丨证券研究报告丨 公司研究丨点评报告丨登康口腔（001328.SZ） [Table_Title] 登康口腔 2025H1 点评：业绩高质量兑现，H2 新品可期 报告要点 [Table_Summary] 2025H1 公司实现营收/归母净利润/扣非净利润 8.42/0.85/0.69 亿元，同增 20%/18%/26%；其 中 2025Q2 分别对应 4.11/0.42/0.34 亿元，同增 20%/20%/24%。收入端：电商高增，线下稳 健。盈利端：产品结构改善+电商加投，毛销双升&净利率维稳。看好公司通过产品结构优化以 及电商起势，持续演绎量价齐升成长逻辑，且重组蛋白医研牙膏新品于 H2 加大推广下销售表 现值得期待。 分析师及联系人 [Table_Author] 蔡方羿 米雁翔 应奇航 SAC：S0490516060001 SAC：S0490520070002 SAC：S0490524080008 SFC：BUV463 请阅读最后评级说明和重要声明 %% %% research.95579.com 1 登康口腔（001328.SZ） cjzqdt11111 [Table_Title 登康口腔 202]2 ...

Group 1 - The core viewpoint of the report is that Goer Group plans to acquire Shanghai Aolai through its subsidiary Goer Optics, which will enhance its optical waveguide capacity and technical strength, accelerating the integration of optical products into global leading XR clients [1][2] - The report maintains a "Buy" rating for Goer Group, raising the target price to 43.05 yuan, considering the impact of product life cycles and client new product release schedules, while also increasing R&D investment [1][2] - The expected EPS for Goer Group is adjusted to 0.96/1.23 yuan for 2025-2026, with a forecast of 1.50 yuan for 2027, reflecting the company's high growth rate and leading position in AI glasses and AR products [1][2] Group 2 - Goer Group has established a vertical integration layout in the XR field, benefiting from future industry demand surges, and has close cooperation with global leading XR clients [3] - The company has made strategic investments and acquisitions to strengthen its customer resources and technical capabilities, including acquiring a stake in Silan Microelectronics and investing in Plessey to enhance its AR display capabilities [3] - The merger with Shanghai Aolai is expected to accelerate the expansion of mature optical waveguide production capacity and consolidate Goer Group's competitive advantage in wafer-level micro-nano optical devices [2][3]

Market Performance - Global markets continued to rise last week, with MSCI Global up by 1.5%, MSCI Developed up by 1.5%, and MSCI Emerging up by 1.3%[3] - The US stock market's earnings expectations for 2025 were revised upward, with the S&P 500 EPS forecast increased from 268 to 269[4] Economic Expectations - Global economic expectations were adjusted upward, with the Citigroup Economic Surprise Index for the US rising due to dovish signals from the Fed[4] - The issuance of new special bonds by local governments reached 2392.7 billion CNY, a year-on-year increase of 76.7%[19] Industry Insights - In the home appliance sector, TCL Electronics reported a total revenue of 54.777 billion HKD for H1 2025, a year-on-year increase of 20.4%[15] - The gaming industry saw a record high of 166 domestic game approvals in August, with a total of 1050 approvals in the first eight months of 2025, significantly higher than the previous year's 850[31] Investment Recommendations - In the home appliance sector, recommended stocks include Stone Technology and Ecovacs for their strong performance and growth potential[14] - For the construction industry, low valuation high-dividend companies such as China State Construction and China Railway Construction are recommended due to their expected benefits from PPP policy catalysts[39]

据证券之星公开数据整理，近期登康口腔(001328)发布2025年中报。根据财报显示，登康口腔营收净利 润同比双双增长。截至本报告期末，公司营业总收入8.42亿元，同比上升19.72%，归母净利润8515.53 万元，同比上升17.59%。按单季度数据看，第二季度营业总收入4.11亿元，同比上升20.11%，第二季度 归母净利润4200.27万元，同比上升19.66%。 分析师工具显示：证券研究员普遍预期2025年业绩在2.03亿元，每股收益均值在1.18元。 | 基金筒称 | 基金代码 | 持有股数 | 持仓变动 | 数据来源 | | --- | --- | --- | --- | --- | | 信澳品质回报6个月持有混合 | 012389 | 145.45万股 | 減仓 | 2025基金半年报 | | 博时汇融回报一年持有混合A | 011177 | 92.62万股 | 新进十大 | 2025基金半年报 | | 华宝宝康消费品 | 240001 | 70.00万股 | 咸仓 | 2025基金半年报 | | 申万菱信消费增长混合A | 310388 | 63.26万股 | 新进十大 | 2025基金半年报 ...

