Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved a revenue of 3.531 billion yuan in 2024, representing a year-on-year growth of 11.98%. The net profit attributable to shareholders reached 142 million yuan, up 30.95% year-on-year, and the net profit excluding non-recurring items was 130 million yuan, an increase of 29.94% year-on-year [2][5]. - In Q4 2024, the company reported a revenue of 1.132 billion yuan, a year-on-year increase of 28.24%, with a net profit of 38.41 million yuan, up 333.24% year-on-year [2][5]. - For Q1 2025, the company generated a revenue of 778 million yuan, reflecting an 8.61% year-on-year growth, while the net profit was 23.62 million yuan, a slight increase of 1.15% year-on-year [2][5]. Summary by Sections Revenue and Profitability - The company’s revenue for 2024 was 3.531 billion yuan, with a net profit of 142 million yuan. The revenue growth was driven by a 20.42% increase in export sales and a 10.06% increase in domestic sales [10]. - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, with a payout ratio of 48.29%, an increase of approximately 5.84 percentage points from 2023 [5]. Cost and Efficiency - The gross margin for 2024 was 30.60%, a slight decrease of 0.16 percentage points year-on-year. The sales expense ratio improved, contributing to an 82.48% increase in operating profit [10]. - In Q1 2025, the operating profit saw a significant increase of 175.2%, despite a slight decline in gross margin [10]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 166 million yuan, 190 million yuan, and 215 million yuan for 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are estimated to be 27.87, 24.38, and 21.54 [10].
德尔玛（301332）：外销持续深化、内销国补助力，经营性利润增长亮眼