Investment Rating - The report maintains an "Add" rating for the company, indicating a positive outlook for its stock performance [2][3]. Core Insights - The company achieved a revenue of 1.053 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 4.12%. The net profit attributable to shareholders was 118 million yuan, up 9.54% year-on-year, with a gross margin of 49.25% [2][3]. - The report highlights the company's focus on quality-price ratio and expansion of product categories through online channels, which is contributing to ongoing performance growth [3]. - The company is expected to achieve net profits of 164 million yuan, 198 million yuan, and 228 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 16.0%, 20.6%, and 15.3% [3][4]. Financial Performance Summary - For the first three quarters of 2024, the gross margin improved to 49.25%, and the net profit margin reached 11.20%, reflecting a positive trend in profitability [2]. - The sales expense ratio increased to 31.28%, while the R&D expense ratio rose to 3.64%. The management expense ratio decreased to 4.19% [2]. - The company’s projected revenue for 2024 is 1.475 billion yuan, with a year-on-year growth of 7.2%. The gross margin is expected to improve to 48.9% [4]. Earnings Per Share (EPS) Projections - The expected EPS for 2024, 2025, and 2026 are 0.95 yuan, 1.15 yuan, and 1.32 yuan respectively, with corresponding price-to-earnings (PE) ratios of 33.3, 27.6, and 24.0 [4]. Market Position and Strategy - The company has established a strong brand presence in the sensitive teeth care segment and is expanding its product offerings to include gum care and antibacterial products [3]. - The strategy focuses on enhancing online sales channels and optimizing product structure to maintain competitive advantages in the market [3].
登康口腔：主打质价比，线上渠道扩新品类，业绩增长进行时