Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company reported stable revenue and profit growth in H1 2025, with revenue reaching 1.69 billion (+4.0%) and net profit attributable to shareholders at 70 million (+1.1%) [1] - The water health product segment showed strong growth, while personal health products faced some pressure [1] - Domestic revenue grew by 6.3% to 1.4 billion, while overseas revenue declined by 6.0% to 280 million due to high base effects and inventory issues [2] - The gross margin was impacted by channel structure changes, with an overall gross margin of 31.7%, down 0.4 percentage points year-on-year [3] - The company has adjusted its profit forecast downward but maintains a positive long-term growth outlook due to strong channel operations and product capabilities [3] Revenue and Profit Performance - In H1 2025, the company achieved revenue of 1.69 billion, with Q2 revenue at 910 million (+0.3%) [1] - The net profit for H1 was 70 million, with Q2 net profit at 50 million (+1.0%) [1] - The water health product revenue increased by 13.7% to 660 million, driven by new product launches [1] Margin Analysis - The gross margin for H1 was 31.7%, with a slight decline attributed to changes in product mix and channel structure [3] - The gross margin for water health products improved by 5.6 percentage points to 39.6% due to new product contributions [3] Financial Forecasts - The company has revised its profit forecasts for 2025-2027, expecting net profits of 150 million, 180 million, and 200 million respectively, reflecting year-on-year growth of 7%, 16%, and 11% [3] - The projected PE ratios for 2025, 2026, and 2027 are 34, 29, and 26 respectively [3] Market Position - The company is leveraging its dual-brand strategy with "Philips" and "Derma" to enhance its market presence and drive long-term growth [3]
德尔玛（301332）：营收利润表现平稳，水健康类新品带动增长