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]