登康口腔 20250826 摘要 登康口腔是中国口腔护理行业的领先企业，尤其在抗敏感牙膏领域占据 主导地位，市场份额超过 60%，冷酸灵品牌整体市占率位居市场第三， 目标提升至第二。 2025 年上半年，登康口腔营收同比增长近 20%，归母净利润同比增长 17.59%至 8,500 万元，扣非净利润增长 25.67%至近 7,000 万元，显 示出强劲的增长势头。 公司毛利率持续提升，2025 年上半年达到 52.61%，同比增长近 6 个 百分点，其中电商渠道毛利率高达 60%，表明公司盈利能力显著增强。 电商渠道是登康口腔增长的重要驱动力，2025 年上半年营收超过 3 亿 元，通过兴趣内容与货架协同模式实现高速增长，且毛利率提升超过 8 个百分点。 登康口腔拥有冷酸灵等多个知名品牌，并注重技术研发，已推出 1.0 至 3.0 代抗敏感技术产品，并储备 4.0 和 5.0 产品，同时在重组蛋白牙膏 等新产品上取得技术突破。 公司通过全国 2000 多个区县经销商深度覆盖数十万家零售终端，构建 了强大的线下渠道壁垒，并积极拓展团购、政企等特殊渠道。 登康口腔重视数字化建设，建立了全场景数字化营销运营模式，提 ...

证券代码： 001328 证券简称：登康口腔 投资者关系活动记录表 编号：2025-002 重庆登康口腔护理用品股份有限公司 | □ | 特定对象调研 分析师会议 | | □ | | --- | --- | --- | --- | | □ | 媒体采访 业绩说明会 | | √ | | 投资者关系活动 □ 类别 | 新闻发布会 路演活动 | | □ | | □ | 现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | | | 参与单位名称及 人员姓名 | 线上参与公司 年半年度业绩说明会的全体投资者 2025 | | | | 时间 | 年 月 日 15:30～16:30 8 26 | 2025 | | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | | | 上市公司接待人 员姓名 | 嵘（董事长） | 1.邓 | | | | 2.赵丰硕（董事、总经理） | | | | | 3.王青杰（财务总监） | | | | | 4.杨祥思（董事会秘书） | | | | | 明（独立董事） | 5.黎 | | | | 6.邓必银（保荐代表人） | | | | ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 登康口腔(001328) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com [Table_OtherReport] 相关研究 登康口腔：全渠道份额扩张、产品结构 升级 核心逻辑加速兑现，24Q4 有望超预期 增长 [Table_S 事件：公司发布 ummary] 2025 年半年度报告。2025H1 公司实现收入 8.42 亿元 （yoy+19.7%），归母净利润 0.85 亿元（yoy+17.6%），扣非净利润 0.69 亿 元（yoy+25.7%）。25 单 Q2 实现收入 4.11 亿元（+20.1%），归母净利润 0.42 亿元（+19.7%），扣非归母净利润 0.34 亿元（+24.0%）。 点评：电商渠道高速增长，核心品类稳健放量。2025H1 公司分渠道看，电 商及其他渠道表现亮眼，实现收入 3.25 亿元，同比大幅增长 81.1%，收入 占比提升至 3 ...

