F原证券 家用电器/小家电 公 司 研 究 德尔玛（301332.SZ） 2024 年 10 月 31 日 2024Q3 业绩稳健，自主品牌出海延续亮眼表现 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|------------| | 日期 | 2024/10/31 | | 当前股价 ( 元 ) | 11.35 | | 一年最高最低 ( 元 ) | 13.63/7.70 | | 总市值 ( 亿元 ) | 52.39 | | 流通市值 ( 亿元 ) | 30.07 | | 总股本 ( 亿股 ) | 4.62 | | 流通股本 ( 亿股 ) | 2.65 | | 近 3 个月换手率 (%) | 143.61 | | --- | --- | --- | |-------------------------------------------|----------------------------------------------|-----------------------------------------------| | ...

Investment Rating - The investment rating for the company is "Accumulate" [2][12]. Core Views - The company is actively expanding into overseas markets, and domestic sales are expected to benefit from the old-for-new policy, with new products continuously providing incremental growth. Future growth is anticipated to continue [3][13]. - The earnings forecast for 2024-2026 has been adjusted, with expected EPS of 0.33, 0.45, and 0.58 yuan, representing year-on-year growth of +39%, +36%, and +30% respectively. The target price has been raised to 14 yuan, based on a 31x PE for 2025 [5][13]. Summary by Sections 1. Performance Overview - For Q1-Q3 2024, the company achieved operating revenue of 2.399 billion yuan, a year-on-year increase of +5.66%, and a net profit attributable to shareholders of 104 million yuan, up +4.1%. In Q3 2024, operating revenue was 778 million yuan, a year-on-year increase of +8.8%, with a net profit of 36 million yuan, up +11.18% [15]. 2. Business Segment Growth - The water health and cleaning appliance segments are expected to see double-digit growth, benefiting from government subsidies. The Philips water health business is anticipated to perform well in the domestic market due to the old-for-new subsidy, while overseas market growth is expected to continue through product matrix and channel promotion [16]. 3. Profitability Improvement - The gross margin for Q1-Q3 2024 was 31.82%, up +0.8 percentage points year-on-year, while the net margin was 4.24%, up +0.02 percentage points. For Q3 2024, the gross margin was 31.21%, down -1.8 percentage points year-on-year, and the net margin was 4.51%, up +0.05 percentage points. Changes in product structure are expected to be a key reason for the improvement in gross margin [17]. 4. Cash Flow and Financial Health - As of Q3 2024, the company had cash and cash equivalents plus trading financial assets totaling 1.56 billion yuan, down -82 million yuan year-on-year. Inventory was 555 million yuan, up +123 million yuan year-on-year. The net cash flow from operating activities for Q1-Q3 2024 was 79 million yuan, down -98 million yuan year-on-year [18][19].

证券代码：301332 证券简称：德尔玛 编号：2024-006 广东德尔玛科技股份有限公司 机构活动记录表 | --- | --- | |--------------|--------------------------------------------------------------------| | | □特定对象调研 □分析师会议 | | 投资者关系 | □媒体采访 业绩说明会 | | | □新闻发布会 路演活动 | | 活动类别 | □现场参观 | | | ☑ 其他（请文字说明其他活动内容） 电话会议 | | 参与单位名称 | 中金公司、国泰君安、光大信托、富国基金等机构 | | 及人员 | | | 时间 | 2024 年 10 月 29 日 (周二) 下午 16:00 ~ 17:00 | | 地点 | 公司会议室 | | 接待人员姓名 | 德尔玛副总经理、董事会秘书孙秀云 | | 投资者关系活 | 一、公司 2024 年前三季度经营情况 | | 动主要内容介 | 2024 年前三季度，公司整体实现营业收入 23.9 9 亿元， | | 绍 | 同比增长 5.66% ，归属上市公司归母净利率 ...

