事件描述 公司2024 年实现营收/归母净利润/扣非净利润23.58/1.81/1.60 亿元，同比+8%/-17%/-20%；其中2024Q4 实现营收/归母净利润/扣非净利润6.48/0.55/0.47 亿元，同比+2%/+28%/+26%。 2025Q1 实现营收/归母净利润/扣非净利润4.12/0.21/0.18 亿元，同比-21%/-63%/-67%。 事件评论 收入端：25Q1 下降主因补贴节奏扰动，估计1-2 月受补贴节奏扰动较大，3 月销售实现回暖。2024 年 公司营收同增8%，其中2024Q4 营收同增2%，2025Q1 营收同比-21%，2025Q1 收入承压主因贸易政策 变动及各地促消费政策实施节奏不一致影响，导致订单减少。整体来看，公司表现优于行业整体表现， 根据奥维云网，2024 年我国线上智能坐便器零售额规模为56 亿元，同比下滑18.6%；零售量为252 万 台，同比下滑18.0%。拆分业务结构看，2024 年公司水箱及配件/智能座便器及盖板/同层排水系统产品 分别同比+2.93%/+13.37%/-13.54%；分地区看，2024 年境内/境外分别同比+2.26%/+25.5 ...

[Table_StockNameRptType] 瑞尔特（002790） 公司点评 25Q1 业绩承压，期待国补成效 [Table_Rank] 投资评级：买入（维持） 报告日期： 2025-4-28 [Table_BaseData] 收盘价（元） 6.64 近 12 个月最高/最低（元） 13.87/6.14 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） 28 流通市值（亿元） 17 [公司价格与沪深 Table_Chart] 300 走势比较 -55% -35% -14% 7% 27% 4/24 7/24 10/24 1/25 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_CompanyReport] 相关报告 1.瑞尔特：深耕卫浴领域，积极布局自 主品牌 2025-03-08 主要观点： ⚫[Table_Summary] 事件：公司发布 20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][14] Core Views - The company achieved a revenue of 2.36 billion yuan in 2024, representing an 8.0% year-on-year increase, while the net profit attributable to shareholders decreased by 17.2% to 181 million yuan [6][9] - The decline in profit is attributed to significant advertising expenses for promoting its own brand and ongoing price competition in the industry, leading to a decrease in product gross margins [6][7] - The company expects a gradual recovery in domestic sales due to favorable consumption policies in 2025, as it is a leading OEM in the bathroom industry [7][9] Financial Performance - In 2024, the revenue breakdown by product shows: water tanks and accessories at 638 million yuan (+2.93%), smart toilets and covers at 1.435 billion yuan (+13.37%), and same-layer drainage systems at 181 million yuan (-13.54%) [7] - The gross margin for smart toilets and covers was 26.62%, a decrease of 2.19 percentage points year-on-year [7] - The company’s overall gross margin for 2024 was 27.3%, down 2.2 percentage points, while the net profit margin was 7.6%, down 2.2 percentage points [7][9] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 209 million yuan, 234 million yuan, and 268 million yuan respectively, with corresponding EPS of 0.50, 0.56, and 0.64 yuan [6][9] - The current stock price corresponds to P/E ratios of 13.3, 11.9, and 10.3 for 2025-2027 [6][9] Market Position - The company is positioned as a leading OEM in the bathroom sector, with both domestic and international sales showing steady growth [7][9] - The company’s overseas revenue in 2024 was 672 million yuan, reflecting a year-on-year increase of 25.50% [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 2.36 billion yuan in 2024, representing an 8.0% year-on-year increase, while the net profit attributable to shareholders decreased by 17.2% to 181 million yuan [6] - The decline in profit is attributed to significant advertising expenses for promoting its own brand and ongoing price competition in the industry, leading to a decrease in product gross margins [6] - The company expects a gradual recovery in domestic sales due to favorable consumption policies in 2025, as it is a leading OEM in the bathroom industry [7] Financial Performance - In 2024, the company's revenue from smart toilets and covers was 1.435 billion yuan, with a year-on-year growth of 13.37% [7] - The overall gross margin for 2024 was 27.3%, down by 2.2 percentage points, while the net profit margin was 7.6%, down by 2.2 percentage points [8] - For 2025, the company forecasts net profits of 209 million yuan, 234 million yuan in 2026, and 268 million yuan in 2027, with corresponding EPS of 0.50, 0.56, and 0.64 yuan [6][9] Market Position - The company has seen steady growth in both domestic and international sales, with domestic revenue reaching 1.686 billion yuan in 2024, up 2.26% year-on-year, and international revenue at 672 million yuan, up 25.50% [7] - The company is positioned to benefit from the ongoing development of its own brand and the expansion of overseas channels, which are expected to contribute to long-term growth [6]