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]
德尔玛：2024年三季报点评：收入、业绩符合预期，费用端持续优化