口腔护理ODM龙头，内生外延成长可期

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for future performance [59]. Core Insights - The company has demonstrated robust profitability with an adjusted net profit margin of around 10%. In 2021, it achieved a revenue of 1.813 billion yuan, a year-on-year increase of 12%, and an adjusted net profit of 193 million yuan [1][4]. - The oral care market in China is steadily expanding, with a market size reaching 52.17 billion yuan in 2021, driven by the premiumization of basic products and the emergence of new segments [49]. - The company has a comprehensive product matrix and continues to innovate, with a focus on consumer needs, which is expected to drive steady growth in performance [40][41]. Summary by Sections Financial Performance - The company reported a revenue of 1.813 billion yuan in 2021, with an adjusted net profit of 193 million yuan, maintaining a net profit margin of approximately 10% from 2020 to Q1-3 2022 [1][4]. - The revenue growth rate from 2015 to 2022 was 12.1%, with net profit growth at 9.7% [57]. Market Position - The company is a leading brand in the domestic oral care market, with a strong brand presence and market share. The "Shuke" brand holds a 5.3% market share, ranking fourth in the overall oral care market [42][44]. - The children's oral care brand "Shuke Baby" has a leading market share of 20.4%, indicating a strong position in the growing segment of children's oral health [43][44]. Product Development - The company has a diverse product line with 56 subcategories across nine product lines, including dental floss, mouthwash, and electric toothbrushes, significantly higher than competitors [40][41]. - Continuous product innovation is a key focus, with the development of a systematic 3D oral mucosa assessment model to enhance product effectiveness [40]. Distribution Channels - The company has established a broad distribution network, with a significant online presence that has grown from 37.9% to 43.3% of total revenue from 2019 to Q1-3 2021 [13]. - The offline distribution strategy includes partnerships with major retailers and a network of 602 distributors, optimizing the channel system to enhance efficiency [47]. Growth Potential - The report highlights the potential for growth through acquisitions, particularly with the acquisition of "Shan En Kang," a leading probiotic raw material supplier, which is expected to contribute positively to earnings [32][50]. - The probiotic market is projected to grow significantly, with the domestic market expected to approach 100 billion yuan by 2022, driven by increasing consumer awareness and demand [20].