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].

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company's performance in Q3 2024 showed steady growth, with significant improvement in gross margin driven by high-margin products sold through Douyin, indicating strong potential for future profitability [3] - The target price has been raised to 34.24 yuan, reflecting an increase from the previous forecast of 29.64 yuan, based on the company's growth potential and valuation adjustments [2][8] Financial Performance Summary - For 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 4.12%, 9.54%, and 6.40% respectively [8] - In Q3 2024, the company reported revenue of 350 million yuan, net profit attributable to shareholders of 46 million yuan, and net profit excluding non-recurring items of 37 million yuan, with year-on-year growth of 1.56%, 9.17%, and 6.58% respectively [8] - The gross margin for Q3 2024 was 53.92%, an increase of 7.04 percentage points year-on-year, primarily due to the strong performance of e-commerce channels and high-margin products [8] Market Position and Growth Potential - The company has maintained a market share of 8.57% in the domestic toothpaste market, ranking third, despite a year-on-year decline in market size [8] - The core brand "Cold Acid Spirit" holds a 62.92% market share in the sensitive teeth segment, reinforcing its leadership position [8] - The rapid growth of high-margin products, particularly the medical research toothpaste sold on Douyin, is expected to enhance the company's product structure and brand strength, leading to increased revenue and profit in the medium to long term [8] Financial Forecasts - The company is projected to achieve revenues of 1.529 billion yuan in 2024, 1.684 billion yuan in 2025, and 1.844 billion yuan in 2026, with respective growth rates of 11.1%, 10.1%, and 9.5% [9] - Net profit attributable to shareholders is forecasted to be 163 million yuan in 2024, 183 million yuan in 2025, and 205 million yuan in 2026, with growth rates of 15.2%, 12.6%, and 11.9% respectively [9]

证券代码：001328 证券简称：登康口腔 公告编号：2024-032 重庆登康口腔护理用品股份有限公司 第七届董事会第十八次会议决议公告 表决情况：同意9票，反对0票，弃权0票 表决结果：通过 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。 一、董事会会议召开情况 （一）重庆登康口腔护理用品股份有限公司（以下简称"公司"）第七届董事会 第十八次会议（以下简称"本次会议"）通知以电子邮件及电话方式于2024年10月21 日向全体董事发出。 （二）本次会议于2024年10月25日上午10:00在公司办公楼三楼二会议室以现场或 通讯表决的方式召开。 （三）本次会议应到董事9名，实际出席会议并表决的董事9名。其中，董事赵丰 硕、王青杰、方果、廖成林、靳景玉、王海兵参加现场会议表决，董事邓嵘、许杰、 孙德寿以通讯表决方式出席会议。 （四）公司董事长邓嵘先生主持会议，公司全体监事和高级管理人员列席会议。 （五）本次会议的通知、召集和召开符合《中华人民共和国公司法》等法律、行 政法规、部门规章、规范性文件及《重庆登康口腔护理用品股份有限公司章程》（以 下简称"《公司章程》 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥349,788,836.26, representing a year-on-year increase of 1.56%[3] - Net profit attributable to shareholders was ¥45,521,329.00, up 9.17% compared to the same period last year[3] - The net profit after deducting non-recurring gains and losses was ¥37,212,872.22, reflecting a 6.58% increase year-on-year[3] - Total operating revenue for Q3 2024 reached CNY 1,052,921,002.65, an increase of 4.9% compared to CNY 1,011,248,393.47 in Q3 2023[12] - Net profit for Q3 2024 was CNY 117,937,732.55, representing a 9.5% increase from CNY 107,667,337.93 in the same period last year[13] - Earnings per share for Q3 2024 were CNY 0.6850, slightly up from CNY 0.6822 in Q3 2023[13] Cash Flow and Investments - The net cash flow from operating activities for the year-to-date period was ¥160,069,795.09, showing a significant increase of 68.30%[3] - Operating cash inflow totaled CNY 1,311,305,143.09, an increase from CNY 1,176,763,138.93 in the previous period, representing a growth of approximately 11.4%[15] - Cash inflow from investment activities amounted to CNY 903,267,724.15, compared to CNY 440,712,329.76 in the prior period, reflecting a growth of 105.5%[15] - The company experienced a 96.02% increase in cash recovered from investments, amounting to ¥833,000,000.00, due to the maturity of structured deposits[6] - The company reported a 257.63% increase in cash received related to investment activities, totaling ¥51,700,000.00, driven by an increase in matured time deposits[6] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥1,950,919,260.14, an increase of 4.39% from the end of the previous year[3] - The total liabilities as of Q3 2024 were CNY 539,627,586.57, an increase from CNY 463,579,915.98 in Q3 2023, indicating a rise of 16.4%[12] - The company's cash and cash equivalents decreased from 533,602,642.64 to 386,409,832.70, a decline of approximately 27.5%[10] - The total current assets increased from 1,583,649,100.62 to 1,662,083,051.91, representing a growth of about 4.96%[10] - The company's inventory rose from 189,184,071.93 to 243,832,858.08, an increase of approximately 28.9%[10] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 16,646[7] - The largest shareholder, Chongqing Light Textile Holdings Group Co., Ltd., holds 59.83% of the shares, totaling 103,012,300 shares[7] Research and Development - Research and development expenses increased to CNY 38,366,160.95, compared to CNY 33,257,379.34 in the previous year, marking a growth of 15.9%[12] Future Outlook - The company plans to continue expanding its market presence and investing in new product development to drive future growth[12]

