R&T(SZ:002790) GOLDEN SUN SECURITIES·2024-04-29 03:32Investment Rating - The report maintains a "Buy" rating for the company [25][26]. Core Insights - The company achieved a strong performance in Q1 2024, with revenue of 523 million yuan, a year-on-year increase of 32.3%, and a net profit attributable to shareholders of 59 million yuan, up 47.2% year-on-year [4]. - The brand's market share is accelerating, driven by the successful brand transformation and the recovery of OEM business, with significant growth in the smart toilet segment [24]. - The company's gross margin improved to 30.24% in Q1 2024, an increase of 5.01% year-on-year, supported by a higher proportion of high-margin brand business [14]. Financial Performance - For the fiscal year 2024, the company is projected to achieve a revenue of 2.728 billion yuan, representing a year-on-year growth rate of 24.9% [6]. - The net profit attributable to shareholders is expected to reach 273 million yuan in 2024, with a growth rate of 25.0% year-on-year [6]. - The company's earnings per share (EPS) is forecasted to be 0.65 yuan for 2024, with a price-to-earnings (P/E) ratio of 18.3 times [6]. Operational Efficiency - The company reported a net operating cash inflow of 38 million yuan in Q1 2024, an increase of 7 million yuan year-on-year [5]. - The accounts receivable turnover days improved to 58 days, a decrease of 37 days year-on-year, indicating enhanced operational efficiency [5]. Market Position and Strategy - The company is expanding its brand presence through strategic marketing initiatives, including signing a celebrity spokesperson to enhance brand recognition [24]. - The online retail channels, particularly through platforms like Douyin, are experiencing significant growth, contributing to the overall sales performance [24].