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]
登康口腔：业绩个位数稳增，市占率逆势提升