重庆登康口腔护理用品股份有限公司 战略、ESG与科技创新委员会工作细则 第一章 总则 第一条 为适应重庆登康口腔护理用品股份有限公司（以下简称"公司"） 战略与可持续发展需要，增强公司技术的核心竞争力，提高公司发展规划、技术 发展规划水平及公司环境、社会及治理（ESG）管理水平，健全投资决策程序， 加强决策科学性，提高重大投资决策、重大技术项目决策的效益和决策的质量， 完善公司治理结构，根据《中华人民共和国公司法》《上市公司治理准则》《深 圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第1号— —主板上市公司规范运作》《重庆登康口腔护理用品股份有限公司章程》（以下 简称"《公司章程》"）及其他有关规定，公司董事会设立战略、ESG与科技创 新委员会，并制定本细则。 第二条 战略、ESG与科技创新委员会是董事会按照股东会决议设立的专门 工作机构，主要负责对公司长期发展战略、长期技术规划、重大投资决策和重大 技术项目决策进行研究并提出建议，负责公司ESG相关事宜的战略发展及管理， 指导并监督公司ESG工作的有效实施。 第二章 人员组成 第三条 战略、ESG与科技创新委员会由三至六名董事组成。 （一） ...

证券代码：001328 证券简称：登康口腔 公告编号：2024-033 重庆登康口腔护理用品股份有限公司 一、监事会会议召开情况 （一）重庆登康口腔护理用品股份有限公司（以下简称"公司"）第七届监事会 第十五次会议（以下简称"本次会议"）通知以书面或电话方式于2024年10月21日向 全体监事发出； （二）本次会议于2024年10月25日下午14:00在公司办公楼二楼三会议室以现场表 决的方式召开； （三）本次会议应到监事5名，实际出席并表决的监事5名； （四）公司监事会主席李雪飞先生主持会议； （五）本次会议的通知、召集和召开符合《中华人民共和国公司法》等法律法 规、规范性文件及《重庆登康口腔护理用品股份有限公司章程》（以下简称"《公司 章程》"）的有关规定。 二、监事会会议审议程序 （一）审议通过《关于<2024年第三季度报告>的议案》 表决情况：同意5票，反对0票，弃权0票 第七届监事会第十五次会议决议公告 本公司及监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。 经审核，监事会认为董事会编制和审议公司《2024年第三季度报告》的程序符合 法律、行政法规及中国证监 ...

Investment Rating - The report initiates coverage on Dengkang Oral Care with a "Buy" rating, citing its potential for sustained profit growth driven by product and channel strategies [3][7] Core Views - The Chinese toothpaste market is transitioning from volume-driven growth to price-driven growth, with significant room for premiumization compared to mature markets like the US and Japan [1][15] - Domestic brands are gaining market share, with their proportion rising from 20% to 40% between 2014 and 2023, indicating a shift towards a domestic-led market structure [1][27] - Dengkang Oral Care, with its strong brand "Lengkeling," is well-positioned to benefit from this trend, particularly in the anti-sensitivity segment where it holds a 60% market share [3][59] Industry Overview - The Chinese toothpaste market has seen a decline in retail sales growth from 10% to 2% over the past decade, with price increases becoming the primary driver of growth [15][16] - Functional toothpaste, especially anti-sensitivity and gum health products, is gaining traction, with these categories showing significant growth in market share [17][21] - E-commerce has become a dominant channel in China, accounting for over 40% of oral care product sales, while traditional channels like supermarkets remain strong in Japan and the US [22][26] Competitive Landscape - The top three players in the Chinese toothpaste market (CR3) have seen a slight decline in market share from 59.4% to 57.5% between 2014 and 2023, while the top five (CR5) have remained stable at around 72-73% [27][30] - In Japan and the US, local brands dominate the market, with companies like Lion and Colgate maintaining strong positions [27][31] - Domestic brands in China are increasingly capturing market share from foreign competitors, with their proportion rising from 20% to 40% over the past decade [27][29] Dengkang Oral Care Analysis - Dengkang Oral Care has a strong foothold in the anti-sensitivity toothpaste market, with its "Lengkeling" brand holding a 60% market share [3][59] - The company has been upgrading its product portfolio, with higher-priced products contributing to improved gross margins [3][67] - Dengkang has been expanding its distribution channels, particularly in e-commerce, where its revenue has grown at a CAGR of 53% from 2019 to 2023 [3][59] Financial Projections - The report forecasts Dengkang's net profit to grow at a CAGR of 16.4% from 2024 to 2026, reaching 223 million RMB by 2026 [3][7] - Revenue is expected to grow at a CAGR of 13.3% over the same period, driven by product upgrades and channel expansion [7][59]

上海锦天城（广州）律师事务所 关于重庆登康口腔护理用品股份有限公司 2024 年第一次临时股东会的 法律意见书 地址：广州市天河区珠江西路 5 号广州国际金融中心第 60 层 电话：020-8928 1168 传真：020-8928 5188 邮编：510623 上海锦天城（广州）律师事务所 法律意见书 上海锦天城（广州）律师事务所 关于重庆登康口腔护理用品股份有限公司 2024 年第一次临时股东会的 法律意见书 致：重庆登康口腔护理用品股份有限公司 鉴此，本所律师根据上述法律、法规、规章及规范性文件的要求，按照律 师行业公认的业务标准、道德规范和勤勉尽责精神，现出具法律意见如下： 第 1页 上海锦天城（广州）律师事务所 法律意见书 一、 本次股东会召集、召开的程序 （一）本次股东会的召集 经核查，公司本次股东会由公司董事会召集。2024 年 8 月 27 日，公司召开 第七届董事会第十七次会议，决议召集本次股东会。 公司已于 2024 年 8 月 28 日在巨潮资讯网（http://www.cninfo.com.cn）上刊 登《关于召开 2024 年第一次临时股东会的通知公告》，将本次股东会的召开时 间、现 ...