冲水组件领军企业，切入智能马桶开启二次成长

Investment Rating - The report assigns a "Buy" rating for the company, with a reasonable valuation range of 11.94 - 14.59 CNY per share [28]. Core Insights - The company, 瑞尔特, is a leading manufacturer of flushing components and has entered the smart toilet market, which is expected to drive its second growth phase [21][26]. - The smart toilet market is characterized by low penetration and high growth potential, with an estimated sales volume of 679 million units in 2024, reflecting an 18% growth [26][54]. - The company has a strong customer base and reputation, which supports its entry into the smart toilet ODM business [7][26]. Summary by Sections Company Overview - 瑞尔特 has focused on toilet and bathroom products for over 20 years, transitioning from OEM to its own brand [24]. - The company has a stable ownership structure, with the four founders and their relatives holding over 65% of the shares [38]. Financial Performance - The company's revenue has grown steadily from less than 600 million CNY in 2012 to 1.96 billion CNY in 2022, with a compound annual growth rate (CAGR) of 12.7% [45]. - The net profit for 2022 was 211 million CNY, reflecting a 51.4% year-on-year increase [27][52]. - The gross margin has stabilized since 2022, reaching 28.5% in the first three quarters of 2023 [47]. Market Analysis - The smart toilet market is expected to grow significantly, with a current penetration rate of approximately 9% [61]. - The company’s smart toilet and cover business accounted for 51% of its revenue in 2022, with a CAGR of 28.6% from 2012 to 2022 [46]. - The competitive landscape shows that domestic brands like 瑞尔特 are well-positioned to capture market share from foreign brands [26]. Product Development - The company has a strong focus on R&D, maintaining around 4% of its revenue for research and development [40]. - The product line includes water-saving flushing components, smart toilets, and other bathroom accessories, with a leading position in the global flushing component market [20][26]. Future Outlook - The company is expected to see continued growth in net profit, with projections of 222 million CNY in 2023, 277 million CNY in 2024, and 334 million CNY in 2025 [27]. - The smart toilet segment is anticipated to be a key growth driver, supported by increasing consumer demand for enhanced bathroom experiences [54].