 million sets [5][45] - The smart toilet market in China has seen significant growth, with sales increasing from over 4 million units in 2017 to over 9 million units in 2023, reflecting a CAGR of 25.6% [5][41] - The industry is characterized by high brand concentration, with a few international brands dominating the high-end market, which provides competitive advantages to established manufacturers [5][52] Company Growth Drivers - The company's dual strategy of "own brand + OEM" is expected to drive future growth, with a significant increase in revenue from its own brand of smart toilets [6][8] - The revenue from smart toilets and covers has grown from 292 million yuan in 2019 to 1.266 billion yuan in 2023, accounting for 57.96% of total revenue [6][34] - The company is actively expanding its domestic sales channels and optimizing its overseas market layout, which is expected to enhance its competitive position [4][28] Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 2.364 billion yuan in 2024, 2.727 billion yuan in 2025, and 3.059 billion yuan in 2026, with respective year-on-year growth rates of 8.2%, 15.4%, and 12.2% [8][10] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.45 yuan, 0.55 yuan, and 0.64 yuan, with corresponding price-to-earnings (P/E) ratios of 17.19, 14.12, and 12.13 [8][10]

证券代码：002790 证券简称：瑞尔特 公告编号：2025-005 厦门瑞尔特卫浴科技股份有限公司 关于全资子公司使用部分自有资金进行委托理财的 进展公告（十九） 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》 ...

证券代码：002790 证券简称：瑞尔特 公告编号：2025-004 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（十八） 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 ...