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According to R&T’s recently released semiannual report for 2021, the company’s first-half revenue reached $803 million. 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, R.&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, R.&T released its semi-annual report for 2021. De janvier à juin, R.&T achieved operating revenue of $803 million, en haut 73.99% depuis $462 millions dans la même période l'année dernière. 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, R.&T said the main reasons were: je. Dans la première moitié de 2020, orders temporarily declined due to reduced demand from customer terminals as a result of the epidemic. Deuxième, demand from terminals recovered in the current period, with a large increase, sufficient orders, and amplified production capacity.
| Période de référence actuelle | Même période de l'année précédente | Increase or decrease in the current reporting period over the same period of the previous year | |
| Revenu opérationnel (yuan) | 803,319,911.67 | 461,716,871.43 | 73.99% |
| Net profit attributable to shareholders of the listed company (yuan) | 59,249,967.92 | 45,052,622.53 | 31.51% |
| Net profit after extraordinary gain or loss attributable to shareholders of the listed company (yuan) | 49,867,702.34 | 36,688,012.59 | 35.92% |
| Flux de trésorerie nets des activités d'exploitation (yuan) | 63,883,452.60 | 113,847,608.12 | -43.89% |
| Bénéfice de base par action (yuan / partage) | 0.14 | 0.11 | 27.27% |
| Bénéfice dilué par action (yuan / partage) | 0.14 | 0.11 | 27.27% |
| Retour moyen pondéré sur les actifs nets | 2.91% | 2.70% | 0.21% |
| À la fin de cette période de rapport | Fin de l'année précédente | Increase or decrease at the end of this reporting period compared to the end of the previous year | |
| Actif total (yuan) | 2,134,768,317.05 | 2,089,487,820.67 | 2.17% |
| Net assets attributable to shareholders of listed companies (yuan) | 1,683,574,523.59 | 1,683,177,962.40 | 0.02% |
Par région, au premier semestre, R.&T’s domestic and overseas revenue accounted for 67.16% et 32.84% du chiffre d'affaires total, respectivement. 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, Asie, North America and Europe, providing product supporting services for foreign brands such as ROCA, INAX, KOHLER and American Standard, and domestic brands such as Arrow, Boline, Fuite, and Hegii.
| By Region | |||||
| Offshore | 263,790,799.31 | 32.84% | 172,572,251.57 | 37.38% | 52.86% |
| Entrant | 539,529,112.36 | 67.16% | 289,144,619.86 | 62.62% | 85.98% |
In terms of profit, R.&T achieved a net profit of RMB 59 millions au premier semestre, une augmentation de 31.51% en glissement annuel. The net profit after deduction of non-mother’s share was 0.50 milliards de yuans, une augmentation de 35.92% en glissement annuel. Its basic earnings per share were $0.14, une augmentation de 27.27%. At the end of June 2021, R.&T’s total assets were $2.135 milliard, une augmentation de 2.17% from the end of 2020.
Smart bathroom revenue grew by 96%, nearly doubling
According to publicly available data, au premier semestre, R.&T’s revenue in the smart toilets and covers category reached $338 million. This is 96.36% plus élevé que le 172 millions de yuans dans la première moitié de 2020, nearly doubling. En même temps, the category’s revenue share of total revenue is also increasing, en comptabilité d'environ 42.06% au premier semestre, only slightly lower than the 45.89% of the water tank and accessories category.
| Sous-produits | |||||
| 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% |
| Produits de drainage de niveau | 66,868,105.72 | 8.32% | 33,74&503.12 | 7.31% | 9&14% |
| Autres | 2& 124,409.35 | 3.50% | 21,000,77&98 | 4.55% | 33.92% |
| Scrap material, moulds for sale, etc.. | 1,787,433.64 | 0.22% | 1,160,955.16 | 0.25% | 53.96% |
En fait, 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% dans 2019 à 42.26% dans 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. Au premier semestre, the subsidiary’s operating income reached 194 Millions de yuans. A little bit of intelligence is a wholly-owned subsidiary of R&T. It was established on June 6, 2018. It has a registered capital of 100 Millions de yuans. En mai 2020, its registered capital was increased to 300 Millions de yuans.
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 million. Although only 8.32% of the total revenue, the amount increased by 98.14% sur la même période l'année dernière.
Flushing components of the “single champion” to accelerate the strategic transformation
Flushing components have always been the main products of R&T. Cependant, the proportion of total revenue in this category has been showing a downward trend, depuis 70.56% dans 2015 à 59.40% dans 2019. Dans le 2020 annual report, R.&T even eliminated the flush component category and added the water tank and accessories category. Cependant, the latter’s revenue share also decreased by 10.20 points from 2019 à 53.18%. In the first half of this year, it even declined to 45.89%. Despite the continued decrease, R.&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, R. & T has been giving the impression of active layout in recent years. Dans 2020, R. & T terminé le “Yangming Road bathroom accessories production base expansion project”, and will not use all the funds raised into the implementation of the “Capacité de production annuelle de 1.2 million sets of intelligent sanitary products production base construction project”. L'investissement total du projet est 391 Millions de yuans, 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. Dans 2020, affecté par l'épidémie, 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, au premier semestre, R.&T’s construction in progress amounted to 32.23 Millions de yuans, une augmentation de 786% from the beginning of the year. It is mainly due to the increase in investment in the above production base construction project.
R. & 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, R. & T has developed a series of sanitary products for the domestic consumer market. À l'avenir, 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, R.&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.