R&T(SZ:002790) Changjiang Securities·2024-05-06 08:02Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The global smart toilet market has significant potential, and the company is expected to grow based on its manufacturing advantages in smart toilets, driven by a dual strategy of "own brand + OEM" [2][13]. - The company's domestic brand is transitioning from e-commerce to offline channels, with steady online growth and accelerated offline store openings, contributing to revenue growth [2][13]. - The company is expected to continue high growth in its own brand revenue in 2024, with substantial overseas expansion opportunities, particularly in the U.S. and Middle Eastern markets [2][13]. Financial Performance - In Q1 2024, the company achieved revenue of 523 million yuan, a year-on-year increase of 32%, and net profit attributable to the parent company of 59 million yuan, up 47% [5][12]. - The gross margin improved by 5.0 percentage points to 30.2%, with net profit margin increasing by 1.1 percentage points to 11.2% [12]. - The company expects net profits to reach 270 million, 320 million, and 380 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 19, 16, and 13 [7]. Business Strategy - The company emphasizes R&D, maintaining a stable investment of about 4% of revenue, and holds 1,834 patents, including 135 invention patents [6]. - The company has launched new products, including the lightweight smart product S3 and the upgraded F30, and plans to continue introducing high-cost performance products [6]. - The company is leveraging its manufacturing advantages and cost control capabilities to expand into overseas markets, with 2024 expected to be a year of accelerated overseas growth [2][13].