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Original Kitchen & Bathroom Jun Kitchen & عناوين الحمام
According to R&T’s recently released semiannual report for 2021, the company’s first-half revenue reached $803 مليون. Its year-on-year increase hit a new high since 2016, with revenue growth of 96.36% for smart toilets and covers. As a well-known domestic manufacturer of flush components, ر&T has undergone a strategic transformation in recent years, actively laying out the intelligent sanitary field. Its results have begun to be reflected in the operating data.
Revenue growth in the first half hit a record high since the IPO
On the evening of August 16, ر&T released its semi-annual report for 2021. من يناير إلى يونيو, ر&T achieved operating revenue of $803 مليون, أعلى 73.99% من $462 مليون دولار في نفس الفترة من العام الماضي. It continued the growth trend seen since the second half of last year and hit the highest value since its IPO in 2016. For the revenue growth, ر&T said the main reasons were: i. في النصف الأول من 2020, orders temporarily declined due to reduced demand from customer terminals as a result of the epidemic. ثانية, demand from terminals recovered in the current period, with a large increase, sufficient orders, and amplified production capacity.
| Current reporting period | Same period of previous year | Increase or decrease in the current reporting period over the same period of the previous year | |
| الدخل التشغيلي (يوان) | 803,319,911.67 | 461,716,871.43 | 73.99% |
| Net profit attributable to shareholders of the listed company (يوان) | 59,249,967.92 | 45,052,622.53 | 31.51% |
| Net profit after extraordinary gain or loss attributable to shareholders of the listed company (يوان) | 49,867,702.34 | 36,688,012.59 | 35.92% |
| صافي التدفق النقدي من الأنشطة التشغيلية (يوان) | 63,883,452.60 | 113,847,608.12 | -43.89% |
| الربح الأساسي للسهم الواحد (يوان/سهم) | 0.14 | 0.11 | 27.27% |
| ربحية السهم المخففة (يوان/سهم) | 0.14 | 0.11 | 27.27% |
| متوسط العائد المرجح على صافي الأصول | 2.91% | 2.70% | 0.21% |
| At the end of this reporting period | End of previous year | Increase or decrease at the end of this reporting period compared to the end of the previous year | |
| Total assets (يوان) | 2,134,768,317.05 | 2,089,487,820.67 | 2.17% |
| Net assets attributable to shareholders of listed companies (يوان) | 1,683,574,523.59 | 1,683,177,962.40 | 0.02% |
By region, في النصف الأول من العام, ر&T’s domestic and overseas revenue accounted for 67.16% و 32.84% من إجمالي الإيرادات, على التوالى. The proportion of domestic revenue increased compared with the same period of the previous year, while the proportion of overseas revenue declined slightly. It is understood that R&T products are exported to more than seventy countries and regions in South America, آسيا, North America and Europe, providing product supporting services for foreign brands such as ROCA, اينكس, KOHLER and American Standard, and domestic brands such as Arrow, بولين, رحلة جوية, and Hegii.
| By Region | |||||
| Offshore | 263,790,799.31 | 32.84% | 172,572,251.57 | 37.38% | 52.86% |
| Inbound | 539,529,112.36 | 67.16% | 289,144,619.86 | 62.62% | 85.98% |
من حيث الربح, ر&T achieved a net profit of RMB 59 مليون دولار في النصف الأول من العام, زيادة 31.51% على أساس سنوي. The net profit after deduction of non-mother’s share was 0.50 مليار يوان, زيادة 35.92% على أساس سنوي. Its basic earnings per share were $0.14, زيادة 27.27%. At the end of June 2021, ر&T’s total assets were $2.135 مليار, زيادة 2.17% from the end of 2020.
