证券代码：301332 证券简称：德尔玛 公告编号：2024-045 （一）公司未在下列期间内回购股份 1、自可能对公司证券及其衍生品种交易价格产生重大影响的重大事项发生之日或 者在决策过程中，至依法披露之日内； 广东德尔玛科技股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东德尔玛科技股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日召开了 第二届董事会第三次会议，审议通过了《关于回购公司股份方案的议案》，同意公司 使用自有资金以集中竞价交易方式回购公司部分人民币普通股（A 股）股份（以下简 称"本次回购"），用于实施股权激励计划或员工持股计划。本次回购的资金总额不 低于人民币 2,000 万元（含），不超过人民币 4,000 万元（含），回购价格上限不超过 人民币 16.52 元/股（含）。回购股份的实施期限自公司董事会审议通过回购方案之日 起 12 个月内。具体内容详见公司 2024 年 4 月 29 日和 2024 年 5 月 9 日刊登于巨潮资 讯网（www.cninfo.com.cn）的《 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to 10 CNY, down from a previous estimate of 11.20 CNY [7][11]. Core Insights - The company is actively expanding into overseas markets while continuously introducing new products in domestic sales, which are expected to sustain growth [2][11]. - Due to a slow recovery in industry demand and intense competition, the earnings forecast has been revised downwards, with expected EPS for 2024-2026 at 0.34, 0.45, and 0.58 CNY, reflecting year-on-year growth of 46%, 30%, and 31% respectively [3][11]. Financial Summary - **Revenue**: The company reported a revenue of 3,307 million CNY in 2022, with a forecast of 3,440 million CNY for 2024, indicating a growth of 9.1% [1]. - **Net Profit**: The net profit attributable to the parent company was 191 million CNY in 2022, expected to rise to 158 million CNY in 2024, showing a significant recovery from a projected decline in 2023 [1][3]. - **Earnings Per Share (EPS)**: EPS is projected to be 0.34 CNY in 2024, up from 0.24 CNY in 2023 [1][11]. - **Return on Equity (ROE)**: The ROE is expected to improve from 3.9% in 2023 to 5.5% in 2024 [1]. Revenue Performance - **Domestic Sales**: Domestic sales reached 13.2 billion CNY in the first half of 2024, a year-on-year increase of 3% [14]. - **Export Sales**: Export sales amounted to 3 billion CNY, reflecting a 12% increase year-on-year [14]. - **Product Segments**: The home environment appliances segment saw a revenue decline of 9%, while the personal care segment grew by 26% [14]. Profitability Metrics - **Gross Margin**: The gross margin for the first half of 2024 was 32.11%, an increase of 2.01 percentage points year-on-year [15]. - **Net Margin**: The net margin remained stable at 4.11% [15]. - **Cost Management**: The company has seen an increase in sales expense ratio, indicating a need for improved cost efficiency amidst a slow recovery in consumer demand [15]. Cash Flow and Financial Health - **Cash Position**: As of the end of the first half of 2024, the company had cash and cash equivalents plus trading financial assets totaling 14.14 billion CNY [16]. - **Cash Flow from Operations**: The net cash flow from operating activities was 0.5 billion CNY, a significant decrease of 76.04% year-on-year [16]. - **Inventory and Receivables**: Inventory stood at 5.14 billion CNY, with accounts receivable totaling 4.36 billion CNY [16].

