事件：公司发布2025年中报 公司发布2025 年中报，2025H1 实现营业收入9.20 亿元，同比下降19.49%；实现归母净利润0.52 亿元， 同比下降43.20%。单季度来看，2025 年第二季度实现营业收入5.08 亿元，同比下降18.02%；实现归母 净利润0.30 亿元，同比先下降6.88%。由于家居卫浴行业市场仍面临较为激烈的竞争状态，且需求端与 房地产行业存在一定关联性，同时各地区促消费政策执行进度不一，落地节奏滞后抑制部分需求释放， 导致公司整体销售收入特别是境内营业收入未达预期。由于行业竞争加剧，产品单价略有下滑，带动毛 利率下降，归母净利润下滑。 市场环境叠加行业竞争影响，短期内销业务收入和毛利率承压2025H1，分产品来看，公司水箱及配件/ 智能坐便器及盖板收入分别为2.63/5.31 亿元，分别同比下降18.42%/22.72%；毛利率分别为 26.18%/24.17%，分别同比-1.30/-2.54pct。分地区看，公司境内/境外收入分别为5.85/3.35 亿元，分别同 比-27.76%/+0.60%，毛利率分别为25.65%/26.48%，分别同比-1.64/-2.49pc ...

[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 ...

证券代码：002790 证券简称：瑞尔特 | 交流内容及具体 | 下降幅度小于营业收入下降幅度。 | | --- | --- | | 问答记录 | 上半年度营收下降的主要原因是由于家居卫浴行业市场 | | | 仍面临较为激烈的竞争状态，新房需求端受到房地产行业影 | | | 响，且各地区促消费政策执行进度不一，落地节奏滞后抑制部 | | | 分需求释放等因素所致，从具体产品看，影响较大的是占公司 | | | 总营收比重 57.7%的智能坐便器及盖板下滑 22.72%；分地区 | | | 看，主要是占总营收比重 63.57%的国内市场下滑 27.76%， | | | 海外市场占总营收比重 36.4%，在受到关税部分影响的状况 | | | 下，与去年同期相比仍实现了 0.6%的增长，保持较为稳定趋 | | | 势。 | | | 归母净利润下降的主要原因是上半年度毛利率同比下滑 | | | 1.83 个百分点，期间费用率同比提升 1.27 个百分点（研发费 | | | 用率提升 个百分点），导致净利率下滑 个百分点， 0.86 2.34 | | | 其中毛利率下降主因是价格因素，由于行业竞争加剧，产品单 | | | ...

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]

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].

Core Viewpoint - The recent divorce lawsuit involving the chairman of Xiamen Ruiter Bathroom Technology Co., Ltd. has led to the judicial freezing of a significant portion of his shares, causing a notable decline in the company's stock price, raising concerns about potential impacts on the company's operations and governance [1][2]. Company Summary - Xiamen Ruiter has seen its chairman, Luo Yuanliang, have 26.11 million shares (6.25% of total shares) frozen due to a divorce lawsuit initiated by his spouse, Xie Guiqin [1]. - Following the announcement, Ruiter's stock price dropped by 7.52%, closing at 6.64 yuan per share, resulting in a market value of approximately 173 million yuan for the frozen shares [1]. - The company reported a total revenue of 2.358 billion yuan for 2024, reflecting a year-on-year growth of 7.96%, while net profit attributable to shareholders decreased by 17.17% to 181 million yuan [2]. - The revenue from smart toilets and covers reached 1.435 billion yuan, a year-on-year increase of 13.37%, accounting for 60.87% of total revenue [2]. - The company has a significant shareholding structure, with family members of the chairman holding nearly 17.43% of the shares [1]. Industry Summary - Ruiter operates as a leading player in the bathroom fixture manufacturing industry, serving several well-known international brands such as ROCA, INAX, KOHLER, and American Standard [2]. - The company reported domestic and international revenues of 1.686 billion yuan and 672 million yuan, respectively, with international revenue growing by 25.50% [3]. - Despite revenue growth, the cost of goods sold for smart toilets and covers increased by 16.85%, leading to a decline in gross margin for this product category [3]. - The company is facing pressure on its performance, with a 21.2% year-on-year decline in revenue for the first quarter of 2025, and a 63.3% drop in net profit [3].

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]

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company's performance is under short-term pressure due to multiple factors, including changes in trade policies and varying implementation of consumer promotion policies across regions, leading to a decrease in orders [1] - The company aims to enhance its market share in smart bathroom products and expand internationally while focusing on product innovation and digital transformation [3][4] - Increased R&D and sales expenses are expected to impact net profit in the short term but are seen as strengthening the company's market foundation for long-term growth [2] Financial Performance Summary - In Q1 2025, the company reported revenue of 400 million, a decrease of 21% year-on-year, and a net profit of 21 million, down 63% [1] - For the full year 2024, revenue is projected at 2.4 billion, an 8% increase, while net profit is expected to decline by 17% to 181 million [9] - The gross margin for 2024 is forecasted at 27.4%, a decrease of 1.4 percentage points compared to the previous year [1] Product and Market Insights - In 2024, revenue from water tanks and accessories is expected to be 600 million, accounting for 27% of total revenue, while smart toilets and covers will generate 1.4 billion, making up 61% [1] - Domestic revenue is projected at 1.7 billion, a 2% increase, while international revenue is expected to reach 670 million, a 26% increase [1] R&D and Sales Investment - The company increased R&D expenses by 18.42% to 107.93 million, driven by strong demand for smart bathroom product updates and intensified market competition [2] - Sales expenses rose by 27% to 280.27 million, reflecting increased investment in market expansion and promotion of smart bathroom products [2]