Smart bathroom revenue grew by 96%, nearly doubling
According to publicly available data, في النصف الأول من العام, ر&T’s revenue in the smart toilets and covers category reached $338 مليون. This is 96.36% higher than the 172 مليون يوان في النصف الأول من 2020, nearly doubling. في نفس الوقت, the category’s revenue share of total revenue is also increasing, المحاسبة ل 42.06% في النصف الأول من العام, only slightly lower than the 45.89% of the water tank and accessories category.
| Sub-products | |||||
| Water tank and accessories | 368,634,489.89 | 45.89% | 233,726,320.29 | 50.62% | 57.72% |
| Smart Toilet and Cover | 337,905,473.07 | 42.06% | 172,080,313.88 | 37.27% | 96.36% |
| Co-Level Drainage Products | 66,868,105.72 | 8.32% | 33,74&503.12 | 7.31% | 9&14% |
| آحرون | 2& 124,409.35 | 3.50% | 21,000,77&98 | 4.55% | 33.92% |
| Scrap material, moulds for sale, إلخ. | 1,787,433.64 | 0.22% | 1,160,955.16 | 0.25% | 53.96% |
في الحقيقة, the revenue of the R&T Smart Toilet and Cover category has continued to grow in recent years. It has increased its revenue volume from 26.28% في 2019 ل 42.26% في 2020. If the category maintains its current growth momentum in the second half of the year, it is expected that the proportion of revenue for the whole year will also appear to a new high.
It is understood that R & T’s subsidiaries in charge of intelligent bathroom business are mainly Xiamen a little intelligent technology Co. In the first half of the year, the subsidiary’s operating income reached 194 مليون يوان. A little bit of intelligence is a wholly-owned subsidiary of R&ر. It was established on June 6, 2018. It has a registered capital of 100 مليون يوان. بشهر مايو 2020, its registered capital was increased to 300 مليون يوان.
In addition to smart sanitary ware, the category in which R&T’s revenue grew by more than 90% in the first half of the year was homogeneous drainage products. The category’s operating revenue was $67 مليون. Although only 8.32% of the total revenue, the amount increased by 98.14% خلال نفس الفترة من العام الماضي.
Flushing components of the “single champion” to accelerate the strategic transformation
Flushing components have always been the main products of R&ر. لكن, the proportion of total revenue in this category has been showing a downward trend, من 70.56% في 2015 ل 59.40% في 2019. في 2020 annual report, ر&T even eliminated the flush component category and added the water tank and accessories category. لكن, the latter’s revenue share also decreased by 10.20 points from 2019 ل 53.18%. في النصف الأول من هذا العام, it even declined to 45.89%. Despite the continued decrease, ر&T is currently ranked No. 1 in the domestic market share of flush components and in the top three in the global market share of flush components, according to the company.
In the share of revenue of flushing components narrowed at the same time, the share of revenue of categories such as intelligent sanitary ware and same-level drainage products is increasing. Especially intelligent sanitary ware, ر & T has been giving the impression of active layout in recent years. في 2020, ر & T terminated the “Yangming Road bathroom accessories production base expansion project”, and will not use all the funds raised into the implementation of the “annual production capacity of 1.2 million sets of intelligent sanitary products production base construction project”. The total investment of the project is 391 مليون يوان, mainly for the production of intelligent toilets. This can be seen as a signal of R & T to accelerate the strategic transformation.
It is revealed that R&T entered the field of intelligent toilet research and development as early as 2009, and is a domestic listed company that entered the industry earlier. في 2020, affected by the epidemic, intelligent sanitary ware is favored by the emerging consumer groups. This also became the background for R&T to change the production base of bathroom accessories to the production base of intelligent sanitary ware. According to the financial report, في النصف الأول من العام, ر&T’s construction in progress amounted to 32.23 مليون يوان, زيادة 786% from the beginning of the year. It is mainly due to the increase in investment in the above production base construction project.
ر & T general manager Zhang Jianbo said in a previous media interview that the company believes that the basis for manufacturing companies to achieve transformation is still the product, and currently, ر & T has developed a series of sanitary products for the domestic consumer market. في المستقبل, not only in the intelligent toilet, but the company will also extend in the field of the entire bathroom. The company continues to build its own brand of products. And in this semi-annual report, ر&T will also be intelligent bathroom products and the same layer of the drainage products side by side. The report said the two major businesses will constitute the company’s performance drivers.