Investment Rating - The investment rating for the company is "Outperform the Market" [6][20][25] Core Views - The company is expected to achieve revenue of 1.56 billion in 2024, representing a year-over-year increase of 13.4%, with a net profit of 161 million, up 14.07% year-over-year [1][8] - The adult basic oral care segment remains the primary revenue source, generating 1.407 billion in 2024, accounting for 90.22% of total revenue [2][9] - The company is focusing on product upgrades and channel expansion, particularly through online sales, which have shown significant growth [1][4][20] Revenue and Profitability - In Q4 2024, the company achieved a revenue growth of 39.12% and a net profit growth of 28.58% [1][8] - The gross margin for 2024 is projected to be 49.37%, an increase of 5.26 percentage points year-over-year [13][18] - The company plans to distribute a cash dividend of 7.5 per 10 shares (tax included) [1][8] Segment Performance - The adult basic oral care segment's revenue grew by 14.48% year-over-year, while the children's segment saw a decline of 1.90% [2][9] - The e-commerce channel is experiencing robust growth, with a revenue increase of 51.99% in 2024, raising its contribution to 30.81% of total revenue [2][9] Future Outlook - The company is expected to maintain healthy growth in Q1 2025, with projected revenue of 430 million, a year-over-year increase of 19.36% [3][10] - The net profit for 2025 is forecasted to reach 224 million, reflecting a growth rate of 39.1% [5][20] - The company aims to enhance its market position through diversified expansion and brand strengthening via social media channels [4][20]
登康口腔（001328）：产品升级与渠道扩张齐驱，业绩持续稳步提升