R&T(002790) 华安证券·2025-03-09 01:28Investment 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]