瑞尔特2024H1点评：收入结构性增长，盈利受费用投放影响暂承压

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue growth of 17% year-on-year in H1 2024, with revenue reaching 1.143 billion yuan, while net profit attributable to shareholders decreased by 20% to 91 million yuan [2][3]. - The company's revenue performance is better than the overall industry, as the online sales of smart toilets in H1 2024 dropped by 19.9% year-on-year [3]. - The gross margin slightly decreased due to changes in product mix, with a notable increase in sales and marketing expenses driven by intensified competition in the domestic market [3][4]. - The company is leveraging its manufacturing advantages and focusing on R&D, holding 1,905 patents, including 158 invention patents, which enhances its competitiveness in the industry [3][4]. - The company is expected to achieve net profits of 200 million, 250 million, and 290 million yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 13, 11, and 9 [4]. Revenue and Profit Analysis - In H1 2024, the company reported revenue of 1.143 billion yuan, with a net profit of 91 million yuan and a non-recurring net profit of 80 million yuan, reflecting a year-on-year change of +17%, -20%, and -24% respectively [2]. - In Q2 2024, the company achieved revenue of 619 million yuan, with net profit and non-recurring net profit of 32 million yuan and 27 million yuan, showing a year-on-year change of +7%, -56%, and -62% respectively [2]. Product and Market Performance - The company's self-owned brand continued to grow, while OEM sales declined, and the performance of smart toilets in overseas markets met expectations [3]. - The revenue from smart toilets and covers, water tanks and accessories, and same-layer drainage products in H1 2024 grew by 26.61%, 7.90%, and decreased by 16.91% respectively [3]. - Domestic and overseas revenues in H1 2024 increased by 16.79% and 18.79% year-on-year respectively [3]. Future Outlook - The company is expected to accelerate its overseas expansion in 2024, leveraging its manufacturing advantages and cost control capabilities to enter potential markets such as the US and the Middle East [4]. - The company plans to continue launching high-cost performance and innovative products to maintain brand growth and market competitiveness [4].