Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage in the market [5][41]. Core Views - The company is recognized as a leading domestic brand in the oral care industry, with strong brand momentum and a focus on high-quality products [5][14]. - The report highlights the company's robust growth potential driven by its innovative product lines and expanding e-commerce channels, which are expected to enhance profitability [10][16]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of oral care products, including well-known brands like "Cold Acid Spirit" and "Beilele" [7][14]. - It aims to provide effective oral health solutions through a diversified product strategy that includes adult toothpaste, toothbrushes, electric toothbrushes, and children's oral care products [7][14]. Financial Performance - The company is projected to achieve revenues of RMB 18.6 billion, RMB 21.9 billion, and RMB 25.5 billion from 2025 to 2027, with year-on-year growth rates of 19.3%, 17.5%, and 16.5% respectively [6][41]. - The net profit attributable to shareholders is expected to reach RMB 2.0 billion, RMB 2.5 billion, and RMB 3.0 billion during the same period, with growth rates of 25.5%, 22.0%, and 20.9% respectively [8][41]. Market Position and Competitive Advantage - The company has established a multi-channel marketing system that includes distribution, direct supply, and e-commerce, enhancing its market reach and operational efficiency [25][28]. - It has built a strong brand matrix, particularly with its core brand "Cold Acid Spirit," which holds over 60% market share in the sensitive toothpaste segment [30][34]. Product Development and Innovation - The company is committed to increasing its R&D investment, focusing on both independent and collaborative innovation to maintain its industry-leading position [34][40]. - It has a robust pipeline of new products aimed at addressing various consumer needs, including sensitivity, whitening, and orthodontic care [38][40]. Valuation and Comparables - The current price-to-earnings (P/E) ratios for the company are projected to be 39, 32, and 26 for the years 2025, 2026, and 2027 respectively, compared to an average of 45 for comparable companies in the personal care sector [41][43].
登康口腔（001328）：国内口腔护理行业优质国货品牌势能持续释放