丨证券研究报告丨 公司研究丨点评报告丨德尔玛（301332.SZ） [Table_Title] 外销持续深化、内销国补助力，经营性利润增长 亮眼 报告要点 [Table_Summary] 2024 年公司实现营业收入 35.31 亿元，同比增长 11.98%，实现归母净利润 1.42 亿元，同比增 长 30.95%，实现扣非归母净利润 1.30 亿元，同比增长 29.94%；其中，2024Q4 公司实现营业 收入 11.32 亿元，同比增长 28.24%，实现归母净利润 3841.47 万元，同比增长 333.24%，实 现扣非归母净利润 3456.93 万元，同比增长 272.43%。此外，2025Q1 公司实现营业收入 7.78 亿元，同比增长 8.61%，实现归母净利润 2362.32 万元，同比增长 1.15%，实现扣非归母净利 润 2085.97 万元，同比下滑 1.98%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 德尔玛（30133 ...

中国国际金融股份有限公司 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 | | | 限于防止关联方占用公司资源的制度、募集资金管 | 是 | | 理制度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月 1 次 | | （2）公司募集资金项目进展是否与信息披露文件 | 是 | | 一致 | | | 4.公司治理督导情况 | | | （1）列席公司股东大会次数 | 0 次，已事前审阅相关议案及决议 | | （2）列席公司董事会次数 | 0 次，已事前审阅相关议案及决议 | | （3）列席公司监事会次数 | 0 次，已事前审阅相关议案及决议 | | 5.现场检查情况 | | | （1）现场检查次数 | ...

Summary of Delmar's Conference Call Company Overview - **Company**: Delmar - **Industry**: Home Appliances, Water Health, Personal Care Key Points and Arguments Financial Performance - In 2024, Delmar benefited from national subsidy policies, achieving nearly 30% revenue growth and doubling net profit, setting a new quarterly record [2][3] - Revenue for 2024 surpassed 3.5 billion yuan, with a net profit increase exceeding 30% [3] - The first quarter of 2025 continued the growth trend, driven by strategic market insights and effective execution [3] Business Segments - **Water Health**: - Achieved double-digit growth in 2024 and Q1 2025, with flagship countertop water purifiers solidifying market leadership [2][7] - The new product "New Ice Fun" added ice-making features, enhancing its appeal [2][7] - **Personal Care**: - Experienced mid-to-high-speed growth in 2024, but faced a decline in Q1 2025 due to adjustments in e-commerce channels [2][8] - OEM business saw double-digit growth in 2024 and rapid growth in Q1 2025, benefiting from brand popularity and deepened partnerships [2][9] Regional Performance - Domestic business grew approximately 10% in 2024, with the cleaning segment under pressure but other segments showing growth [4] - International business accounted for nearly 20% of revenue in 2024, with a 20% year-on-year increase [5] - Q1 2025 saw a slight decline in international business, but water health and massage products continued to grow [5] Product Strategy and Market Position - The cleaning business faced challenges, prompting a strategic review and new product planning for 2025, focusing on enhancing product value and consumer trust [6][23] - Delmar maintains a leading market share despite competition, driven by continuous product iteration and effective channel promotion [14] - The company plans to enhance its product line in the under-sink category, which has significant market potential [15] Market Trends and Challenges - The small appliance industry is seeing improved competition, but cost reductions are not solely due to this; they are also linked to product strength and effective marketing [12] - The water purification industry is attracting many brands, necessitating strong product capabilities to maintain market position [22] Future Outlook - Domestic market demand for cleaning appliances and water health products is expected to grow due to national subsidy policies [19] - The company is cautious about the impact of U.S. tariffs on its North American market strategy, focusing instead on strengthening its presence in Europe and Southeast Asia [20][21] - Delmar aims to optimize its overseas channel structure while enhancing resource allocation for better market penetration [21] Innovation and Technology - Delmar emphasizes user insights and experience in product development, aiming for a competitive edge through innovation [13] - The company plans to transition the production of its flagship product "New Ice Fun" to an in-house supply chain in the future [18] Conclusion - Delmar's strategic focus on innovation, market expansion, and effective resource allocation positions it well for continued growth in the competitive home appliance market [27]

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]

