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]
登康口腔2024年三季报点评：业绩符合预期，线上抖音高增凸显潜力