[Table_StockNameRptType] 瑞尔特（002790） 公司点评 市场环境叠加行业竞争影响，25H1 业绩承压 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-08-27 | | | [Table_BaseData] 收盘价（元） | | 7.94 | | 近 12 个月最高/最低（元） | | 9.58/6.14 | | 总股本（百万股） | | 418 | | 流通股本（百万股） | | 261 | | 流通股比例（%） | | 62.39 | | 总市值（亿元） | | 33 | [公司价格与沪深 Table_Chart] 300 走势比较 -18% -2% 14% 29% 45% 8/24 11/24 2/25 5/25 瑞尔特 沪深300 [Table_Author] 分析师：徐偲 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 邮箱：yuqianying@hazq.com [Table_CompanyRep ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7] Core Views - The company reported a challenging performance in Q1 2025, with expectations for the effectiveness of national subsidies [3] - In 2024, the company achieved a revenue of 2.358 billion yuan, a year-on-year increase of 7.96%, while the net profit attributable to shareholders decreased by 17.17% to 181 million yuan [3][4] - The company is focusing on the growth of its smart toilet and cover products, with domestic and international sales showing steady progress [4] - The company has become one of the first certified enterprises for smart toilets under the 3C certification, which is expected to enhance the competitive landscape of the industry [4] - The gross profit margin for 2024 was 27.35%, a decrease of 2.18 percentage points year-on-year, indicating pressure on profitability [5] - The company is expected to benefit from a dual-driven development strategy of "own brand + OEM," with projected revenue growth in the coming years [6][9] Financial Summary - The company forecasts revenues of 2.607 billion yuan in 2025, 2.932 billion yuan in 2026, and 3.228 billion yuan in 2027, representing year-on-year growth rates of 10.6%, 12.5%, and 10.1% respectively [6][9] - The net profit attributable to shareholders is projected to be 188 million yuan in 2025, 220 million yuan in 2026, and 248 million yuan in 2027, with respective growth rates of 3.6%, 17.2%, and 12.9% [6][9] - The earnings per share (EPS) are expected to be 0.45 yuan in 2025, 0.53 yuan in 2026, and 0.59 yuan in 2027 [6][9] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 16.98 in 2024 to 10.96 by 2027 [9]