Investment Rating - The report maintains an "Outperform" investment rating for the company [3][6]. Core Insights - The company's H1 2024 revenue reached 1.621 billion yuan, a year-on-year increase of 4%, with a net profit attributable to shareholders of 68 million yuan, up 1% year-on-year [3][5]. - The report highlights a focus on core brands, with the Philips brand achieving double-digit revenue growth, while the Delmar brand faced a decline in revenue due to delayed product launches [6][7]. - The company's profitability has improved sequentially, with a gross margin of 33.10% in Q2 2024, reflecting a year-on-year increase of 2.56 percentage points [6][7]. - The report has slightly lowered the profit forecast for 2024-2026, expecting net profits of 141 million, 177 million, and 208 million yuan respectively, with corresponding year-on-year growth rates of 29.4%, 26.0%, and 17.1% [6][7]. Financial Summary - As of June 30, 2024, the company reported a net asset per share of 6.09 yuan and a debt-to-asset ratio of 34.48% [4]. - The company's market data as of August 26, 2024, shows a closing price of 8.38 yuan, with a price-to-book ratio of 1.4 and a dividend yield of 1.19% [5][6]. - The projected total revenue for 2024 is estimated at 3.32 billion yuan, with a year-on-year growth rate of 5.3% [7].
德尔玛：2024年中报点评：盈利能力环比持续改善，飞利浦品牌收入双位数增长