2024年11月24日，重庆登康口腔护理用品股份有限公司（以下简称"公司"）接 到控股股东重庆轻纺控股（集团）公司（以下简称"轻纺集团"）通知：为深化国有 企业改革，重庆市国有资产监督管理委员会（以下简称"重庆市国资委"）和重庆渝 富控股集团有限公司（以下简称"渝富控股"）拟将轻纺集团委托给重庆机电控股 （集团）公司（以下简称"机电集团"）管理，目前正在开展前期的相关工作，托管 协议尚未签署。 证券代码：001328 证券简称：登康口腔 公告编号：2024-036 重庆登康口腔护理用品股份有限公司 关于控股股东拟被托管的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 2024年11月24日 - 1 - 如托管协议涉及权益变动事项，将导致机电集团间接收购轻纺集团持有的公司 59.83%的股份，成为公司的间接控股股东，但本次托管不会导致公司控股股东及实际 控制人变更，公司控股股东仍为轻纺集团，公司实际控制人仍为重庆市国资委。本次 托管不会对公司日常生产经营活动构成重大影响。 公司提醒投资者注意，为保证及时、公平地披露信息，维护广大投资者利益，现 将上述 ...

证券代码：001328 证券简称：登康口腔 公告编号：2024-035 重庆登康口腔护理用品股份有限公司 关于参加重庆辖区上市公司2024年投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 为加强上市公司与投资者之间的沟通交流，促进上市公司进一步做好投资者关系 管理工作，在重庆证监局指导下，重庆上市公司协会联合深圳市全景网络有限公司举 办"重庆辖区上市公司2024年投资者网上集体接待日"活动。 重庆登康口腔护理用品股份有限公司（以下简称"公司"）将于2024年11月28日 （星期四）参加本次投资者网上集体接待日活动，并于当天15:00-17:00与投资者进行 网上交流。投资者可登录"全景路演"网站（http://rs.p5w.net），或关注微信公众号： 全景财经，或下载全景路演APP，参与本次互动交流。 届时，公司相关人员将参加本次活动，通过网络在线交流形式，就投资者所关心 的问题，与投资者进行交流。欢迎广大投资者踊跃参与。 特此公告 重庆登康口腔护理用品股份有限公司 董事会 2024年11月22日 - 1 - ...

Investment Rating - The report maintains a "Buy" rating for the company [7][5] Core Insights - In the first three quarters of 2024, the company achieved revenue of 1.053 billion yuan, net profit attributable to shareholders of 118 million yuan, and net profit excluding non-recurring items of 92 million yuan, representing year-on-year growth of 4%, 10%, and 6% respectively [3][4] - In Q3 2024, the company reported revenue of 350 million yuan, with a year-on-year increase of 2%, and a net profit attributable to shareholders of 46 million yuan, reflecting a 9% increase [3][4] - The company's online sales growth is strong, particularly through platforms like Douyin, while offline market share is also increasing [4][5] - The product mix optimization has led to a record high gross margin of 53.9% in Q3, up 7 percentage points year-on-year, driven by an increase in high-end product offerings [4][5] - The company is focusing on increasing market share in oral care products, with a notable contribution expected from oral medical and beauty care products in the medium term [5] Summary by Sections Revenue and Profitability - The company’s revenue for the first three quarters of 2024 was 1.053 billion yuan, with a net profit of 118 million yuan, and a net profit excluding non-recurring items of 92 million yuan, showing growth of 4%, 10%, and 6% respectively [3][4] - Q3 2024 revenue was 350 million yuan, with a net profit of 46 million yuan, marking a 2% and 9% increase year-on-year [3][4] Product and Market Performance - The company has seen strong online growth, particularly on Douyin, with significant performance on platforms like Tmall and JD [4][5] - The adult toothpaste segment continues to perform well, maintaining a 63% market share in the sensitive segment [4][5] - The electric toothbrush category has experienced a 62% year-on-year growth, driven by product upgrades [4][5] Cost and Margin Analysis - The gross margin reached a new high of 53.9% in Q3, attributed to product mix optimization and increased high-end product sales [4][5] - Sales expenses increased by 29% in Q3 as the company invests in channel expansion and product promotion [4][5] Future Outlook - The company aims to enhance its market share in oral care products, with expected contributions from oral medical and beauty care products [5] - The projected net profit for 2024 and 2025 is 154 million yuan and 182 million yuan respectively, with corresponding PE ratios of 35x and 29x [5]