Investment Rating - The investment rating for the company is maintained at "Buy" [7] Core Views - The company reported a revenue of 3.531 billion RMB for 2024, representing a year-on-year increase of 11.98%, and a net profit attributable to the parent company of 142.38 million RMB, up 30.95% year-on-year [1][6] - The performance in 2024 was weaker than expected, primarily due to the underperformance of the cleaning appliance category, while the water health and personal care segments showed strong results [1][2] - The company is expected to benefit from policy incentives and the global brand strength of Philips, which will enhance product competitiveness through optimized supply chain and channel layouts [1][2] Revenue and Profitability - The cleaning appliance segment saw a revenue of 1.383 billion RMB in 2024, a slight decline of 0.45% year-on-year, underperforming the industry retail growth rate of 24.4% [2] - The water health segment achieved a revenue of 1.39 billion RMB, growing by 19.5% year-on-year, outperforming the industry [2] - The personal care segment reported a revenue of 730 million RMB, with a year-on-year increase of 27% [2] - The gross margin for 2024 was 30.6%, a decrease of 0.17 percentage points year-on-year, with the cleaning and water health segments experiencing notable margin pressures [3] Cost Management - The company successfully reduced its expense ratio by 1.01 percentage points year-on-year in 2024, primarily through digital cost-cutting measures [4] - The sales and management expense ratios decreased by 1.69 percentage points and 0.13 percentage points, respectively, while R&D expenses remained high [4] Earnings Forecast - The earnings forecast for 2025-2027 has been adjusted downwards due to weaker performance in cleaning appliances, with net profits projected at 165.07 million RMB, 176.52 million RMB, and 187.32 million RMB for 2025, 2026, and 2027, respectively [5][6] - The target price for the company is set at 11.16 RMB, based on a price-to-earnings ratio of 31 times for 2025 [5][8]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 11.16 [7][8]. Core Views - The company reported a revenue of RMB 3.531 billion for 2024, representing a year-on-year increase of 11.98%, and a net profit attributable to shareholders of RMB 142.38 million, up 30.95% year-on-year. The first quarter of 2025 saw a revenue increase of 8.6% year-on-year and a net profit increase of 1.15% year-on-year [1][2]. - The performance differentiation is primarily due to the underperformance of the cleaning appliance category, while the water health and personal care segments showed strong results. The company is expected to benefit from policy incentives and improved supply chain and channel strategies [1][2]. - The gross margin for 2024 is reported at 30.6%, a slight decrease of 0.17 percentage points year-on-year, with the cleaning and water health segments experiencing notable margin pressures [3]. - The company is actively pursuing management reforms to reduce operational costs, achieving a decrease in expense ratios in 2024 [4]. - Despite a downward revision of profit forecasts due to weak performance in cleaning appliances, the company is expected to benefit from replacement subsidies and overseas expansion opportunities [5]. Summary by Sections Financial Performance - Revenue for 2024 is projected at RMB 3.531 billion, with a growth rate of 11.98%. The net profit attributable to shareholders is expected to reach RMB 142.38 million, reflecting a 30.95% increase [6]. - The first quarter of 2025 shows a revenue increase of 8.6% year-on-year and a net profit increase of 1.15% [1][2]. Segment Performance - The cleaning appliance segment generated RMB 1.383 billion in revenue for 2024, a slight decline of 0.45% year-on-year, underperforming the industry average growth of 24.4% [2]. - The water health segment achieved a revenue of RMB 1.39 billion, up 19.5% year-on-year, while the personal care segment reached RMB 730 million, growing by 27% [2]. Cost Management - The company successfully reduced its expense ratio by 1.01 percentage points in 2024, with sales and management expenses decreasing by 1.69% and 0.13% respectively [4]. Profit Forecasts - The net profit forecasts for 2025, 2026, and 2027 are RMB 165.07 million, RMB 176.52 million, and RMB 187.32 million respectively, with corresponding EPS of RMB 0.36, RMB 0.38, and RMB 0.41 [5][6].

