Core Insights - The annual "6·18" online retail promotion has concluded, with notable sales performance in home furnishings, home decoration, and building materials, particularly among well-known brands [1] Group 1: Promotion Strategies - This year's "6·18" event, starting on May 13, was enhanced by the old-for-new consumption policy, stimulating consumer enthusiasm and boosting market sales [2] - Major platforms simplified their promotional strategies, lowering participation barriers for consumers, which laid a solid foundation for the "6·18" sales [2] - Specific promotional tactics included JD's direct price cuts, Tmall's removal of minimum purchase requirements, Pinduoduo's discount offers, Douyin's platform-wide discounts, and Kuaishou's targeted coupons and flash sales [2] Group 2: Sales Performance - JD reported that furniture sales surged over tenfold compared to last year, with over 50 core categories seeing sales increase by more than five times [3] - Tmall's home appliance and home decoration sectors saw 113 brands surpassing 100 million yuan in sales, with the solid wood furniture brand Yuan Shi Mu Yu entering the "10 billion club" [3] - Su Ning's data indicated a strong trend towards integrated home appliance consumption, with embedded refrigerators and washing machines accounting for 92% of sales [4] Group 3: Consumer Trends - A survey indicated that 43.81% of consumers purchased home cleaning, bedding, and home goods during the "6·18" shopping festival, reflecting sustained demand in the home goods market [5] - The preference for smart, aesthetically pleasing, and health-oriented products is emerging as a new consumer trend, with smart product sales increasing fivefold [5] - The market for smart toilets is projected to reach 110 million units sold by 2024, with a market size of approximately 17 billion yuan [7] Group 4: Policy Impact - The old-for-new consumption policy has significantly boosted sales in home decoration and related sectors, with retail sales of home appliances and building materials showing substantial year-on-year growth [8] - The Ministry of Commerce reported that the old-for-new policy has driven sales exceeding 1.1 trillion yuan across five major categories, with substantial consumer participation [9] - The ongoing implementation of the old-for-new policy is expected to continue enhancing consumer engagement and stimulate demand in the home and building materials sectors [9]

如今，随着经济的发展和人民生活水平的提高，消费者对美好生活向往的需求也在快速升级，家居产品逐渐从功能 驱动消费转向追求品质健康，绿色智能消费正在成为引领社会生活的新风尚。随着国家"以旧换新"政策持续扩围， 智能坐便器行业在政策与品质消费的双重驱动下迎来结构性增长新阶段。在日前由中国轻工业联合会主办的"创新 引领新质发展 升级做强人民轻工"升级创新成果发布会上，恒洁卫浴集团有限公司（以下简称"恒洁"）自主研发的 恒洁N8S智能坐便器入选新一批《升级和创新消费品指南（轻工）》，正是智能卫浴行业企业回应消费者需求的一 个缩影。 □ 本报记者 解 磊 深化布局核心品类 加大研发投入 以绿色和智能化引领行业高质量发展 "我们观察到，当前智能马桶消费趋势出现两大新变化：一方面，消费群体正在加速扩容，由一线城市改善型用户 向新一线、二线及下沉市场的中等收入人群、银发族扩展，智能马桶逐步从'体验型消费'向'常态化配置'演进；另 一方面，使用场景也呈现多元化趋势，从主卫向客卫、老人房、儿童房拓展，家庭中的第二台、第三台智能马桶正 在成为新趋势。"恒洁相关负责人告诉记者，当前消费者对智能马桶的关注点也从单一的功能认知，转向对便捷 ...

今年1月，在2025年家装行业研讨会上，有关专家表示，随着各地政府"以旧换新"、提供补贴、发放消费券等利好政策的密 集落地，家装行业的零售总额已结束负增长，从去年9月起稳步回升。可以说，政策利好之下，始终对美好生活充满向往的人 们又重燃了对改造家居环境的热情。 过去几年，消费市场以及房地产市场都经历了一些波折，关于消费收紧的讨论持续出现，其中也包括了家居行业。不过，即 便是大环境有些不理想，人们对理想生活的追求始终没有停止。 纵观整个家居环境，仅仅几平方米的卫浴空间，不仅是人们在家居环境改造中最为看重的空间之一，也一直是见证人们生活 品质提升的一个重要角落。当我们要讨论今年的家居升级时，卫浴空间或许是最恰当不过的切入口。 巨量引擎发布的《2024卫浴行业白皮书》大致将中国家庭卫浴的发展分为四个阶段：1970年-1995年的起步阶段，特点是产 品种类单一，满足基本卫浴需求；1995年-2013的快速发展阶段，特点是企业引进先进技术设备，行业机会快速增加；2014 年起的稳步发展阶段，特点是企业国际合作增多，智能化兴起；当下至未来的成熟创新阶段，特点是已经具备完善的市场体 系，行业将继续朝着智能化、个性化、环保化 ...

[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 ...

