2026Q2外销加速增长，关注后续内销企稳以及外销增长，维持“买入”评级
　　2026H1营收14.3亿元（同比-15.29%，下同），归母净利润0.57亿元（-16.36%），扣非净利润0.44亿元（-30.42%）。2026Q2营收7.8亿元（-14.2%），归母净利润0.36亿元（-20.8%），扣非净利润0.28亿元（-35.9%）。考虑到汇率扰动等因素，我们下调2026-2027年并新增2028年盈利预测，预计2026-2028年归母净利润分别为1.20/1.42/1.60亿元（2026-2027年原值为1.80/1.97亿元），当前股价对应PE分别为30.6/25.8/23.0倍，看好内销企稳以及外销增长，维持“买入”评级。
　　2026H1内销仍有压力，外销受益飞利浦/德尔玛双品牌区域拓展加速增长
　　分品类，2026H1家居环境/水健康/个护健康类产品营收分别为4.6/5.9/3.7亿元，同比分别-32%/-10%/+7%。分地区，境内/境外营收分别为9.9/4.4亿元，同比分别-30%/+56%。内需仍承压，但外销加速增长，我们认为或系飞利浦水健康欧洲、个护欧美以及德尔玛品牌东南亚/俄罗斯等多区域增长驱动。展望后续，内需关注后续ODM以及清洁电器业务调整落地后企稳，同时外销继续看好德尔玛自主品牌（聚焦东欧、中东、东南亚等地区）、飞利浦水健康以及个护按摩品类（聚焦欧美、澳洲等地区）出海驱动增长，以及运动器材新品类贡献增量。
　　2026Q2毛利率受结构以及汇率影响下降，汇兑进一步扰动财务费用率
　　2026Q1/Q2毛利率分别29.8%/32.4%（-0.6/-0.5pct），2026H1家居环境/水健康/个护健康毛利率同比分别-4.1/-0.3/-1.1pct、境内/境外业务毛利率同比分别-0.6/-2.7pct。单季度毛利率受渠道结构变化以及汇率扰动影响。费用端，2026Q1/Q2期间费用率26.9%/28.1%（+0.04/+1.2pct），其中2026Q2销售/管理/研发/财务费用率同比分别+0.03/+1.4/-1.6/+1.3pct，财务费用率提升系利息收入减少+汇兑损失增加。综合影响下2026Q1/Q2净利率3.4%/4.6%（+0.3/-0.4pct）。
　　风险提示：新品类拓展不及预期；外销市场拓展不及预期；行业竞争加剧等。

Guangdong Deerma Technology (Deerma) has disclosed its 2026 interim report. In 1H26, it achieved revenue of RMB1,428mn, down by 15.3% YoY; an attributable NP of RMB57mn, down by 16.4% YoY; and a recurring NP of RMB44mn, down by 30.4% YoY. In 2Q26, revenue/attributable NP were down by 14.2/20.8% YoY. This was affected by pressure in cleaning appliances and non-recurring gains/losses (fair-value changes, wealth management income, etc.). By quarter, the YoY revenue decline in 2Q26 narrowed slightly vs 1Q26, but the NP decline widened, reflecting weakened operating leverage under rigid expenses. Deerma is not distributing cash dividends for this period. We think that Deerma is still in the phase of optimizing its product structure and operational quality in the short term, but the structural resilience of the Philips licensing, water-health, and personal-care businesses continues to manifest. Maintain OVERWEIGHT.
Structural divergence: cleaning appliances under strain
By category, in 1H26, home environment revenue was RMB459mn, down by 32.1% YoY, with a gross margin of 17.93%, down by 4.05pp YoY, due to channel-mix changes coupled with the narrowing of trade-in subsidies to six core large home appliances, which suppressed demand for cleaning appliances. The Philips brand premium continued. Notably, water-health revenue was RMB589mn, down by 10.3% YoY, with a gross margin of 39.29%, still at a high level (down by 0.32pp YoY); personal care revenue was RMB366mn, up by 6.8% YoY against the headwind, with a gross margin of 35.40% (down by 1.10pp YoY). By channel, online revenue was RMB672mn, down by 13.1% YoY; offline revenue was RMB756mn, down by 17.1% YoY. We think that the structural resilience of water health and personal care offsets the cyclical fluctuations in cleaning appliances, with the revenue mix continuing to be optimized.
