R&T(002790) 天风证券·2024-02-27 16:00Investment Rating - Maintain "Buy" rating with a target price of 10.15 yuan [3][9] Core Views - The company achieved revenue of 2.179 billion yuan in 2023, a year-on-year increase of 11.2%, and net profit attributable to the parent company of 222 million yuan, a year-on-year increase of 5.2% [1] - The company actively optimized its product structure and improved product quality, while vigorously promoting the expansion of its own brand in the domestic market [1] - The company launched new products such as A1/S1/S1P/M2 priced below 2,000 yuan and high-end series like UX and A60, enriching its product price matrix [1] - The company's smart toilet products are mainly provided as ODM to mid-to-high-end domestic and international bathroom brands, famous home appliance brands, and home furnishing companies [9] - The company's domestic own brand growth continues to be validated, and export sales are expected to grow in 2024 [9] Financial Performance - In 2023, the company's operating income was 2.179 billion yuan, a year-on-year increase of 11.22%, and net profit attributable to the parent company was 222.34 million yuan, a year-on-year increase of 5.40% [10] - The company's revenue in Q4 2023 was 633 million yuan, a year-on-year increase of 10.4%, and net profit attributable to the parent company was 46 million yuan, a year-on-year decrease of 18.7% [8] - The company's EPS for 2023-2025 is expected to be 0.5/0.7/0.9 yuan per share, with a PE ratio of 19/15/12X [9] Product and Market Strategy - The company focuses on the smart toilet market, with its products mainly serving mid-to-high-end domestic and international bathroom brands, famous home appliance brands, and home furnishing companies [9] - The company has launched new products priced below 2,000 yuan and high-end series, continuously enriching its product price matrix [1] - The company is expanding its domestic market through online and offline channels, with a focus on TikTok and other online platforms, and a flat offline channel model to accelerate the expansion of dealerships [9] Industry and Market Outlook - The company is well-positioned in the smart toilet market, with strong growth potential in both domestic and international markets [1][9] - The company's export sales are expected to grow in 2024, driven by stable customer relationships and the recovery of overseas markets [9] Financial Forecast - The company's revenue for 2023-2025 is expected to be 2.179/2.674/3.166 billion yuan, with a year-on-year growth rate of 11.22%/22.69%/18.40% [10] - The company's net profit attributable to the parent company for 2023-2025 is expected to be 222.34/292.27/360.59 million yuan, with a year-on-year growth rate of 5.40%/31.45%/23.38% [10]