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].
登康口腔：Q3业绩符合预期，产品结构升级推动毛利率显著改善