瑞尔特（002790）：多重因素致业绩短期承压

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Viewpoints - The company's performance is under short-term pressure due to multiple factors, including changes in trade policies and varying implementation of consumer promotion policies across regions, leading to a decrease in orders [1] - The company aims to enhance its market share in the smart bathroom products sector and expand internationally, leveraging its competitive advantages in smart toilets and other products [3] - Increased investment in R&D and sales expenses is expected to impact net profit in the short term but is seen as strengthening the company's market foundation for long-term growth [2] Financial Performance Summary - In Q1 2025, the company reported revenue of 400 million, a decrease of 21% year-on-year, and a net profit attributable to the parent company of 21 million, down 63% [1] - For the full year 2024, the company achieved revenue of 2.4 billion, an 8% increase, but a net profit of 180 million, a decrease of 17% [1] - The gross margin for 2024 is projected at 27.4%, down 1.4 percentage points from the previous year [1] Product and Regional Breakdown - In 2024, revenue from water tanks and accessories is expected to be 600 million, accounting for 27% of total revenue, while smart toilets and covers will generate 1.4 billion, making up 61% [1] - Domestic revenue is projected at 1.7 billion, a 2% increase, while overseas revenue is expected to reach 670 million, a 26% increase [1] R&D and Sales Expenses - R&D expenses are projected to be 107.93 million, an increase of 18.42%, driven by strong demand for smart bathroom product updates and intensified market competition [2] - Sales expenses are expected to rise to 280.27 million, a 27% increase, due to efforts to expand market share and enhance product promotion [2] Profit Forecast Adjustments - The profit forecast has been adjusted, with net profits expected to be 150 million, 190 million, and 210 million for 2025, 2026, and 2027 respectively [4] - Earnings per share (EPS) are projected at 0.4 yuan, 0.5 yuan, and 0.5 yuan for the same years [4]