祭出收入利润翻倍计划。 | 作者 | | 萧瑟 | | --- | --- | --- | | 编辑 | | 小白 | 口腔护理行业正经历一场静悄悄的变革。随着消费者口腔健康意识提升，"专业"成为新趋势。 登康口腔（001328.SZ）凭借冷酸灵品牌啊，在抗敏牙膏细分市场打出了优势，目前宣称正从单一产 品向口腔大健康生态链转型。 以技术壁垒撬动高端市场 公司成立于1999年，专注于口腔护理产品的研发与销售，其中牙膏是目前公司的核心品类。 公司核心竞争力在于其抗敏感技术壁垒和产品结构升级能力。公司拥有独特的抗敏感技术，包括双重 抗敏感技术和生物玻璃陶瓷材料技术，能有效解决牙齿敏感问题，是产品差异化的核心。 在抗敏感牙膏细分赛道，登康口腔已是绝对龙头。2021年起，公司连续四年占据60%以上的市场份 额，且市占率还在逐年提升，2024年创下64.7%的新高。 差异化优势来之不易，是公司持续投入研发的结果。过去几年间，登康口腔的研发费用率稳定在 3.0%-3.5%，这个数字明显高于行业平均水平。 未来，公司仍有望通过重组蛋白等新技术继续提升高端产品占比，进一步优化盈利能力。 （来源：市值风云APP） 2025年上半 ...

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Insights - The company has announced its 2026 investment plan and the "8462 Leap Action - 14th Five-Year Plan," clarifying its growth direction for the future [1] - The company aims to enhance its "digital intelligence" capabilities and accelerate the layout of the oral health ecosystem, with planned investments of approximately 113 million yuan, including 63 million yuan in fixed assets and 50 million yuan in equity investments [2] - The company has set ambitious goals to double both revenue and total profit during the 14th Five-Year Plan, focusing on four key areas: oral care, smart oral health, oral medical services, and innovative businesses [3] - The company is expected to recover online investments and achieve a strong start in the 14th Five-Year Plan, with a focus on new product launches and optimizing product structure [4] - The company is a leader in the sensitive toothpaste market and is expected to see substantial growth through product upgrades and diversification, with projected revenues of 1.75 billion yuan, 2.11 billion yuan, and 2.50 billion yuan for 2025, 2026, and 2027, respectively [5] Financial Summary - The company forecasts revenues of 1.75 billion yuan for 2025, with a year-on-year growth of 12.20%, and net profits of 181 million yuan, reflecting a growth of 12.50% [11] - For 2026, the expected revenue is 2.11 billion yuan, with a growth rate of 20.67%, and net profit is projected at 219 million yuan, a 20.96% increase [11] - By 2027, the company anticipates revenues of 2.50 billion yuan, with an 18.43% growth, and net profits of 263 million yuan, reflecting a 19.89% increase [11]