Lower earnings forecasts, valuation at 32x 2026E PE
Considering the downward revenue revision due to pressure in cleaning appliances, coupled with the gross margin under strain from existing-market competition, we adjust our 2026/2027/2028 EPS forecasts to RMB0.28/0.30/0.33 (down by 10/9/8%). As of 24 August 2026, the average 2026E PE for comparable companies on Wind consensus was 17x. Considering: 1) the Philips brand licensing business is still a scarce asset; 2) the revenue mix is shifting toward high-value businesses, with the share of water health and personal care increasing, and the medium-to-long-term earnings structure may improve; 3) overseas high growth is validating the cross-regional replication capability of the brand licensing model; and 4) the company still has option value for new category expansion, we think that the company’s valuation should be higher than the average level for comparable companies. We thus assign 32x 2026E PE, for our target price of RMB8.96 (previous: RMB10.23, based on 33x 2026E PE). Maintain OVERWEIGHT.
Risks: new domestic product promotion trailing our estimates; overseas demand declines; intensifying price competition; expansion in Philips licensing falling short of our expectations.

　　公司披露2026年半年度报告，26H1实现营业收入14.28亿元，同比-15.3%；归母净利润0.57亿元，同比-16.4%；扣非净利润0.44亿元，同比-30.4%。其中，26Q2收入及归母净利分别同比-14.2%、-20.8%。主要受清洁电器承压及非经常性损益（公允价值变动、理财收益等）扰动影响。分季度看，Q2单季营收同比降幅较Q1略有收窄，但净利润降幅走阔，反映费用刚性下经营杠杆边际减弱。公司本期不进行现金分红。我们认为，公司短期仍处于产品结构与经营质量优化阶段，但飞利浦授权、水健康与个护业务的结构性韧性持续兑现，维持“增持”评级。
　　结构分化：清洁电器承压，水健康与个护双轮支撑
　　分品类看，26H1家居环境类收入4.59亿元，同比-32.1%，毛利率17.93%，同比-4.05pct，主因渠道结构变动叠加以旧换新补贴收窄至6类核心大家电，对清洁电器需求形成压制；飞利浦品牌溢价延续，其中，水健康类收入5.89亿元，同比-10.3%，毛利率39.29%，仍处高位（同比-0.32pct），个护健康类收入3.66亿元，逆势同比+6.8%，毛利率35.40%（同比-1.10pct）。分渠道看，线上收入6.72亿元，同比-13.1%；线下收入7.56亿元，同比-17.1%，线下降幅更大。我们认为，水健康、个护的结构性韧性对冲清洁电器周期性波动，收入结构持续优化。
　　全球化提速：境外收入占比大幅提升至逾三成
　　26H1境外收入4.39亿元，同比+55.6%，占比由25年的21.9%大幅提升至30.8%；境内收入9.89亿元，同比-29.5%，境内外分化扩大。境外毛利率33.00%（同比-2.65pct），仍高于境内的30.37%（同比-0.57pct）。我们认为，飞利浦品牌授权的稀缺性叠加海外本地化运营能力，是公司对冲国内需求波动、支撑估值溢价的核心变量，境外收入占比快速提升有望驱动公司整体收入结构与盈利质量持续改善。
　　毛利率降幅可控，费用结构分化拖累盈利弹性
　　26H1综合毛利率31.18%，同比-0.55pct，降幅可控。但费用端偏刚性，费用端呈现结构性分化：销售费用率17.70%，同比小幅下降0.25pct；管理费用率5.41%，同比提升1.41pct；财务费用由上年同期净收益转为净支出，费用率同比提升约1.05pct，主要由于利息收入减少及汇兑损益影响；研发费用率降至3.86%（-1.55pct），主因薪酬支出减少。收入下滑叠加费用刚性，使Q2利润降幅快于收入降幅，经营杠杆边际转弱。我们认为，公司仍需在费用管控与研发效率间寻求平衡，短期盈利弹性承压。
　　下调盈利预测，给予26年32倍PE
　　考虑清洁电器承压致收入下修，叠加存量竞争下毛利率承压，我们调整公司26-28年预测EPS至0.28/0.30/0.33元（分别下调10%/9%/8%）。截至2026/8/24，Wind可比公司26年一致预期平均PE为17x，考虑：一是飞利浦品牌授权业务仍具备较强稀缺性；二是收入结构正在向高价值业务迁，水健康及个护占比提升，中长期盈利结构有望改善；三是海外高增长正在验证品牌授权模式的跨区域复制能力；四是公司仍具新品类扩张的期权价值，基于上述差异，我们认为公司估值应高于可比公司平均水平，给予公司26年32倍PE，对应目标价8.96元（前值10.23元，基于26年33倍PE），维持"增持"评级。
　　风险提示：国内新品推广不及预期；海外需求波动；行业价格竞争加剧；飞利浦授权拓展低于预期。

Guangdong Deerma Technology(Deerma)has released its 2025 annual report and 1Q26 results,reporting 2025 revenue of RMB3,432mn(-2.8%YoY)and an attributable NP of RMB130mn(-8.9%YoY),with the recurring NP down by 39.8%YoY.Both revenue and attributable NP were slightly below our previous expectations of RMB3,654/147mn,mainly due to lukewarm demand for cleaning appliances and non-recurring income fluctuations.For 1Q26,revenue was RMB649mn(-16.6%YoY)and the attributable NP was RMB21.78mn(-7.8%YoY),with revenue under short-term pressure but amanageable profit decline.We think that the company is in aphase of optimizing its product mix and operational quality,facing short-term demand and competitive disruptions,but the resilience of its Philips-licensed,water-health,and personal care businesses remains intact.Additionally,Deerma plans to distribute acash dividend of RMB0.15/share.Maintain OVERWEIGHT.