Investment Rating - The report maintains an "Outperform" rating for Delma (301332 SZ) [1][3] Core Views - Delma achieved steady revenue and profit growth in H1 2024, with revenue of 1 62 billion (+4 2% YoY) and net profit attributable to shareholders of 68 million (+0 7% YoY) [1] - The company demonstrated strong operational resilience by expanding overseas sales and accelerating product iteration despite pressure on demand for small home appliances [1] - Philips personal care and water appliance categories grew rapidly, with water health revenue up 10 3% to 580 million and personal care revenue up 26 5% to 380 million [1] - Delma's home environment category revenue declined 9 1% to 660 million due to weaker demand for cleaning appliances [1] - Overseas revenue grew 11 8% to 300 million, driven by leveraging Philips' global brand influence and domestic R&D capabilities [1] - Gross margin improved by 2 0 percentage points to 32 1% in H1 2024, with Q2 gross margin up 2 6 percentage points [1] Financial Performance - Delma's revenue is expected to grow from 3 409 billion in 2024E to 4 244 billion in 2026E, with YoY growth rates of 8 1%, 12 2%, and 10 9% respectively [2] - Net profit is projected to increase from 143 million in 2024E to 199 million in 2026E, with YoY growth rates of 31 6%, 22 4%, and 13 6% [2] - EPS is forecasted to rise from 0 31 in 2024E to 0 43 in 2026E [2] - ROE is expected to improve from 5 0% in 2024E to 6 4% in 2026E [2] - PE ratio is projected to decline from 26 8x in 2024E to 19 3x in 2026E [2] Industry Trends - The water appliance market in China grew 3% YoY to 13 8 billion in H1 2024, with water purifiers and drinking fountains growing around 10% [1] - The floor cleaning machine market grew 7 0% YoY, while the cordless vacuum cleaner market declined 8 8% in H1 2024 [1] Valuation and Peer Comparison - Delma's current market cap is 3 84 billion with a closing price of 8 32 yuan [3] - Compared to peers, Delma has a higher PE ratio of 26 8x for 2024E vs 13 6x for Little Bear Electric and 9 2x for Xinbao [6] - The company's PEG ratio of 1 5 for 2024E is higher than most peers, indicating relatively lower growth potential compared to valuation [6]

Group 1: Financial Performance - In the first half of 2024, the company achieved a total revenue of 1.621 billion CNY, representing a growth of 4.22% year-on-year [1] - The net profit attributable to the parent company was 67.9493 million CNY, an increase of 0.71% compared to the previous year [1] - The net profit after deducting non-recurring gains and losses was 64.6699 million CNY, showing a year-on-year growth of 2.23% [1] Group 2: Market Expansion Strategy - The company adheres to a "multi-brand, multi-category, globalization" development strategy, focusing on the "Derma" and "Philips" core brands for overseas market expansion [1][2] - In the European market, the company leverages local teams and channel networks for brand and product positioning, while also gradually developing cross-border e-commerce [2] - The North American market is primarily developed through cross-border e-commerce, with the team already established [2] - Southeast Asia's market strategy combines online and offline approaches to build competitive advantages and expand core supermarket channels and e-commerce platforms [2] Group 3: Profitability Improvement - The increase in net profit is attributed to product and channel structure optimization, leading to improved gross margins [2] - Continuous growth in the proportion of overseas business contributes to profitability [2] - The company is actively integrating upstream and downstream resources in the industry to promote cost reduction and efficiency enhancement projects [2] Group 4: Product Development and Market Trends - The small home appliance market presents numerous opportunities in both domestic and global markets, necessitating continuous consumer demand insights and technological innovation [2] - The company focuses on creating innovative home appliance products that meet new consumer demands for better user experiences [2] - The current self-manufacturing capacity primarily supports Derma products and ODM products, with water health products mainly produced externally [2][3] Group 5: Incentive Mechanism - The core of the equity incentive plan is to attract and retain talent, aligning the interests of shareholders, the company, and core team members [3] - The plan aims to enhance the company's operational quality by fostering a long-term incentive mechanism [3] Group 6: Competitive Landscape - The competition in the floor cleaning machine sector is characterized by ongoing price competition and the need for improved product experiences [3] - The company aims to differentiate its products through quality control and targeted marketing strategies [3]

证券代码：301332 证券简称：德尔玛 公告编号：2024-041 广东德尔玛科技股份有限公司 第二届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 广东德尔玛科技股份有限公司（以下简称"公司"或"德尔玛"）第二届董 事会第六次会议于 2024 年 8 月 23 日在公司会议室以现场方式召开。会议通知已 于 2024 年 8 月 13 日通过即时通讯工具的方式送达各位董事。本次会议应出席董 事 5 人，实际出席董事 5 人。本次会议由董事长蔡铁强先生主持，公司监事及高 级管理人员列席了会议，会议的召开符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 1、审议通过《关于2024年半年度报告全文及其摘要的议案》 经审议，董事会认为，公司《2024 年半年度报告》全文及其摘要符合法律、 行政法规等相关规定，内容真实、准确、完整，不存在任何虚假记载、误导性陈 述或重大遗漏。 《2024 年半年度报告》全文及其摘要详见同日刊登在巨潮资讯网 （www.cninfo.com.cn）的相关公告。 表决结果：同 ...