Core Insights - The company reported a revenue of 3.531 billion yuan for 2024, a year-on-year increase of 12%, and a net profit attributable to shareholders of 142 million yuan, up 31% year-on-year [1][2] - In Q1 2025, the company achieved a revenue of 778 million yuan, a 9% increase year-on-year, but the net profit attributable to shareholders was 24 million yuan, only a 1% increase year-on-year [1][2] Financial Performance - The company’s Q4 2024 revenue reached 1.132 billion yuan, a 28% year-on-year increase, with a net profit of 38 million yuan, up 333% year-on-year [2] - The gross profit margin for Q1 2025 was 30.38%, a decrease of 0.48 percentage points year-on-year, while the net profit margin was 2.95%, down 0.34 percentage points year-on-year [4] Brand and Product Focus - The company is focusing on its core brands, "Delmar" and "Philips," with the "Philips" brand showing double-digit growth in revenue, particularly in water health and personal care products [3] - The "Delmar" brand's revenue from home environment products was 1.383 billion yuan in 2024, a slight decline of 0.5% year-on-year, attributed to delays in new product launches [3] Market Strategy - The company is expanding its international market presence, with overseas sales increasing by 20.48% year-on-year in 2024 [3] - The company has implemented a trade-in policy that has positively impacted profitability in Q4 2024 [3][4] Profit Forecast - The company has slightly lowered its profit forecast, expecting net profits of 169 million yuan and 195 million yuan for 2025 and 2026, respectively, with a new forecast for 2027 at 222 million yuan [4]

Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company reported a revenue of 3.531 billion yuan for 2024, a year-on-year increase of 12%, and a net profit attributable to shareholders of 142 million yuan, up 31% year-on-year [4][7] - In Q1 2025, the company achieved a revenue of 778 million yuan, a 9% increase year-on-year, with a net profit of 24 million yuan, reflecting a 1% increase year-on-year [4][7] - The company focuses on its core brands, with the Philips brand showing double-digit growth, particularly in water health and personal care categories [7] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 3.842 billion yuan, with a projected year-on-year growth rate of 8.8% [6] - The net profit forecast for 2025 is 169 million yuan, representing an 18.4% increase compared to 2024 [6] - The company expects to maintain a gross margin of around 31% in the coming years, with a projected net profit margin of 2.95% for Q1 2025 [6][7]

Core Insights - The company achieved a revenue of 3.531 billion yuan in 2024, representing a year-on-year growth of 11.98%, and a net profit attributable to shareholders of 142 million yuan, up 30.95% [1] - In Q4 2024, the company reported a revenue of 1.132 billion yuan, a year-on-year increase of 28.24%, and a net profit of 38.41 million yuan, growing by 333.24% [1] - For Q1 2025, the company generated a revenue of 778 million yuan, an 8.61% increase year-on-year, with a net profit of 23.62 million yuan, up 1.15% [1] Revenue Structure Optimization - The company focuses on three core sectors: cleaning appliances, water health, and personal health, leveraging a dual-brand strategy with Philips to enhance product offerings and market reach [2] - R&D investment reached 190 million yuan in 2024, a 25.54% increase, supporting product innovation and competitive advantage [2] - The revenue from home environment and water health products accounted for 39.17% and 39.41% of total revenue, respectively, with water health product revenue growing by 19.51% [2] Personal Health Product Growth - The personal health product category, particularly fascia guns and neck massagers, saw sales exceed 731 million yuan in 2024, marking a year-on-year growth of 27.11% [3] Manufacturing and Global Expansion - The company emphasizes lean manufacturing as a foundation for growth, enhancing production capabilities and efficiency through technology and automation [4] - In 2024, overseas revenue grew by 20.42%, with significant market presence in Southeast Asia, Japan, Korea, Europe, and the Middle East [4] - The company is actively expanding its overseas channels by leveraging local teams and participating in international trade events to enhance market influence [5] Policy Alignment and Market Opportunities - The company is strategically positioned to benefit from national policies such as "old-for-new" and energy efficiency subsidies, aligning product innovation with energy-efficient upgrades [5]

广东德尔玛科技股份有限公司（以下简称"公司"）第二届董事会第九次会议审议 通过了《关于召开 2024 年度股东大会的议案》，决定于 2025 年 5 月 16 日召开公司 2024 年度股东大会，现将本次会议有关事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2024 年度股东大会 证券代码：301332 证券简称：德尔玛 公告编号：2025-021 广东德尔玛科技股份有限公司 关于召开2024年度股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 2、股东大会召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会的召开符合《中华人民共和国公司法》 《中华人民共和国证券法》《深圳证券交易所创业板股票上市规则》等有关法律法规、 部门规章、规范性文件和《公司章程》的有关规定。 4、会议召开日期和时间： （1）现场会议召开时间：2025 年 5 月 16 日下午 14:30 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 5 月 16 日上午 9:15—9:25，9:30—11:30 和下午 13: ...