Water health&personal care supported product mix upgrade
By category,in 2025,home environment revenue was RMB1,234mn(-10.8%YoY),with the gross margin down by 3.84pp YoY,mainly due to intensified competition in cleaning appliances and new product launches;water-health revenue was RMB1,432mn(+2.9%YoY),with the gross margin up by 4.5pp YoY to 39.2%,reflecting the Philips brand premium and new product mix upgrades;personal care revenue was RMB747mn(+2.2%YoY),maintaining stable expansion.We think that the company’s operational highlight lies in the increasing proportion of high-margin water-health products,offsetting volatility in traditional cleaning business,with business structure optimization continuing to strengthen.
Globalization&licensing:Philips globalization value realized
For 2025,overseas revenue reached RMB750mn(+6.7%YoY),accounting for 21.9%of total revenue,sustaining the globalization expansion trend.The company has secured new Philips massage category licensing for Europe and the US,while advancing localized operations in Southeast Asia,Japan,South Korea,and Europe.We think that the scarcity of brand licensing and channel expansion capabilities are key value drivers for the company’s valuation premium.Under the dual-brand strategy,‘Deerma’covers the mass market with cost-effective products,while‘Philips’targets the premium health segment,potentially forming aclearer tiered growth path in the medium to long term.
GPM improved;cost optimization proceeded
For 2025,the overall gross margin was 30.9%(+0.33pp YoY),with the online gross margin up by 3.1pp YoY,reflecting operational efficiency improvements;the overall expense ratio increased by 1.9pp YoY due to operating leverage,with all expense ratios rising.While revenue was under pressure in 1Q26,the decline in the attributable NP was smaller than the revenue decline,demonstrating resilient operating leverage.We think that the company has shifted from scale expansion to an efficiency-focused phase,with expense optimization potentially serving as akey driver for future profit improvement.
Valuation premium backed by growth attribute&licensing
Considering the company’s weaker performance in cleaning appliances,we lower our revenue forecasts.Given the competitive landscape in the existing market,we also trim our gross margin expectations.We adjust our 2026/2027 EPS forecasts to RMB0.31/0.33(down by 10.9/9.5%)and introduce our 2028 EPS forecast of RMB0.36.As of 27 April 2026,the average 2026E PE for comparable companies on Wind consensus was 19x.We consider the following factors:1)the scarcity of Philips licensing business;2)structural growth in water-health and personal care segments;and 3)global expansion potentially lifting the valuation range.We thus assign 33x 2026E PE,resulting in our target price of RMB10.23(previous:RMB11.20 based on 35x 2025E PE).
