Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 1.9 billion, 2.3 billion, and 2.8 billion for the years 2025 to 2027, corresponding to PE ratios of 40, 33, and 28 respectively [6] Core Insights - The company reported a revenue of 386 million in Q3 2025, representing a year-on-year increase of 10.49%, and a net profit of 51 million, up 11.43% year-on-year, with a net profit margin of 13.13% [2] - The company's major product lines, particularly the "Medical Research 7 Days" series, are experiencing strong growth, with online sales in the toothpaste category reaching 110 million, a 14.1% increase year-on-year [3] - Short-term gross margin is under pressure due to increased promotional activities, but overall profitability has improved due to excellent cost control [4] - The company is positioned as a leader in the sensitive teeth segment with over 60% market share, and is focusing on high-end products to optimize profit structure and drive market share growth [5] Financial Summary - For the first three quarters of 2025, the gross margin was 50.50%, a year-on-year increase of 1.24 percentage points, while Q3 gross margin was 45.9%, down 8.03 percentage points year-on-year [4] - The company expects revenue growth rates of 4.76%, 13.40%, 11.41%, 15.45%, and 15.81% from 2023 to 2027, with net profit growth rates of 4.97%, 14.07%, 18.65%, 20.86%, and 20.22% respectively [11] - The report includes a detailed forecast of the income statement, balance sheet, and cash flow statement, indicating a steady growth trajectory for the company [13]
登康口腔（001328）：Q3 主动控费效果初现，中长期发展逻辑依然清晰