证券代码：301332 证券简称：德尔玛 公告编号：2024-044 广东德尔玛科技股份有限公司 （二）募集资金使用情况及结余情况 截至 2024 年 6 月 30 日，公司首次公开发行股票募集资金使用情况为： 单位：人民币元 | 项目 | 募集资金金额 | | --- | --- | | 一、募集资金总规模 | 1,367,148,125.00 | | 减：保荐及承销费用 | 87,790,353.77 | | 募集资金实际到账金额 | 1,279,357,771.23 | | 减：支付其他不含税发行费用金额 | 48,248,383.79 | | 募集资金净额 | 1,231,109,387.44 | | 二、募集资金使用情况 | | | 加： | | | 1.利息收入扣除手续费及其他的净额 | 25,865,798.86 | | 减： | | | 1.募投项目累计投入 | 593,845,761.46 | | 2.永久补充流动资金 | | | 三、募集资金余额 | 663,129,424.84 | 二、募集资金存放和管理情况 关于2024年半年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 1,620,941,513, representing a 4.22% increase compared to CNY 1,555,321,061.72 in the same period last year[11]. - The net profit attributable to shareholders of the listed company was CNY 67,949,298.28, a slight increase of 0.71% from CNY 67,470,799.84 year-on-year[11]. - The net profit after deducting non-recurring gains and losses was CNY 64,669,890.85, up 2.23% from CNY 63,262,142.81 in the previous year[11]. - Basic and diluted earnings per share were both CNY 0.15, down 16.67% from CNY 0.18 in the previous year[11]. - The weighted average return on net assets was 2.41%, a decrease of 1.59% from 4.00% in the previous year[11]. - The total comprehensive income for the first half of 2024 was ¥63,488,096.52, down from ¥69,426,740.42 in the previous year, indicating a decline of 8.5%[115]. Cash Flow and Investments - The net cash flow from operating activities decreased significantly by 76.04%, amounting to CNY 49,882,084.91 compared to CNY 208,173,873.22 in the same period last year[11]. - The company reported a significant decrease in net cash flow from financing activities, which fell by 103.92% to -¥55,232,728.62, mainly due to last year's fundraising activities[30]. - The total investment during the reporting period was ¥1,359,270,638.75, reflecting a 26.33% increase compared to the previous year[39]. - The company reported a total of 1,427.57 million yuan in expenses related to lease depreciation and other leasing costs, which reduced the total profit for the reporting period[83]. Research and Development - The company has increased its R&D investment, focusing on consumer feedback to develop innovative products that meet diverse consumer needs[19]. - Research and development investment increased by 20.97% to ¥86,634,897.37 from ¥71,619,672.28 in the previous year, reflecting the company's commitment to innovation[30]. - Research and development expenses increased significantly to ¥67.35 million, up from ¥39.69 million, indicating a focus on innovation and product development[117]. Market Trends and Strategy - The small home appliance market is transitioning from a growth phase to a mature phase, with a focus on product upgrades and replacement demand as key market drivers[15]. - The company aims to enhance its product offerings by focusing on high-quality, cost-effective, and innovative home appliances, targeting consumer needs[16]. - The company is actively expanding its overseas business, including self-owned and authorized brand sales through various channels[22]. - The company plans to enhance its core competitiveness by focusing on user needs, innovating product features, and expanding overseas channels for brand development[56]. Risk Management - The company has identified risks related to intensified market competition, which may affect its ability to maintain past growth rates[56]. - The company faces risks related to mismatches between R&D investment and output, particularly if market conditions change unfavorably[58]. - The company is exposed to raw material price fluctuations, which could negatively impact its operating performance if prices rise significantly[59]. - The company has implemented risk control measures for foreign exchange derivatives, including monitoring market changes and adhering to strict internal controls[50]. Corporate Governance and Compliance - The company held its first extraordinary shareholders' meeting on January 8, 2024, with a participation rate of 42.63%[63]. - The annual shareholders' meeting was held on May 21, 2024, with a participation rate of 49.95%[63]. - There were no changes in the company's board of directors, supervisors, or senior management during the reporting period[63]. - The company has fulfilled all commitments made by its actual controllers and shareholders during the reporting period[68]. Environmental and Social Responsibility - The company actively participated in social responsibility initiatives, providing over 500 internship positions for students in collaboration with educational institutions[66]. - The company employed over 180 individuals from impoverished areas during the first half of 2024[66]. - The company has implemented effective measures to enhance environmental protection and reduce carbon emissions[65]. Shareholder Information - The total number of shares after the recent changes is 461,562,500, with 100% of the shares accounted for[94]. - The company has initiated a share repurchase plan with a total fund of no less than RMB 20 million and no more than RMB 40 million, with a maximum repurchase price of RMB 16.42 per share[95]. - The total number of common shareholders at the end of the reporting period was 25,396, with the largest shareholder, Foshanshi Feiyu Electric Technology Co., holding 29.57% of shares, equating to 136,500,000 shares[99]. Accounting Policies and Financial Instruments - The company has established specific accounting policies for financial instruments, fixed asset depreciation, and revenue recognition[138]. - Financial assets are classified into three categories upon initial recognition: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[151]. - The company recognizes expected credit losses for financial instruments based on a combination of individual and portfolio assessments[157]. Future Outlook - The company plans to continue focusing on market expansion and product innovation to drive future growth[121]. - Future performance guidance indicates a commitment to maintaining growth in user data and operational efficiency[178].

