Core Viewpoint - The experiment conducted by Afina's owner revealed that American consumers are unwilling to pay significantly higher prices for "American-made" products compared to "Asian-made" alternatives, despite claims of supporting local manufacturing [1][3][10]. Group 1: Experiment Details - Afina's owner, Ramon van Meer, set up a pricing experiment with two options for the same showerhead: one priced at $129 for "Asian-made" and another at $239 for "American-made," which is nearly double the price [2][5]. - During the experiment, approximately 25,650 American consumers visited the purchase page, with 3,560 adding the "Asian-made" version to their carts and 584 completing the purchase, while the "American-made" version had only 24 add-to-carts and zero purchases [2][5]. Group 2: Economic Context - The experiment's results highlight a disconnect between consumer intentions and actual purchasing behavior, indicating that high prices for American-made goods are not supported by consumer willingness to pay [5][10]. - The owner criticized the current economic conditions in the U.S., stating that inflation has made "American-made" products a luxury that many consumers cannot afford [6][9]. Group 3: Manufacturing Challenges - Van Meer expressed challenges in localizing production, citing issues such as lack of manufacturing capacity and skilled labor in the U.S. [8][9]. - Despite efforts to find alternative manufacturing locations, the reliance on Chinese suppliers for materials remains significant, indicating that the supply chain is still heavily dependent on Asia [8][9]. Group 4: Consumer Sentiment - Feedback from consumers on social media echoed the experiment's findings, with many stating they prioritize lower prices over the origin of products, reinforcing the notion that price sensitivity is a major factor in purchasing decisions [10][11]. - The sentiment reflects a broader skepticism about the feasibility of reviving American manufacturing without substantial investment in infrastructure and workforce development [11].

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]

以下文章来源于每日经济新闻 ，作者每经记者 每日经济新闻 . 中国主流财经全媒体。互联网新闻信息服务许可证编号：51120190017 。 来源|每日经济新闻 作者| | 赵李南 4月23日，瑞尔特（SZ002790，股价7.18元，市值30亿元）公告称，其董事长、股东罗远良所持的部分股份被冻结，因为其妻子谢桂琴提起离婚诉 讼，并申请冻结罗远良所持公司股份的50%。 4月24日，《每日经济新闻》记者拨打了瑞尔特证券事务代表的固定电话，瑞尔特的工作人员在电话中表示，目前公司处于无实控人状态，相关的诉 讼并不会导致控制权变化。 公开资料显示，厦门瑞尔特卫浴科技股份有限公司主要从事生产、研发、销售卫浴空间和家庭水系统相关解决方案。2016年3月，瑞尔特成功登陆深 交所，成为为数不多在A股上市的卫浴企业之一。 据厦门海沧区融媒体中心2023年的一篇报道，瑞尔特是国产智能马桶的开创者之一。早在2008年，罗远良赴日本、韩国商务出差时，发现两国的智 能马桶普及率已经很高，他意识到智能马桶也将在国内成为消费升级的一个趋势。"我们2008年立项智能马桶的研发，一直到2019年产品才面市， 十年研发投入2亿元以上。"文章当时介 ...

Group 1: Financial Performance - In 2024, the company achieved a revenue of 23.58 billion yuan, a year-on-year increase of 60.87% in the smart toilet and cover category, which accounted for 13.37% of total revenue [3] - The first quarter of 2025 saw a revenue decline of approximately 21% year-on-year, primarily due to changes in trade policies and varying regional consumer promotion policies [3] - The company's net profit margin improved in the fourth quarter of 2024, influenced by exchange rate fluctuations and a recovery in sales performance [4] Group 2: Market and Policy Impact - The company's direct exports to North America account for 10%-15% of overseas revenue, which is a small portion of total revenue [5] - The implementation of national subsidy policies has positively impacted consumer behavior in home improvement, enhancing the penetration rate of smart toilets [4] - The upcoming new national standards for toilets and mandatory product certification are expected to raise market entry barriers, benefiting companies with strong R&D capabilities [6][7] Group 3: Future Outlook and Strategy - For 2025, the company projects a revenue growth of 10% and a net profit growth of 9.20%, with significant investments in brand building and marketing [7] - The focus for future product development will be on upgrading existing features, emphasizing health, environmental sustainability, and hygiene [7] - The company aims to diversify its market channels and enhance its product matrix, including smart toilets, drainage products, and wellness products [7]

