R&T(SZ:002790) China Post Securities·2024-04-30 15:30Investment Rating - The report maintains a "Buy" rating for the company [6][13]. Core Insights - The company reported a revenue of 2.184 billion yuan in 2023, representing a year-on-year growth of 11.47%, with a net profit attributable to the parent company of 219 million yuan, up 3.59% year-on-year [15]. - In Q1 2024, the company achieved a revenue of 523 million yuan, a significant increase of 32.30% year-on-year, and a net profit of 59 million yuan, up 47.15% year-on-year, primarily driven by the rapid growth of its proprietary brand [15]. - The company has seen a notable increase in gross margin, with an overall gross margin of 29.53% in 2023, up 4.72 percentage points year-on-year, while the net margin was 9.85%, down 0.77 percentage points year-on-year [17]. Financial Performance Summary - The company’s revenue is projected to grow to 2.716 billion yuan in 2024, 3.278 billion yuan in 2025, and 3.909 billion yuan in 2026, with growth rates of 24.35%, 20.69%, and 19.22% respectively [7]. - The net profit attributable to the parent company is expected to reach 271 million yuan in 2024, 330 million yuan in 2025, and 394 million yuan in 2026, with growth rates of 24.02%, 21.56%, and 19.64% respectively [7]. - The earnings per share (EPS) is projected to be 0.65 yuan in 2024, 0.79 yuan in 2025, and 0.94 yuan in 2026 [8]. Product and Market Insights - The company has optimized its product structure, with significant growth in the smart toilet segment, which generated 1.266 billion yuan in revenue in 2023, a year-on-year increase of 25.90% [16]. - The company is also expanding its market presence in the smart toilet sector, benefiting from increased brand recognition and sales efforts [18].