R&T(SZ:002790) GF SECURITIES·2024-05-06 12:02Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 13.52 CNY per share based on a reasonable valuation of 20 times PE for 2024 [3][17]. Core Insights - The company's revenue for 2023 reached 2.184 billion CNY, representing a year-on-year increase of 11.47%. The net profit attributable to shareholders was 219 million CNY, up 3.59% year-on-year. In Q4 2023, revenue grew by 11.29%, but net profit decreased by 24.82% [2][16]. - In Q1 2024, the company reported revenue of 523 million CNY, a significant year-on-year increase of 32.30%, with net profit rising by 47.15% [2][16]. - The growth in the company's self-owned brands is notable, particularly in smart toilets, driven by increased sales through platforms like Douyin and Tmall, as well as rapid expansion in offline channels [16]. Financial Summary - The company forecasts revenue growth rates of 33.4%, 22.9%, and 18.0% for 2024, 2025, and 2026, respectively [6][21]. - The EBITDA for 2023 was 306 million CNY, with projections of 362 million CNY for 2024 [6][21]. - The net profit attributable to shareholders is expected to reach 282 million CNY in 2024, with further increases to 349 million CNY in 2025 and 413 million CNY in 2026 [6][21]. - The report highlights an increase in gross margin, attributed to a shift in business structure towards self-owned brands and a decrease in raw material costs [16].