jackpotvillage|德尔玛(301332)：水健康维持高增 销费压低盈利能力

Event: the company publishes its annual report 2023 and quarterly report 2024JackpotvillageThe company achieved revenue of 31% in 2023Jackpotvillage.50 billion yuan, down 4% from the same period last yearJackpotvillage.6%; realized net profit of 110 million yuan, down 42.9% from the same period last year; realized deduction of 100 million yuan of non-net profit, a decrease of 44.4% over the same period last year. In a single quarter, Q4 achieved a revenue of 880 million yuan, a decrease of 12.2% over the same period last year; a net profit of 10 million yuan, a decrease of 90.4% over the same period last year; and a net profit of 10 million after deducting non-return, which was the same as the same period last year. The cash dividend of the company in 2023 is 46.156 million yuan, and the performance dividend rate is 42.5%. In 2024, Q1 Company achieved revenue of 720 million yuan, an increase of 7.7% over the same period last year, a net profit of 20 million yuan, an increase of 0.5% over the same period last year, and a deduction of 20 million yuan for non-net profit, an increase of 0.3% over the same period last year. Water health products are growing rapidly, and double brands are going out to sea to expand channels. In terms of products, the company's revenue from household environment / water health / health care in 2023 was 1.39 billion yuan / 1.16 billion yuan / 580 million yuan respectively, which was-10.2%, 10.3% and 1.4% respectively compared with the same period last year. Philips Water Health, the core industry, achieved better growth. From a regional point of view, domestic and export sales respectively achieved revenue of 2.57 billion yuan / 580 million yuan, respectively compared with the same period last year. Overseas markets mainly rely on Delma and Philips for channel expansion, driving revenue growth; in terms of sub-sales model, revenue achieved online and offline respectively reached 1.63 billion yuan / 1.53 billion yuan, respectively-10.9% and 3.1% compared with the same period last year. Competition in e-commerce traffic intensifies, dragging down profitability. The company's gross profit margin in 2023 increased to 30.8% compared with the same period last year, of which the gross profit margin of home environment / water health / health care was 25.4%, 37.6% and 30.7%, respectively, which was launched by the company in 2023 compared with the same period last year.JackpotvillageThe gross profit margin of the popular style products of personal health care is on the low side, which brings down the gross profit margin of individual health care; in terms of sub-sales model, the gross profit margin online and offline is 37.9% and 23.1% respectively, which is respectively year-on-year and + 1.4pp/+2.3pp. In terms of expense rate, the company's sales / management / finance / R & D expense rate in 2023 was 19.3%, 4.5%, 0.9%, 4.8%, and + 3.8pp/+0.4pp/-0.7pp/+1.1pp, respectively, compared with the same period last year. Due to the intensified competition in e-commerce platform traffic, the company increased its marketing promotion efforts, which was a drag on the company's profitability, and the company's net interest rate decreased by 2.3pp to 3.3% compared with the same period last year. 24Q1 profitability remains stable. The company's 2024 Q1 gross profit margin increased by 1.4pp to 30.9% compared with the same period last year. In terms of expense rate, the company's sales / management / finance / R & D expense rates in 2023 were 18.9%, 4.7%, 0.9%, 5.3%, respectively, compared with the same period last year + 2.5pp/-0.2pp/-0.8pp/+0.7pp. In terms of net interest rate, the net interest rate of Q1 company increased by 0.1pp to 3.3% in 2024 compared with the same period last year. Profit forecast and investment advice. Relying on the dual-brand strategy, the company continues to explore multi-category layout, launch a number of explosive products in 2023, and continue to stimulate demand and open up overseas markets in 2024. It is estimated that the company's EPS from 2024 to 2026 will be 0.37 yuan, 0.47 yuan and 0.51 yuan respectively, maintaining a "hold" rating. Risk tips: export growth is not as expected, the volume of new products is not as expected, increased competition and other risks. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.