Core Viewpoint - The report indicates that 瑞尔特 (002790) is facing performance pressure but is expected to see growth in its self-owned brand segment in the future, maintaining a "buy" rating for the stock [1]. Financial Performance - In Q1 2025, the company reported revenue of 410 million yuan, a year-on-year decrease of 21.2%, and a net profit attributable to shareholders of 20 million yuan, down 63.3% year-on-year. The net profit excluding non-recurring items was also 20 million yuan, reflecting a 67.0% decline year-on-year [1][2]. Operational Analysis - The domestic OEM business is under pressure due to weak overall industry demand and an increase in clients' self-production ratios, leading to a significant decline in revenue for Q1 2025. The self-owned brand business is also expected to face substantial pressure, with a double-digit revenue decline anticipated due to the staggered rollout of national subsidies and intense low-price competition in the market [2]. - The gross margin for Q1 2025 decreased by 5.6 percentage points to 24.7%, attributed to intensified industry competition and a higher proportion of low-end product sales. The sales, management, R&D, and financial expense ratios were 11.0%, 5.2%, 5.5%, and -1.1% respectively, showing a mixed trend [2]. Market Outlook - Domestic demand is expected to stabilize, with improvements in the self-owned brand segment anticipated as national subsidies are rolled out and real estate sales gradually recover. The company is well-positioned to benefit from the mandatory CCC certification for electronic toilets starting July 1, 2025, which may optimize the industry landscape [3]. - The overseas business is expected to remain stable despite trade policy disruptions, with signs of easing trade tensions [3]. Earnings Forecast and Valuation - The company’s earnings per share (EPS) are projected to be 0.49 yuan, 0.55 yuan, and 0.62 yuan for 2025, 2026, and 2027 respectively. The current stock price corresponds to price-to-earnings (PE) ratios of 15, 13, and 12 times for the respective years, maintaining a "buy" rating [4].

Core Insights - The company reported a decline in revenue and net profit for 2024 and Q1 2025, with Q1 2025 revenue at 1.05 billion yuan, down 7.46% year-on-year, and a net loss of 73 million yuan [1][2] - The overall revenue for 2024 was 7.131 billion yuan, a decrease of 6.76% year-on-year, with a significant drop in net profit by 84.28% [1][2] Financial Performance - Q1 2025 revenue was 1.05 billion yuan, down 7.46% year-on-year, with a net loss of 73 million yuan [1] - Q4 2024 revenue was 2.3 billion yuan, down 2.89% year-on-year, with net profit of 35 million yuan, a decline of 74.65% [1] - For the full year 2024, revenue was 7.131 billion yuan, down 6.76% year-on-year, with net profit of 67 million yuan, down 84.28% [1] Profitability Metrics - The gross margin for 2024 was 25.24%, a decrease of 3.1 percentage points, and the net profit margin was 0.94%, down 4.62 percentage points [2] - The company experienced a decline in profitability due to intensified competition in the bathroom industry [2] Product and Market Strategy - The company is adjusting its product structure to capitalize on national subsidy policies, aiming to enhance industry concentration and increase the penetration of smart toilets [3] - The company plans to focus on retail channel development and refined operational management to drive growth [2][3] Channel Performance - Direct sales revenue for 2024 was 1 billion yuan, down 3.49% year-on-year, while distribution revenue was 6.06 billion yuan, down 7.62% [3] - E-commerce revenue was 1.53 billion yuan, down 4.92%, but direct e-commerce channel revenue grew by 25.58% in Q4 2024 [4] - Overseas revenue reached 310 million yuan, up 137.73%, benefiting from the Belt and Road Initiative and overseas store expansion [4] Future Outlook - The company is expected to benefit from national subsidy policies and aims to improve profitability through product innovation and scale effects [6] - Profit forecasts for 2025-2027 are adjusted to 196 million yuan, 241 million yuan, and 301 million yuan, respectively, with corresponding P/E ratios of 41X, 33X, and 26X [6]