Core Viewpoint - The company, Dengkang Oral Care, reported a strong performance in the first half of 2025, focusing on brand development, channel expansion, technological innovation, supply chain optimization, and digital transformation, achieving significant revenue and profit growth [1][2]. Financial Performance - The company achieved a revenue of 842 million yuan, representing a year-on-year increase of 19.72% - The net profit attributable to shareholders was 85.1553 million yuan, up 17.59% year-on-year - The net profit after deducting non-recurring items was 69.3782 million yuan, reflecting a growth of 25.67% - The basic earnings per share stood at 0.49 yuan - The net cash flow from operating activities was 65.5439 million yuan, an increase of 22.86% [1]. Strategic Focus - The company adheres to the operational philosophy of "compliance, innovation, efficiency, and high quality," concentrating on four key areas: oral care, smart oral health, oral medical services, and innovative business - It employs six strategic approaches: high-end, professional, international, digital, lean, and capitalized to strengthen its core business and cultivate a second growth engine in smart oral health [1]. Product Portfolio - The company owns core brands such as "Dengkang" and "Lengsuangling," along with high-end and children's oral care brands, forming a comprehensive product matrix for various consumer demographics - The "Lengsuangling" brand has over 30 years of industry experience and is recognized as a leader in sensitive toothpaste, recently included in the first batch of "China Consumer Famous Brands" by the Ministry of Industry and Information Technology [2]. Product Development - The company completed several new product developments, including the "Yiyan 7-Day Repair Toothpaste" and various mid-to-high-end toothpaste products, significantly increasing the proportion of high-end toothpaste in its product lineup - The company has established a sensitive technology platform and deepened research on biomaterials to solidify its product matrix [2].

Investment Rating - The investment rating for the company is "Buy" with a maintained outlook [4][15]. Core Views - The report highlights strong growth in e-commerce and product upgrades, particularly for the "Cold Acid Spirit" brand, which shows significant brand momentum [2][6]. - The company achieved a revenue of 840 million yuan in the first half of 2025, representing a year-on-year increase of 19.7%, with a net profit of 85 million yuan, up 17.6% year-on-year [6][8]. - The report anticipates continued growth in net profit for 2025-2027, with expected figures of 200 million yuan, 260 million yuan, and 310 million yuan respectively, reflecting growth rates of 25.8%, 26.5%, and 21.0% [6][8]. Financial Data and Valuation - Projected revenue for 2023A is 1,376 million yuan, with a growth rate of 5%, increasing to 2,485 million yuan by 2027E, with a growth rate of 16% [3][8]. - Net profit is expected to grow from 141 million yuan in 2023A to 310 million yuan in 2027E, with a growth rate of 5% in 2023A and 21% in 2027E [3][8]. - Earnings per share (EPS) is projected to rise from 0.82 yuan in 2023A to 1.80 yuan in 2027E, with a corresponding decrease in price-to-earnings (P/E) ratio from 54.0 to 24.6 over the same period [3][8]. Product and Channel Performance - The company has seen significant growth in its product categories, with adult toothpaste and electric oral care products showing year-on-year increases of 23% and 54.9% respectively in H1 2025 [6][8]. - E-commerce sales have surged by 86.6% in H1 2025, contributing to a 36% share of total sales, indicating a successful channel strategy [6][8]. - The overall gross margin improved to 52.6% in H1 2025, up 5.7 percentage points year-on-year, driven by product upgrades and effective marketing strategies [6][8].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19]. Core Views - The company has shown stable growth in Q2, with revenue reaching 842 million, a year-on-year increase of 19.72%, and a net profit of 85 million, up 17.59% year-on-year. The growth is driven by the expansion of e-commerce channels and the successful development of high-margin products [1][7]. - The adult toothpaste category remains the core driver of revenue, achieving 677 million in sales, a 23% increase year-on-year, accounting for 80.43% of total revenue. Emerging categories like electric toothbrushes and oral medical care have also shown strong growth [2][7]. - The company has successfully leveraged e-commerce platforms, with revenue from e-commerce and other channels reaching 325 million, a significant increase of 81.13% year-on-year, enhancing its market position [2][8]. - The gross margin improved to 49.57%, driven by a higher proportion of high-margin products. The sales expense ratio increased due to the rising online sales proportion [3][9]. Financial Performance Summary - For the first half of 2025, the company reported revenue of 842 million and a net profit of 85 million, with Q2 alone contributing 411 million in revenue and 42 million in net profit [1][7]. - The company forecasts revenue growth to 2.01 billion in 2025, with a net profit of 224 million, reflecting a growth rate of 39.1% [4][17]. - The company maintains a stable operating capability, with inventory turnover days at 98 days and accounts receivable turnover days at 7 days [13]. Profitability and Valuation Metrics - The company is projected to have a PE ratio of 34 for 2025, decreasing to 22.2 by 2027, indicating an attractive valuation as earnings grow [4][17]. - The return on equity (ROE) is expected to rise from 10.1% in 2023 to 21.1% in 2027, reflecting improved profitability [4][17].