Investment Rating - The report upgrades the company to a "Buy" rating, reflecting a positive outlook for the next 6-12 months with expected price increases [3]. Core Insights - The company reported a revenue of 1.56 billion RMB for 2024, representing a year-on-year growth of 13.4%, and a net profit of 161 million RMB, up 14.07% year-on-year [2]. - The growth is driven by the successful launch of high-demand products, particularly in the sensitive teeth segment, and effective marketing strategies leveraging platforms like Douyin [3][2]. - The company is positioned as a leader in the sensitive oral care niche, with a significant market share in various product categories [3]. Performance Analysis - For 2024, the revenue breakdown by product includes adult toothpaste (1.247 billion RMB), adult toothbrushes (161 million RMB), children's toothpaste (72 million RMB), and electric toothbrushes (10 million RMB), with notable growth in sensitive care products [2]. - The revenue from different channels shows a significant increase in e-commerce sales by 51.99%, while direct supply and distribution channels experienced declines [2]. - The gross margin for 2024 is reported at 49.37%, an increase of 5.27 percentage points year-on-year, driven by the introduction of high-end products [3]. Financial Projections - The company is projected to achieve net profits of 200 million RMB, 258 million RMB, and 332 million RMB for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 38.48, 29.78, and 23.17 [3][7]. - The expected revenue growth rates for the upcoming years are 27.91% for 2025, 20.88% for 2026, and 18.20% for 2027, indicating a strong growth trajectory [7]. Market Position - The company ranks third in retail sales market share for toothpaste in offline channels, and its children's toothpaste and toothbrushes are positioned third and first in their respective categories [2]. - The report highlights the company's ability to leverage social media marketing to enhance brand visibility and drive sales growth [3].
登康口腔（001328）：业绩表现靓丽，爆品放量、电商提速带动品牌势能上行