Investment Rating - The report maintains a rating of "Accumulate" for the company [6] Core Views - The company is focusing on building a comprehensive oral health ecosystem, aiming to become a world leader in the oral health and beauty industry [2][3] - The 2025 investment plan includes a total investment of approximately 158.34 million yuan, with 103.34 million yuan allocated for fixed assets and 55 million yuan for equity investments [1] - The company plans to enhance its capabilities in oral health research and product development through the integration of modern technologies such as big data and artificial intelligence [1][3] Summary by Sections Investment Plan - The company is investing in seven major fixed asset and equity investment projects as part of its 2025 investment plan, focusing on digital transformation and the oral health sector [1] - Key projects include the construction of a smart factory and an oral health research center to improve research equipment and product development capabilities [1] Market Expansion - The company aims to expand its market presence in oral care products, including toothpaste, toothbrushes, mouthwash, and dental floss, while also focusing on electric oral care products [3] - The development of new oral health products, including medical devices and hygiene products, is a priority, with plans for collaborations in the OTC pharmacy sector [3] Financial Forecast - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.94 yuan, 1.12 yuan, and 1.32 yuan respectively, with corresponding price-to-earnings (PE) ratios of 36x, 30x, and 26x [4][10] - Revenue is expected to grow from 1,534.20 million yuan in 2024 to 2,054.46 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 16.90% [10][13]
登康口腔：2025年投资计划着力打造口腔大健康生态链