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 ...

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 ...