研報掘金丨國信證券:德爾瑪海外業務有望實現較快速的發展,首予“買入”評級
格隆匯5月23日丨國信證券22日研報指出,德爾瑪(301332.SZ)2018-2022年收入複合增長36%至33億元,歸母淨利潤複合增長48%至1.9億元。公司是具備互聯網基因的小家電差異化“破局者”,生活類小家電行業保持活力,腰部品牌存差異化機會。公司已擁有飛利浦水家電的全球品牌授權和按摩儀的亞太澳新區域授權,疊加自身的高效運營及產品打造能力,在海外渠道的逐漸優化拓展下,公司海外業務有望實現較快速的發展。國內清潔類電器規模超千億,而德爾瑪當前市佔率僅有2.3%。隨着品類滲透率的進一步提升,德爾瑪在低價格帶的優勢有望進一步被放大,內銷份額提升空間較廣。首次覆蓋,給予“買入”評級。
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