Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Insights - The company has shown steady revenue growth, achieving 1.228 billion in revenue for the first three quarters of 2025, representing a year-over-year increase of 16.66%. The net profit attributable to the parent company reached 136 million, up 15.21% year-over-year [1]. - The company is focusing on high-end product development and optimizing its online marketing strategies, which has led to a temporary reduction in online advertising expenditures [1][3]. - The introduction of a new product, "Keratin" toothpaste, is expected to perform strongly and potentially become a significant product alongside the existing "Medical Research Seven Days" toothpaste [1]. Financial Performance - In Q3 2025, the company reported a revenue of 386 million, a year-over-year increase of 10.49%, and a net profit of 51 million, up 11.43% year-over-year [1]. - The gross margin for Q3 2025 was 45.90%, down 8.02 percentage points year-over-year, while the sales expense ratio decreased by 8.00 percentage points [2]. - The company maintained stable operational efficiency, with inventory turnover days reduced to 90 days, a decrease of 20 days year-over-year, and accounts receivable turnover days at 7 days, down 1 day year-over-year [2]. Earnings Forecast and Valuation - The company’s projected net profits for 2025-2027 have been slightly adjusted to 204 million, 243 million, and 294 million, respectively, with corresponding price-to-earnings ratios of 34, 28, and 23 times [3]. - Revenue forecasts for the years 2023 to 2027 are 1.376 billion, 1.560 billion, 1.847 billion, 2.245 billion, and 2.614 billion, reflecting growth rates of 4.8%, 13.4%, 18.4%, 21.6%, and 16.4% respectively [4][22].
登康口腔（001328）：业绩持续稳健增长，线上投放阶段性收缩