Investment Rating - The report maintains an "Add" rating for the company, indicating a positive outlook for its stock performance [2][3]. Core Insights - The company achieved a revenue of 1.053 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 4.12%. The net profit attributable to shareholders was 118 million yuan, up 9.54% year-on-year, with a gross margin of 49.25% [2][3]. - The report highlights the company's focus on quality-price ratio and expansion of product categories through online channels, which is contributing to ongoing performance growth [3]. - The company is expected to achieve net profits of 164 million yuan, 198 million yuan, and 228 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 16.0%, 20.6%, and 15.3% [3][4]. Financial Performance Summary - For the first three quarters of 2024, the gross margin improved to 49.25%, and the net profit margin reached 11.20%, reflecting a positive trend in profitability [2]. - The sales expense ratio increased to 31.28%, while the R&D expense ratio rose to 3.64%. The management expense ratio decreased to 4.19% [2]. - The company’s projected revenue for 2024 is 1.475 billion yuan, with a year-on-year growth of 7.2%. The gross margin is expected to improve to 48.9% [4]. Earnings Per Share (EPS) Projections - The expected EPS for 2024, 2025, and 2026 are 0.95 yuan, 1.15 yuan, and 1.32 yuan respectively, with corresponding price-to-earnings (PE) ratios of 33.3, 27.6, and 24.0 [4]. Market Position and Strategy - The company has established a strong brand presence in the sensitive teeth care segment and is expanding its product offerings to include gum care and antibacterial products [3]. - The strategy focuses on enhancing online sales channels and optimizing product structure to maintain competitive advantages in the market [3].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) with a target price not specified [2]. Core Views - The company reported a revenue of 350 million yuan in Q3 2024, a 2% year-on-year increase, and a net profit attributable to the parent company of 50 million yuan, up 9% year-on-year [2]. - The gross margin for the first three quarters of 2024 was 49.3%, an increase of 5.1 percentage points year-on-year, while the net profit margin was 11.2%, up approximately 0.6 percentage points [2]. - The company is focusing on cost reduction and efficiency improvement through lean production processes and optimizing procurement costs, while also enhancing brand building, product upgrades, and market expansion [2]. Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 1.1 billion yuan, a 4% increase year-on-year, with a net profit of 120 million yuan, up 10% year-on-year [2]. - The company’s revenue for 2022 was 1.31 billion yuan, with a growth rate of 14.95%, while the projected revenue for 2024 is 1.53 billion yuan, reflecting an 11.51% growth rate [7]. - The earnings per share (EPS) for 2024 is projected to be 0.94 yuan, with a price-to-earnings (P/E) ratio of 29.87 [7]. Market Trends - The oral care industry is entering a recovery phase, driven by increased consumer awareness of oral health and the rising demand for differentiated products [3]. - The company has launched several successful products, including the Cold Acid Spirit anti-sensitivity toothpaste and the "Cat Paw Brush," which have gained significant popularity in the market [4]. - The online market for oral care products is expanding, with new retail formats emerging, and traditional categories like toothpaste and toothbrushes remain dominant [3]. Strategic Focus - The company is committed to a multi-brand and multi-category development strategy, enhancing its core brands while also investing in new brands and product categories [5]. - The company aims to strengthen its comprehensive service capabilities in the oral health and beauty sectors, focusing on oral care, medical, cosmetic, and capital management [5].

