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]
德尔玛（301332）：2024年报及2025一季报点评：飞利浦品牌高增长，以旧换新带动Q4盈利改善