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德尔玛(301332) - 301332德尔玛投资者关系管理信息20250828
2025-08-28 14:06
Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 1.686 billion CNY, representing a year-on-year growth of 3.99% [2] - The net profit attributable to the parent company was 69 million CNY, with a year-on-year increase of 1.08% [2] Group 2: Market Strategy - The company adheres to a "multi-brand, multi-category, globalization" development strategy, focusing on differentiated overseas market expansion strategies for different business segments [4] - In mature markets, the company leverages local teams and channel networks to promote brand and product establishment while steadily expanding cross-border e-commerce [4] Group 3: Industry Outlook - The small home appliance market is experiencing a slowdown in overall market growth, but government policies are expected to stimulate demand in the long term [5] - The industry is transitioning to a user-driven development phase, with product upgrades and replacement demand becoming core drivers of market scale [5] Group 4: Product Development - The company is focusing on high-end and scenario-based product development in the personal health category, emphasizing user experience and functional upgrades [6] - In the water purification business, the company plans to continuously innovate products based on consumer demand and maintain a stable market share [6]
德尔玛(301332):营收利润表现平稳,水健康类新品带动增长
Guoxin Securities· 2025-08-28 11:17
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):2025年中报点评:25Q2业绩符合预期,飞利浦水健康收入保持双位数增长
Shenwan Hongyuan Securities· 2025-08-28 07:57
Investment Rating - The report maintains an "Outperform" investment rating for the company [1][6]. Core Insights - The company reported a 2025H1 revenue of 1.686 billion yuan, a year-on-year increase of 4%, and a net profit attributable to shareholders of 0.69 billion yuan, up 1% year-on-year [3][6]. - The company achieved a revenue of 9.08 billion yuan in Q2 2025, reflecting a 0.3% year-on-year increase, with a net profit of 0.45 billion yuan, also up 1% year-on-year [6]. - The company focuses on its core brands, "德尔玛" and "飞利浦," with the water health segment showing a double-digit growth, achieving a revenue of 6.57 billion yuan in 2025H1, a 14% increase year-on-year [6]. - The domestic market benefited from a trade-in policy, resulting in a revenue of 14.03 billion yuan in 2025H1, a 6% increase year-on-year, while the overseas market saw a revenue of 2.82 billion yuan, down 6% [6]. - The report indicates a slight downward adjustment in profit forecasts for 2025-2027, with expected net profits of 1.56 billion, 1.80 billion, and 2.02 billion yuan respectively, corresponding to year-on-year growth rates of 9.8%, 15.2%, and 11.9% [6]. Financial Data and Profit Forecast - The total revenue forecast for 2025 is 3.776 billion yuan, with a year-on-year growth rate of 6.9% [5]. - The projected net profit for 2025 is 156 million yuan, reflecting a year-on-year increase of 9.8% [5]. - The earnings per share for 2025 is estimated at 0.34 yuan, with a gross margin of 31.0% [5]. - The return on equity (ROE) for 2025 is projected at 5.3% [5].
德尔玛(301332):25Q2业绩符合预期,飞利浦水健康收入保持双位数增长
Shenwan Hongyuan Securities· 2025-08-28 03:15
Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company's H1 2025 performance met market expectations, with total revenue of 1.686 billion yuan, a year-on-year increase of 4%, and a net profit attributable to shareholders of 69 million yuan, up 1% year-on-year [4][7] - The company focuses on its core brands, with Philips water health revenue showing double-digit growth, while the home environment category revenue increased by 3% [7] - The company has optimized its expense ratio, leading to improved profitability, with a net profit margin of 4.95% in Q2 2025, up 0.20 percentage points year-on-year [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.776 billion yuan, with a year-on-year growth rate of 6.9% [6] - The net profit attributable to shareholders is projected to be 156 million yuan for 2025, reflecting a year-on-year increase of 9.8% [6] - The company anticipates a gradual improvement in profitability, with a projected return on equity (ROE) of 5.3% for 2025 [6]