Risks:new domestic product promotion trailing our estimates;overseas demand declines;intensifying price competition;expansion in Philips licensing falling short of our expectations.

　　公司披露2025年报及2026年一季报，2025年实现营收34.32亿元，同比-2.8%；归母净利1.30亿元，同比-8.9%；扣非净利同比-39.8%，收入及归母净利表现略低于我们此前预期（预期值分别为36.54/1.47亿元），主要受清洁电器承压及非经常收益扰动影响。26Q1实现营收6.49亿元，同比-16.6%；归母净利2178万元，同比-7.8%，收入短期承压但利润降幅相对可控。我们认为，公司处于产品结构与经营质量待优化阶段，短期受需求与竞争扰动，但飞利浦授权、水健康与个护业务韧性仍在。同时公司拟每10股派发1.5元现金红利。维持“增持”评级。
　　清洁承压、水健康与个护支撑结构升级
　　分品类看，2025年家居环境类收入12.34亿元，同比-10.8%，毛利率同比-3.84pct，主要受清洁电器竞争加剧及新品节奏影响；水健康收入14.32亿元，同比+2.9%，毛利率同比提升4.5pct至39.2%，体现飞利浦品牌溢价与新品结构升级效果；个护健康收入7.47亿元，同比+2.2%，维持稳步扩张。我们认为，公司经营亮点在于高毛利水健康占比提升，对冲传统清洁业务波动，业务结构优化逻辑仍在强化。
　　出海与授权：飞利浦全球化价值继续兑现
　　2025年境外收入7.50亿元，同比+6.7%，占比提升至21.9%，延续全球化扩张趋势。公司新增飞利浦按摩品类欧美区域授权，并在东南亚、日韩、欧洲推进本地化运营，我们认为品牌授权的稀缺性和渠道外延能力，是公司估值溢价的重要价值点。双品牌矩阵下，“德尔玛”覆盖性价比大众市场，“飞利浦”切入高端健康赛道，中长期有望形成更清晰分层增长路径。
　　毛利率改善、费用优化持续推进
　　2025年综合毛利率30.9%，同比+0.33pct，其中线上毛利率提升3.1pct，反映运营效率优化；期间费用率同比+1.9pct，受到经营杠杆影响，各项费用率均有提升。26Q1虽收入承压，但净利润降幅小于收入降幅，也体现经营杠杆韧性。我们认为公司已从规模扩张转向效率优先阶段，费用优化或为未来利润改善重要抓手。
　　成长属性与稀缺品牌授权仍有望享受估值溢价
　　考虑到公司在清洁电器产品上表现偏弱，我们下调了收入预期，考虑到存量竞争态势，我们下调了毛利率预期，我们调整公司26-27年预测EPS为0.31/0.33元（分别下调10.9%/9.5%），引入28年预测EPS为0.36元。截至2026/4/27，Wind可比公司26年一致预期平均PE为19x，考虑到：一是飞利浦授权业务稀缺性；二是水健康与个护赛道结构成长；三是全球化布局有望提升估值中枢。给予公司26年33xPE，对应目标价10.23元（前值11.2元基于25年35xPE）。
　　风险提示：国内新品推广不及预期；海外需求波动；行业价格竞争加剧；飞利浦授权拓展低于预期。

　　事件：2026年4月27日，德尔玛发布2025年年报及2026年一季报，德尔玛2025年实现营收34.32亿元，同比下降3%；实现归母净利润1.30亿元，同比下降9%；实现扣非归母净利润0.78亿元，同比下降40%。2026年Q1单季度实现营收6.49亿元，同比下降17%；实现归母净利润0.22亿元，同比下降8%；实现扣非归母净利润0.17亿元，同比下降19%。
　　投资要点：
　　26Q1业绩略低于预期。德尔玛2025年实现营收34.32亿元，同比下降3%；实现归母净利润1.30亿元，同比下降9%；实现扣非归母净利润0.78亿元，同比下降40%。其中，Q4单季度实现营收10.47亿元，同比下降7%；实现归母净利润0.41亿元，同比增长7%；实现扣非归母净利润-0.02亿元，同比转负。2026年Q1单季度实现营收6.49亿元，同比下降17%；实现归母净利润0.22亿元，同比下降8%；实现扣非归母净利润0.17亿元，同比下降19%。公司26Q1业绩略低于市场预期，预计主要系德尔玛品牌家居环境类产品行业竞争加剧所致。
　　聚焦核心品牌及品类，25年飞利浦水健康、个护健康类收入保持增长。公司聚焦“德尔玛”和“飞利浦”双品牌驱动，“德尔玛”品牌主要覆盖家居环境类产品，2025年家居环境类实现营收12.34亿元，同比下降11%，毛利率20.70%，同比-3.84个pcts，主要受销售渠道结构变动影响。“飞利浦”品牌主要覆盖水健康类、个护健康类产品，2025年水健康类实现营收14.32亿元，同比增长3%，毛利率39.20%，同比+4.49个pcts，主要系新品毛利率较高缺收入占比提升影响。个护健康类2025年实现营收7.47亿元，同比+2%，毛利率32.18%，同比-2.65个pcts。国内市场方面，25年实现营收26.82亿元，同比-5%，海外市场实现营收7.50亿元，同比+7%，预计主要受飞利浦水健康业务拉动。
　　26Q1净利率同比改善。2026Q1公司实现毛利率29.77%，同比-0.61个pcts。期间费用方面，2026Q1销售费用率16.86%，同比-0.59个pcts，公司对费用投放有所控制。管理费用率5.44%，同比+1.41个pcts。财务费用率0.32%，同比提升0.70个pcts。最终录得2026Q1净利率3.55%，同比+0.60个pcts。
　　小幅下调盈利预测，维持“增持”投资评级。26Q1公司业绩略低于预期，我们小幅下调此前对于公司的盈利预测，预计公司2026-2027年可实现归母净利润1.49、1.70亿元（前值为1.67、1.86亿元），新增2028年盈利预测为1.91亿元，同比分别+15.1%、+14.2%、+11.8%，对应当前市盈率分别为29倍、26倍和23倍，公司构建多品牌与产品矩阵，水健康、个护健康品类保持增长趋势，盈利能力稳步改善，维持“增持”评级。
　　风险提示：商标授权业务持续性风险；市场竞争加剧风险；原材料价格波动风险。