Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 33.2 yuan per share, indicating a potential upside of 10%-20% over the next six months [15][28]. Core Insights - The company has developed and launched various dental care products, including desensitizing agents and mouthwash, and is actively expanding into high-end manufacturing and oral healthcare services [1][6]. - The company is focusing on a multi-channel operational model, enhancing its sales strategy through a combination of traditional retail, e-commerce, and new retail channels [5][12]. - The company aims to strengthen its brand value and expand its product offerings in the oral care sector, particularly in the sensitive teeth segment, where it holds over 60% market share [11][35]. Financial Projections - The company is projected to achieve revenues of 1.534 billion yuan, 1.757 billion yuan, and 2.054 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 161 million yuan, 192 million yuan, and 227 million yuan [6][18]. - The earnings per share (EPS) are expected to be 0.94 yuan, 1.12 yuan, and 1.32 yuan for the same years, with price-to-earnings (P/E) ratios of 34x, 28x, and 24x [6][18]. Market Position - The company has established itself as a leader in the sensitive toothpaste market, leveraging proprietary technology to enhance its product offerings and meet diverse consumer needs [11][35]. - The company is committed to expanding its market presence and brand influence in the oral health sector, focusing on continuous improvement and innovation [35].
登康口腔：成长规划清晰，牙膏抗敏感领域市占率持续提升