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 1.053 billion yuan for Q3 2024, representing a year-on-year increase of 4.12%, and a net profit attributable to shareholders of 118 million yuan, up 9.54% year-on-year [1] - The gross margin improved significantly, with a comprehensive gross margin of 49.25%, an increase of 5.07 percentage points year-on-year [1] - The company continues to innovate with product iterations, launching multiple new products in the first half of 2024, which has helped increase market share [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit margin of 8.78%, a slight increase of 0.19 percentage points year-on-year [1] - The company’s revenue is projected to grow from 1.37578 billion yuan in 2023 to 1.48928 billion yuan in 2024, reflecting a growth rate of 8.25% [4] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.96 yuan, 1.06 yuan, and 1.25 yuan respectively, with corresponding price-to-earnings (PE) ratios of 30X, 27X, and 23X [2][4]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [9]. Core Insights - The company's Q3 performance met expectations, with a revenue of 1.05 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 4.1%. The net profit attributable to the parent company reached 118 million yuan, up 9.5% year-on-year [4][9]. - The company is focusing on upgrading its product structure, which has significantly improved its gross margin to 53.9% in Q3, an increase of 7.0 percentage points year-on-year [6][9]. Summary by Sections Market Data - Closing price: 28.85 yuan - Market capitalization: 1,242 million yuan - Price-to-book ratio: 3.5 - Dividend yield: 2.25% [2][3]. Financial Performance - For Q3 2024, the company reported a single-quarter revenue of 350 million yuan, a 1.6% increase year-on-year, and a net profit of 46 million yuan, up 9.2% year-on-year [4][9]. - The company’s revenue for 2024 is projected to reach 1.54 billion yuan, with a year-on-year growth rate of 12.1% [7]. Product and Market Position - The toothpaste segment remains strong, with a market share of 8.57%, ranking third in the industry and second among domestic brands. The "Cold Acid Spirit" brand leads the sensitive toothpaste segment with a market share of 62.92% [5][9]. - The company is expanding into new categories such as electric toothbrushes and oral health products, which are expected to contribute to revenue growth [5][9]. Sales Channels - The company is enhancing its offline distribution while also accelerating growth in e-commerce, achieving a 16.92% year-on-year increase in e-commerce revenue for H1 2024 [6][9]. - Offline channel revenue reached 523 million yuan in H1 2024, reflecting a 2.1% year-on-year growth [6][9]. Profitability Metrics - The company’s net profit margin for Q3 was 13.0%, an increase of 0.9 percentage points year-on-year [6][9]. - The report forecasts net profits of 166 million yuan, 191 million yuan, and 216 million yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 17.8%, 14.6%, and 13.5% [9].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 ——登康口腔 2024 年三季报点评 股票研究 /[Table_Date] 2024.10.28 业绩符合预期，线上抖音高增凸显潜力 登康口腔(001328) 家庭及个人用品 [Table_Industry] /必需消费 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|-------------------|----------------|-------|----------------------|--------|-------|-------|-------|-------| | | | | | | | | | | | | | | [table_Authors] 訾猛 ( 分析师 ) | 杨柳 ( 分析师 ) | | | 闫清徽 ( | 分析师 | ) | | | | | | 0 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 28 年 月 日 登康口腔（001328.SZ） 经营稳健，产品结构显著优化 公司发布 2024 年三季报：24Q3 公司实现收入 3.50 亿元（同比+1.6%）， 归母净利润 0.46 亿元（同比+9.2%），扣非归母净利润 0.37 亿元（同比 +6.6%），收入稳定、实际经营预计好于收入（合同负债增加 0.7 亿元至 1.4 亿元），利润延续靓丽表现。2024H1，"冷酸灵"品牌在抗敏感细分领 域线下零售市场份额占比为 62.9%，占据领导地位。 线下：渠道基础夯实，份额稳步提升。24H1 冷酸灵线下份额提升至 8.6% （较 23 年全年+0.5pct）、成为市场第三（较 23 年提升 1 名）。公司坚定 实施"提品质、调结构、促增长"的产品推广策略，专研平台、医研平台 产品持续获得消费者青睐，销售占比快速提升，驱动盈利能力持续优化。 公司借助分布在全国 31 个省、自治区、直辖市以及 2000 余个区/县的优 质经分销商，实现对数十万家零售终端覆盖，针对最广阔的县域乡镇市场， 公司通过经销模式迅速下沉构建渠道壁垒。 线上：医研快 ...

证券研究报告：美容护理 | 公司点评报告 2024 年 10 月 28 日 股票投资评级 买入|维持 个股表现 -37% -33% -29% -25% -21% -17% -13% -9% -5% -1% 3% 2023-10 2024-01 2024-03 2024-06 2024-08 2024-10 登康口腔 美容护理 资料来源：聚源，中邮证券研究所 公司基本情况 最新收盘价（元） 27.94 总 股 本/流 通 股 本 （ 亿 股） 1.72 / 0.43 总 市 值/流 通 市 值 （ 亿 元） 48 / 12 52 周内最高/最低价 30.17 / 18.66 资产负债率(%) 24.8% 市盈率 31.75 第一大股东 重庆轻纺控股(集团)公 司 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 登康口腔(001328) 线上快速增长，业绩稳健增长符合预期 ⚫ 事件回顾 公司公布 2024 年前三季报， 24Q1-Q3 公司收入 10.5 亿元， +4.1%，归母净利润 1.2 亿元，+9.5%；24Q3 收入 3.5 ...