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 ...

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]

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]