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]
德尔玛（301332）：飞利浦品牌驱动，享受政策红利