Investment Rating - Maintain "Overweight" rating [1][4] Core Views - Revenue and performance in line with expectations: Delma achieved revenue of 2.399 billion yuan in 2024Q1-Q3, up 6% YoY, with net profit attributable to shareholders of 104 million yuan, up 4% YoY [1][2] - Focus on core brands and categories: Philips brand revenue grew double-digit, with water health category revenue up 10% YoY in 2024H1 [3] - Optimized sales expense ratio: 2024Q3 sales expense ratio decreased by 4.89 pcts YoY to 18.18%, driving profitability improvement [4] Financial Performance - 2024Q1-Q3 revenue: 2.399 billion yuan, up 6% YoY [1] - 2024Q1-Q3 net profit attributable to shareholders: 104 million yuan, up 4% YoY [1] - 2024Q3 revenue: 778 million yuan, up 9% YoY [2] - 2024Q3 net profit attributable to shareholders: 36 million yuan, up 11% YoY [2] Brand Performance - Delma brand: Home environment category revenue in 2024H1 was 655 million yuan, down 9% YoY [3] - Philips brand: Water health category revenue in 2024H1 was 578 million yuan, up 10% YoY [3] - Philips brand: Personal care health category revenue in 2024H1 was 377 million yuan, up 27% YoY [3] Profitability - 2024Q3 gross margin: 31.21%, down 1.80 pcts YoY [4] - 2024Q3 net margin: 4.51%, up 0.05 pcts YoY [4] Future Projections - 2024-2026 net profit attributable to shareholders forecast: 141 million, 177 million, and 208 million yuan, up 29.4%, 26.0%, and 17.1% YoY respectively [4] - 2024-2026 EPS forecast: 0.30, 0.38, and 0.45 yuan per share [4]

Financial Performance - The company's revenue for Q3 2024 reached ¥778,454,222.58, an increase of 8.80% compared to the same period last year[2] - Net profit attributable to shareholders was ¥36,011,315.98, reflecting an 11.18% increase year-over-year[2] - The net profit after deducting non-recurring gains and losses was ¥31,060,665.85, up by 12.01% from the previous year[2] - Basic earnings per share for Q3 2024 was ¥0.08, representing a 14.29% increase compared to the same period last year[2] - The company's net profit attributable to shareholders increased to RMB 629,128,467.60, up from RMB 571,324,103.34, reflecting a growth of 10.12%[11] - The net profit for the third quarter of 2024 was CNY 101,635,080.52, an increase of 6.4% compared to CNY 95,773,456.54 in the same period last year[12] - The total comprehensive income for the quarter was CNY 99,513,739.71, compared to CNY 96,607,750.46 in the same quarter last year, marking an increase of 3.1%[13] Cash Flow - The net cash flow from operating activities for the year-to-date period decreased by 55.56%, totaling ¥78,697,078.49[5] - The net cash flow from operating activities for Q3 2024 was ¥78,697,078.49, a decrease of 55.6% compared to ¥177,088,093.25 in Q3 2023[15] - The cash inflow from operating activities was CNY 2,907,724,641.05, slightly higher than CNY 2,873,523,256.11 in the previous year[14] - The company experienced a net increase in cash flow from other operating activities amounting to CNY 248,574,487.97, down from CNY 337,022,881.28 year-over-year[14] - The cash outflow from operating activities totaled ¥2,829,027,562.56, an increase from ¥2,696,435,162.86 in Q3 2023[15] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,303,390,511.59, a decrease of 0.38% from the end of the previous year[2] - The total assets of the company as of September 30, 2024, were RMB 4,303,390,511.59, slightly down from RMB 4,319,887,219.51 at the beginning of the period[11] - The total liabilities decreased to RMB 1,476,660,611.89 from RMB 1,529,912,627.61, a reduction of 3.48%[11] - Cash and cash equivalents at the end of Q3 2024 amounted to RMB 1,066,182,950.61, down from RMB 1,361,945,921.26 at the beginning of the period, a decrease of 21.67%[9] - The total cash and cash equivalents at the end of Q3 2024 were ¥944,596,472.83, down from ¥1,058,044,674.31 at the end of Q3 2023[15] Operating Costs and Expenses - Total operating revenue for Q3 2024 reached RMB 2,399,395,735.58, an increase of 5.67% compared to RMB 2,270,802,373.43 in the same period last year[11] - Total operating costs for Q3 2024 were RMB 2,317,044,979.62, up from RMB 2,188,632,722.60, reflecting a year-on-year increase of 5.89%[11] - Sales expenses increased to CNY 454,703,501.08, up from CNY 429,248,265.69, representing a rise of 5.9% year-over-year[12] - Research and development expenses rose to CNY 132,162,423.14, up 28.3% from CNY 102,916,706.37 year-over-year[12] Government Support - The company received government subsidies amounting to ¥1,798,400.00 during the reporting period, contributing to its financial performance[3] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 25,682[6] - Shareholders' equity attributable to the parent company increased by 1.48% to ¥2,832,356,255.65 compared to the end of the previous year[2] Stock Incentive Plan - The company plans to implement a restricted stock incentive plan, granting 3,322,600 shares at a price of RMB 4.50 per share[8] Financial Assets - The company reported a significant increase in financial assets, with trading financial assets rising to RMB 493,847,690.64 from RMB 226,285,043.68, an increase of 118.45%[9] Taxation - The company reported a decrease in income tax expenses to CNY 11,336,127.02 from CNY 14,733,229.20, a reduction of 23.3%[12] - The company paid a total of ¥84,241,079.06 in various taxes during the quarter, consistent with the previous year's figure of ¥84,241,004.93[15] Audit Information - The company did not conduct an audit for the Q3 2024 report[15]

