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]
德尔玛：2024年中报点评：经营表现平稳，境外收入增长12%