证券代码：301332 证券简称：德尔玛 公告编号：2024-042 广东德尔玛科技股份有限公司 第二届监事会第六次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 广东德尔玛科技股份有限公司（以下简称"公司"）第二届监事会第六次会 议于 2024 年 8 月 23 日在公司会议室以现场方式召开。会议通知已于 2024 年 8 月 13 日通过即时通讯工具送达各位监事。本次会议应出席监事 3 人，实际出席 监事 3 人。本次会议由监事会主席卢婷女士主持，公司董事会秘书列席了会议， 会议的召开符合《公司法》和《公司章程》的有关规定。 二、监事会会议审议情况 经审核，监事会认为：董事会编制和审核公司《2024 年半年度报告》及其摘要的 程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）上的相关公告。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 2、审议通过《关 ...

广东德尔玛科技股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 注：①表中非经营性占用部分，关联方范围依照《深圳证券交易所创业板股票上市规则》确定。②无控股股东、实际控制人的公司，存在第一大股东或第一大股东 关联人非经营性占用资金的，也应填写本表非经营性占用部分。 法定代表人：蔡铁强 主管会计工作负责人：孙斐 会计机构负责人：孙斐 | 非经营性资金 | | 占用方与上 | 上市公司 | 2024 年期 | 2024 年 1-6 月占 | 2024 年1-6月 | 2024 年 1-6 | 2024 年 6 月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 占用 | 资金占用方名称 | 市公司的关 | 核算的会 | 初占用资 | 用累计发生金额 | 占用资金的 | 月偿还累计 | 期末占用资 | 占用形成原因 | 占用性质 | | | | 联关系 | 计科目 | 金余额 | （不含利息） | 利息（如有） | 发生金额 | 金余额 | | | | 控股股东、实际 | | | | ...

证券代码：301332 证券简称：德尔玛 公告编号：2024-040 广东德尔玛科技股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 1、自可能对公司证券及其衍生品种交易价格产生重大影响的重大事项发生之日或 者在决策过程中，至依法披露之日内； 2、中国证监会和深圳证券交易所规定的其他情形。 （二）公司以集中竞价交易方式回购股份，符合下列要求 1、委托价格不得为公司股票当日交易涨幅限制的价格； 广东德尔玛科技股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日召开了第 二届董事会第三次会议，审议通过了《关于回购公司股份方案的议案》，同意公司使 用自有资金以集中竞价交易方式回购公司部分人民币普通股（A 股）股份（以下简称 "本次回购"），用于实施股权激励计划或员工持股计划。本次回购的资金总额不低 于人民币 2,000 万元（含），不超过人民币 4,000 万元（含），回购价格上限不超过人 民币 16.52 元/股（含）。回购股份的实施期限自公司董事会审议通过回购方案之日起 12 个月内。具体内容详见公司 202 ...