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gtasanandreascrash| Delma (301332): Water health maintains high sales expenses and reduces profitability
24-05-05Travel围观5次
简介 事件:公司发布2023年年报及 2024年一季报,2023年公司实现营收31gtasanandreascrash.5亿元,同比减少4.6%gtasanandreascrash;实现归母净利润1.1
事件:公司发布2023年年报及 2024年一季报,2023年公司实现营收31gtasanandreascrash.5亿元,同比减少4.6%gtasanandreascrash;实现归母净利润1.1 亿元,同比减少42.9%;实现扣非净利润1亿元,同比减少44.4%。单季度来看,Q4公司实现营收8.8 亿元,同比减少12.2%;实现归母净利润0.1 亿元,同比减少90.4%;实现扣非后归母净利润0.1亿,同比持平。2023年公司现金分红4615.6万元,业绩分红率达42.5%。 2024 年Q1公司实现营收7.2 亿元,同比增长7.7%;实现归母净利润0.2 亿元,同比增长0.5%;实现扣非净利润0.2 亿元,同比增长0.3%。 水健康产品快速增长,双品牌出海拓展渠道。分产品来看,公司2023 年家居环境/水健康/个护健康分别实现营收13.9 亿元/11.6 亿元/5.8 亿元,分别同比-10.2%/+10.3%/-1.4%,其中核心产业飞利浦水健康实现较好增长;分地区来看,内外销分别实现营收25.7 亿元/5.8 亿元,分别同比-10.1%/+29.8%,海外市场主要依靠德尔玛、飞利浦双品牌进行渠道扩展,带动营收增长;分销售模式来看,线上线下分别实现营收16.3 亿元/15.3 亿元,分别同比-10.9%/3.1%。 电商流量竞争加剧,拖累盈利能力。公司2023 年毛利率同比提升1.3pp 至30.8%,其中家居环境/水健康/个护健康毛利率分别为25.4%/37.6%/30.7%,分别同比+1.9pp/+2pp/-5.1pp,2023 年公司推出的个护健康类爆款产品毛利率偏低,拉低个护健康毛利率水平;分销售模式来看,线上线下毛利率分别为37.9%/23.1%,分别同比+1.4pp/+2.3pp;费用率方面,2023 年公司销售/管理/财务/ 研发费用率分别为19.3%/4.5%/-0.9%/4.8% , 分别同比+3.8pp/+0.4pp/-0.7pp/+1.1pp,销售费用因电商平台流量竞争加剧,公司加大营销推广力度而有所增长,拖累公司盈利水平,公司净利率同比减少2.3pp 至3.3%。 24Q1 盈利能力维持稳定。公司2024 年Q1毛利率同比提升1.4pp 至30.9%。 费用率方面, 2023 年公司销售/ 管理/ 财务/ 研发费用率分别为18.9%/4.7%/-0.9%/5.3%,分别同比+2.5pp/-0.2pp/-0.8pp/+0.7pp。净利率来看,2024 年Q1 公司净利率同比提升0.1pp 至3.3%。 盈利预测与投资建议。公司依托双品牌战略,持续挖掘多品类布局,2023 年推出多款爆品,2024 年持续推新刺激需求,开拓海外市场。预计公司2024-2026年EPS 分别为0.37 元、0.47 元、0.51 元,维持“持有”评级。 风险提示:外销增长不及预期、新品放量不及预期、竞争加剧等风险。 【免责声明】本文仅代表第三方观点,不代表和讯网立场。投资者据此操作,风险请自担。
【免责声明】本文仅代表第三方观点,不代表和讯网立场。投资者据此操作,风险请自担。
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