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]
德尔玛(301332)：飞利浦品牌高增长 以旧换新带动Q4盈利改善