瑞尔特：自主品牌及海外智能快速开拓，抢占智能马桶发展先机

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Viewpoints - The company has established a dual-driven model of ODM and its own brand, focusing on high-cost performance smart bathroom products, with a revenue of 2.184 billion in 2023, representing a year-on-year growth of 11.47% [1][4]. - The company is expanding its second growth curve through deep accumulation in the smart toilet sector, with revenues from smart toilets and covers reaching 1.266 billion in 2023, a year-on-year increase of 25.90% [2]. - The company is enhancing its brand recognition and market share through a comprehensive online and offline channel strategy, with a significant increase in the contribution of its own brand products [4][59]. Summary by Sections Company Overview - Founded in 1999, the company has developed a product system that includes water-saving flushing components, smart toilets, drainage systems, elderly-friendly products, and smart bathroom solutions [1][32]. - The company has shifted from a focus on export to a more balanced business structure, with a growing emphasis on domestic sales [1]. Smart Bathroom Industry - The smart toilet market is experiencing rapid penetration, with the company increasing its investment in research and development, manufacturing, and after-sales service [2][22]. - The company’s products are positioned as high-cost performance, covering a wide price range, with significant sales through online platforms like Douyin, Tmall, and JD [3][82]. Financial Performance - The company’s revenue is projected to grow to 2.648 billion in 2024, with net profits expected to reach 285.9 million, corresponding to a PE ratio of 17X [4][9]. - The company’s net profit for 2023 was 219 million, reflecting a year-on-year growth of 3.59% [59]. Market Position and Strategy - The company has successfully established its own brand, which has become the main source of revenue, surpassing traditional water tank and accessory sales [59]. - The company is actively expanding its overseas smart OEM business while steadily developing its traditional water component OEM operations [4][74].