2024年第四季度成为关键转折点。受益于消费品"以旧换新"政策及房地产市场回稳，箭牌家居直营电商渠道收入同比增长25.58%，存货规模亦从三季度末的 15.04亿元降至12.13亿元，显示去库存成效。2025年一季度，箭牌家居营收同比下降7.46%至10.50亿元，但亏损收窄至0.73亿元，毛利率同比上升4.62个百分 点，释放回暖信号。 针对净利润下降，箭牌家居对GPLP犀牛财经表示，主要是由于行业竞争影响，导致该公司产品均价有一定的下滑，同时该公司龙头五金品类因2024年铜金 属等原材料价格上涨，致使成本端承受较大压力。此外，箭牌家居表示目前海外市场尚处于开拓阶段，在一定程度上也影响了该公司利润及毛利率表现。 箭牌家居在智能卫浴领域展现出较强的增长动能。 智能坐便器成为箭牌家居2024年的营收亮点，销售量达到118.96万台，销售收入约为15.23亿元，占总营收的21.36%，同比增长8.94%。此外，箭牌家居在研 发投入上持续加码，2024年研发投入达到3.72亿元，占营收的5.21%，同比增长8.8%，为产品的迭代升级提供了坚实保障。 4月22日，箭牌家居（001322.SZ）发布2024年报，全年实 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-04-28 宏观策略 [Table_MacroStrategy] 宏观点评 20250425：增量政策的 6 条线索——学习 4 月政治局会议精神 4 月 25 日，中共中央政治局召开会议，分析研究当前经济形势和经济 工作。从时间来看，比去年（4 月 30 日）和前年（4 月 28 日）都要早。 政策基调方面，强调"加紧实施更加积极有为的宏观政策"、"既定政 策早出台早见效，根据形势变化及时推出增量储备政策，加强超常规逆周 期调节"。为应对正在到来的关税冲击，一方面需要抓好 3 月两会部署的 政策落实，另一方面择机出台新的增量政策，加大逆周期调节力度。对于 增量政策的判断，4 月 17 日国务院第十三次专题学习，对政策的时机、 力度有具体阐述，"要讲究政策时机，在一些关键的时间窗口，推动各方 面政策措施早出手、快出手，对预期形成积极影响。要把握政策力度，必 要时敢于打破常规，打好'组合拳'，让市场真正有获得感"。 风险提 示：房地产市场风险；关税事件反复和出口下行压力；以旧换新政策后续 不及预期的风险。 固收金工 [Table_FixedGain] ...

Core Viewpoint - The company, 瑞尔特, has experienced a significant decline in stock price and financial performance in the first quarter of 2025, attributed to changes in trade policies and varying implementation of consumer promotion policies across regions [2][4][6]. Trading Information Summary - On April 25, 2025, 瑞尔特 closed at 6.64 yuan, down 7.52%, with a trading volume of 159,516 shares and a transaction amount of 15.95 million yuan [2][6]. - Over the past ten trading days, the stock has seen a cumulative net inflow of 6.3963 million yuan from major funds, while the stock price has decreased by 4.16% [2][6]. - As of April 25, 2025, major funds had a net inflow of 4.5314 million yuan, while retail investors experienced a net outflow of 12.5974 million yuan [2]. Shareholder and Capital Changes - As of March 31, 2025, the number of shareholders increased to 14,200, a rise of 642, or 4.73%, compared to December 31, 2024 [3][6]. - The average number of shares held per shareholder decreased from 30,800 to 29,400, with an average market value of 228,100 yuan per shareholder [3]. Performance Disclosure Highlights - In Q1 2025, 瑞尔特 reported a main revenue of 412 million yuan, a year-on-year decline of 21.24%, and a net profit attributable to shareholders of 21.48 million yuan, down 63.31% [4][6]. - For the full year 2024, the company achieved a revenue of 2.358 billion yuan, a year-on-year increase of 7.96%, driven by a 13.37% growth in the smart toilet and lid category [4][6]. - The decline in Q1 2025 revenue is primarily due to changes in trade policies and inconsistent implementation of consumer promotion policies across different regions [4][6]. Impact of Tariff Policies - The company's direct exports to North America account for 10%-15% of its overseas revenue, which is a small proportion of total revenue [7]. - The company is actively seeking alternative methods to mitigate the impact of tariff policy changes and is optimizing its export market layout to diversify its export markets [7]. Industry Price Competition Insights - The industry is currently experiencing a price war, but favorable policies, such as national subsidies, are expected to improve competition by encouraging consumers to choose higher-quality products [8]. - New national standards for water efficiency in toilets are raising the bar for market players, which may help in reducing price competition [8]. Future Product Development Directions - The focus for future smart toilet product development will be on upgrading existing features, emphasizing health, environmental sustainability, and hygiene to enhance consumer experience [9]. - The company aims for a revenue growth of 10% and a net profit growth of 9.20% in 2025, with plans to diversify market channels and expand its product matrix [9].

在披露董事长离婚诉讼前不久，瑞尔特刚发布其2024年业绩报告。报告显示，瑞尔特2024年实现营业总 收入23.58亿元，同比增长7.96%；归属于上市公司股东的净利润1.81亿元，同比减少17.17%。 按产品划分，2024年瑞尔特智能坐便器及盖板收入14.35亿元，同比增长13.37%，占总营业收入比重为 60.87%；水箱及配件营业收入6.38亿元，同比增长2.93%，占总营业收入比重为27.06%。 虽然收入增长，但2024年瑞尔特智能坐便器及盖板产品的营业成本达到10.53亿元，同比增加16.85%， 导致该品类毛利率同比下滑。 根据2016年瑞尔特上市时的招股书，罗远良出生于1966年，从1999年4月起便在瑞尔特前身厦门瑞尔特 卫浴工业工作，谢桂琴出生于1973年，自由职业。2012年，厦门瑞尔特整体变更设立股份有限公司，罗 远良、谢桂琴均为发起人。 从上市公司股权结构来看，谢桂琴及两个儿子罗金辉、罗文辉都是罗远良的一致行动人。公开信息显 示，谢桂琴个人持有瑞尔特股票921.6万股，是瑞尔特第九大股东。罗金辉、罗文辉分别持股1075.2万股 和60.8万股，家族成员合计持股比例接近17.43%。 ...

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]