R&T(SZ:002790) Xin Lang Cai Jing·2025-04-29 10:40Revenue Performance - In 2024, the company achieved revenue of 2.358 billion yuan, a year-on-year increase of 8%, while net profit attributable to shareholders decreased by 17% to 181 million yuan, and net profit excluding non-recurring items fell by 20% to 160 million yuan [1] - For Q4 2024, the company reported revenue of 648 million yuan, with a year-on-year increase of 2%, and net profit attributable to shareholders increased by 28% to 55 million yuan, while net profit excluding non-recurring items rose by 26% to 47 million yuan [1] - In Q1 2025, revenue dropped to 412 million yuan, a year-on-year decline of 21%, with net profit attributable to shareholders falling by 63% to 21 million yuan, and net profit excluding non-recurring items decreasing by 67% to 18 million yuan [2] Market Dynamics - The decline in Q1 2025 revenue is primarily attributed to disruptions in subsidy schedules, with a significant impact observed in January and February, although sales showed signs of recovery in March [3] - The overall performance of the company is better than the industry average, with the online retail market for smart toilets in China expected to decline by 18.6% in 2024, with retail volume down by 18.0% [3] - The company's product segments showed varied performance in 2024, with water tanks and accessories growing by 2.93%, smart toilets and covers by 13.37%, while same-layer drainage systems decreased by 13.54% [3] Profitability Analysis - In Q1 2025, the gross margin slightly increased by 0.3 percentage points to 24.7%, while the net profit margin decreased by 6.0 percentage points to 5.2% [4] - The company maintains a stable R&D investment of around 4%, with 1,940 patents held as of December 31, 2024, including 181 invention patents [4] - The company is recognized as one of the four bathroom enterprises with the title of "National Industrial Design Center," indicating strong R&D and manufacturing capabilities [4] Growth Prospects - The company is expected to achieve good revenue growth in 2025, driven by its dual strategy of "own brand + OEM," with domestic brand sales transitioning from e-commerce to offline channels [5] - The domestic market is anticipated to benefit from government subsidies, leading to a favorable growth trend for the company's own brand [5] - The company is expected to maintain rapid growth in overseas markets, particularly in the Middle East and Europe, despite potential challenges from U.S. tariffs affecting shipments [5] Profit Forecast - The company is projected to achieve net profits of 200 million yuan, 230 million yuan, and 280 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 14, 12, and 10 [6]