德尔玛：营收规模延续增长，盈利能力小幅提升

Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Views - The company reported a revenue of 2.399 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 5.66%. The net profit attributable to the parent company was 104 million yuan, up 4.10% year-on-year, and the net profit after deducting non-recurring gains and losses was 95.73 million yuan, an increase of 5.21% year-on-year. In Q3 2024, the company achieved a revenue of 778 million yuan, a year-on-year increase of 8.80%, with a net profit of 36.01 million yuan, up 11.18% year-on-year [3][4]. - The company focuses on core brands and categories, driving growth through the "Derma" and "Philips" dual-brand strategy, emphasizing consumer needs in research and product innovation. It has established a mature brand and product matrix to meet diverse market demands [4][5]. - The company is expected to continue its dual-brand strategy, with anticipated net profits for 2024, 2025, and 2026 projected at 115 million, 148 million, and 185 million yuan, respectively [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 2.399 billion yuan, with Q1, Q2, and Q3 showing year-on-year growth rates of 7.69%, 1.63%, and 8.80%, respectively. The gross profit margin increased by 0.8 percentage points year-on-year, while the operating profit for Q3 increased by 64.64% year-on-year, resulting in an operating profit margin of 2.94%, up 1 percentage point year-on-year [3][4]. - The company’s cash flow from operating activities turned positive year-on-year, indicating an improvement in operational quality [3]. Strategic Focus - The company is committed to developing its core brands and product categories, leveraging a dual-brand strategy to cater to different market segments and consumer needs. It has established research centers focused on home health and water health, enhancing its product development capabilities [4][5]. - The company aims to maintain a strong production capacity to support high-quality product offerings, which is expected to contribute to sustained revenue growth [4].