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
Changjiang Securities· 2025-05-02 09:10
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) - 301332德尔玛投资者关系管理信息20250428
2025-04-28 12:56
Financial Performance - In 2024, the company achieved a total revenue of 3.531 billion CNY, representing a year-on-year growth of 11.98% [2] - The net profit attributable to the parent company for 2024 was 142 million CNY, an increase of 30.95% year-on-year [2] - In Q1 2025, the company reported a revenue of 778 million CNY, with a year-on-year growth of 8.61% [2] - The net profit attributable to the parent company in Q1 2025 was 24 million CNY, showing a year-on-year increase of 1.15% [2] Market Strategy - In 2024, overseas revenue accounted for 19.92%, primarily from Europe, the Middle East, and Southeast Asia [4] - The company plans to adopt a "multi-brand, multi-category, globalization" strategy, focusing on the "Derma" and "Philips" core brands [4] - Future product designs will be customized based on local demands and cultural values, enhancing brand image [4] Product Development - The company emphasizes consumer demand in product innovation, aiming for a cycle of "demand insight - product innovation - value delivery" [3] - There is a strong focus on enhancing the production capacity of core products with the establishment of a new smart manufacturing base in 2024 [6] - The small home appliance market presents numerous opportunities, especially in the domestic market, driven by ongoing government subsidies and structural upgrades [7] Consumer Trends - The shift in consumer demand is moving from basic functionality to product experience and scenario-based solutions [9] - The company will concentrate resources on key areas, enhancing product experience and adapting to consumer scenarios [9]
德尔玛:首次公开发行股票并在创业板上市招股说明书
2023-05-10 12:48
处于成长期、经营风险高、业绩不稳定、退市风险高等特点,投资者面临较大的市场风险。投 资者应充分了解创业板的投资风险及本公司所披露的风险因素,审慎作出投资决定。 广东德尔玛科技股份有限公司 (佛山市顺德区北滘镇马龙村委会龙汇路 4 号之一) 首次公开发行股票 并在创业板上市招股说明书 保荐人(主承销商) 北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 本次发行股票拟在创业板上市,创业板公司具有创新投入大、新旧产业融合存在不确定性、尚 广东德尔玛科技股份有限公司 招股说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见,均不表明其对发行人注 册申请文件及所披露信息的真实性、准确性、完整性作出保证,也不表明其对发行人 的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的 声明均属虚假不实陈述。 根据《证券法》的规定,股票依法发行后,发行人经营与收益的变化,由发行人 自行负责;投资者自主判断发行人的投资价值,自主作出投资决策,自行承担股票依 法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他 ...
德尔玛:首次公开发行股票并在创业板上市招股意向书
2023-04-23 12:44
处于成长期、经营风险高、业绩不稳定、退市风险高等特点,投资者面临较大的市场风险。投 资者应充分了解创业板的投资风险及本公司所披露的风险因素,审慎作出投资决定。 广东德尔玛科技股份有限公司 (佛山市顺德区北滘镇马龙村委会龙汇路 4 号之一) 首次公开发行股票 并在创业板上市招股意向书 保荐人(主承销商) 北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 本次发行股票拟在创业板上市,创业板公司具有创新投入大、新旧产业融合存在不确定性、尚 广东德尔玛科技股份有限公司 招股意向书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见,均不表明其对发行人注 册申请文件及所披露信息的真实性、准确性、完整性作出保证,也不表明其对发行人 的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的 声明均属虚假不实陈述。 根据《证券法》的规定,股票依法发行后,发行人经营与收益的变化,由发行人 自行负责;投资者自主判断发行人的投资价值,自主作出投资决策,自行承担股票依 法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 发行人及全体董事、监事、高级管理人员承诺招股意向书及其他 ...
广东德尔玛科技股份有限公司_招股说明书(注册稿)
2023-03-01 09:16
处于成长期、经营风险高、业绩不稳定、退市风险高等特点,投资者面临较大的市场风险。投 资者应充分了解创业板的投资风险及本公司所披露的风险因素,审慎作出投资决定。 广东德尔玛科技股份有限公司 (佛山市顺德区北滘镇马龙村委会龙汇路 4 号之一) 首次公开发行股票 并在创业板上市招股说明书 (注册稿) 本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应的程序。本招股说明书不具有 据以发行股票的法律效力,仅供预先披露之用。投资者应当以正式公告的招股说明书作为投资 决定的依据。 保荐人(主承销商) 北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 本次发行股票拟在创业板上市,创业板公司具有创新投入大、新旧产业融合存在不确定性、尚 广东德尔玛科技股份有限公司 招股说明书(注册稿) 声 明 中国证监会、交易所对本次发行所作的任何决定或意见,均不表明其对发行人注 册申请文件及所披露信息的真实性、准确性、完整性作出保证,也不表明其对发行人 的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的 声明均属虚假不实陈述。 根据《证券法》的规定,股票依法发行后,发行人经营与收益的变化,由 ...