Investment Rating - The report gives a "Buy" rating for the company, Reite Technology, with a target price range of 18.36 to 19.44 CNY per share based on a PE ratio of 17-18 times for 2025 [4]. Core Insights - Reite Technology is a domestic provider of smart lighting control solutions with strong profitability, having developed three main hardware product lines over more than 20 years in the smart lighting sector. The company went public on the Beijing Stock Exchange in December 2022 [2][8]. - In 2023, the company achieved a revenue of 175 million CNY, a growth of 1.5%, and a net profit of 35 million CNY, a decline of 11.5%. The gross margin was 45%, down by 1.6 percentage points [2][16]. - The smart controller industry is continuously upgrading, with a significant increase in domestic smart lighting tenders. The domestic smart controller market size is approximately 3.435 trillion CNY, growing by 12.1% in 2023 [2][25]. - The company has a comprehensive technology matrix and targets high-end scenarios, focusing on differentiated and user-friendly designs to attract customers [2][8]. Summary by Sections Company Overview - Reite Technology has been deeply engaged in the smart lighting field for over 20 years, developing three major hardware product lines: LED lighting control systems, smart power supplies, and smart home products. The company was established in September 2003 and has been recognized as a national high-tech enterprise [8][20]. Market Dynamics - The smart controller market is experiencing rapid growth, with the domestic market accounting for about 25.7% of the global market. The global smart controller market size is projected to reach approximately 1.8845 trillion USD in 2023, with a growth rate of 4.4% [22][25]. - The domestic smart power supply market has surpassed 100 billion CNY, with a growing trend towards health and comfort in lighting solutions [29][31]. Financial Projections - The company forecasts net profits of 36.49 million CNY in 2024, 42.19 million CNY in 2025, and 49.39 million CNY in 2026, with corresponding EPS of 0.94, 1.08, and 1.27 CNY [3][4]. - The revenue is expected to grow from 204.53 million CNY in 2024 to 288.56 million CNY in 2026, reflecting a compound annual growth rate (CAGR) of approximately 19.52% [3][4]. Competitive Position - The company has a concentrated shareholding structure, with the actual controllers holding about 66.3% of the shares. The top ten shareholders collectively own 78.3% of the total shares [20][21]. - Reite Technology's products are positioned in the mid-to-high-end market, leveraging its advanced technology and unique design features to differentiate itself from competitors [2][8].
雷特科技：公司首次覆盖：国内智能照明控制综合方案提供商，差异化卓有成效