证券代码：301332 证券简称：德尔玛 公告编号：2024-047 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《关于回购公司股份方案的公告》（公告编号：2024-015） 和《回购报告书》（公告编号：2024-021）。鉴于公司实施 2023 年度权益分派， ...

证券代码：301332 证券简称：德尔玛 编号：2024-005 广东德尔玛科技股份有限公司 机构活动记录表 | --- | --- | |---------------------|-------------------------------------------------------------------------------------------------------------------------------------| | | □特定对象调研 □分析师会议 | | | □媒体采访 业绩说明会 | | 投资者关系 | □新闻发布会 路演活动 | | 活动类别 | □现场参观 ☑ 其他（请文字说明其他活动内容） 广东辖区上市公司投资 者网上集体接待日活动 | | 参与单位名称 及人员 | 投资者网上提问 | | | | | 时间 地点 | 2024 年 9 月 12 日 (周四) 下午 14:30 ~ 16:30 公司通过 全 景 网 " 投 资 者 关 系 互 动 平 台 " | | | （ https://ir.p5w.net ）采用网络远程的方式召开业绩说明会 | | 接待人员 ...

证券代码：301332 证券简称：德尔玛 公告编号：2024-046 广东德尔玛科技股份有限公司 关于参加2024广东辖区上市公司投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，广东德尔玛科技股份有限公司（以下简称 "公司"）将参加由广东证监局、广东上市公司协会联合举办的"2024 广东辖区上市 公司投资者网上集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）参与本次互动交流，活动时间为 2024 年 9 月 12 日（周四）15:30- 16:30。届时公司董事长、董事会秘书、财务总监将在线就 2024年半年度业绩、公司治 理、发展战略、经营状况等投资者关心的问题，与投资者进行沟通与交流，欢迎广大 投资者踊跃参与！ 特此公告。 广东德尔玛科技股份有限公司 董事会 2024 年 9 月 9 日 ...

中国国际金融股份有限公司 | 事 项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 无 | 不适用 | | 2.公司内部制度的建立和执行 | 无 | 不适用 | | 3．"三会"运作 | 无 | 不适用 | | 4.控股股东及实际控制人变动 | 无 | 不适用 | | 5.募集资金存放及使用 | 无 | 不适用 | | 6.关联交易 | 无 | 不适用 | | 7.对外担保 | 无 | 不适用 | | 8.购买、出售资产 | 无 | 不适用 | | 9.其他业务类别重要事项（包括 | | | | 对外投资、风险投资、委托理财、 | 无 | 不适用 | | 财务资助、套期保值等） | | | | 10．发行人或者其聘请的中介机 | 无 | 不适用 | | 构配合保荐工作的情况 | | | | 事 项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 11.其他（包括经营环境、业务发 | | | | 展、财务状况、管理状况、核心 | 无 | 不适用 | | 技术等方面的重大变化情况） | | | 三、公司及股东承诺事项履行情况 | ...

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《 ...