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 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 12 24 年 月 日 松霖科技（603992.SH） 机器人+大健康，新增长曲线清晰 智能厨卫起家，关税摩擦负面影响逐渐消退 公司传统主营业务为智能厨卫产品，客户以高端厨卫、家居、美容健康等 领域的品牌商为主。公司海外营收占比较大，2024 年境内营收 7.51 亿元， 境外营收 22.64 亿元，境外营收占比 75.1%。2025 年上半年受关税影响 较大，但随着越南基地一期于 2025 年 6 月份投产，海外订单交付满足能 力迅速提高；二期产能正在加紧建设，计划 2026 年上半年投入运营，全 面达产后总产值超 2 亿美元。随着一二期产能的逐步达产，业绩持续改善 趋势有望延续。 高毛利率美容健康类产品发力增长 "健康+颜值"正成为消费新方向。2024 年，公司美容健康类产品实现收 入 3.59 亿元，同比增长 38.4%。且美容健康产品附加值高，毛利率显著 高于智能厨卫产品，2024 年毛利率 49.18%，比传统智能厨卫品类高 15pct 以上，利润空间可观。当前公司大力发展美容健康类业务，美容健康类产 品保持高增长，预计产品结构优化 ...

Core Viewpoint - The article discusses the challenges faced by Usmile, a leading player in the electric toothbrush market, particularly focusing on its stagnation in growth and internal organizational issues that have led to a decline in its competitive edge [2][3][4]. Group 1: Organizational Challenges - Usmile's primary issue is its "organizational capability," which has been hindered by the founders' limited vision and inability to attract top talent as the company scaled [4][6]. - High turnover rates among executives have created instability, with many key personnel leaving within a year, leading to a fragmented leadership team [4][5]. - The company's value distribution is perceived as unfair, with a reluctance from the founders to dilute their control through equity incentives, causing disillusionment among employees [6][7]. Group 2: Market Position and Competition - Usmile once held nearly 30% of the electric toothbrush market, generating over 3 billion in revenue, but has faced stagnation since 2023, with no significant growth [2][3]. - Competitors like Leifeng and Xiaomi are aggressively encroaching on Usmile's market share, with Xiaomi capturing over 10% of the market with its T series toothbrushes [3][4]. - The electric toothbrush market is limited, with an annual online market size of around 5 billion, necessitating product line expansion to drive growth [8][9]. Group 3: Product Development and Innovation - Usmile has attempted to diversify its product offerings, launching new categories like oral irrigators and beauty devices, but has faced execution challenges due to insufficient R&D personnel [8][9][10]. - The company has invested in developing proprietary brush heads to enhance product quality, but this has not translated into significant profit growth, as improved brush head quality has led to reduced replacement frequency [11][12]. - Despite its struggles in expanding product lines, Usmile has maintained strong execution in its core electric toothbrush business, continuously improving product features and user engagement [10][11]. Group 4: Brand Strategy - Usmile has successfully built a strong brand identity centered around "oral health," leveraging strategic partnerships and marketing campaigns to enhance brand visibility [13][14]. - The company has utilized product placements in popular TV shows and engaged in social responsibility initiatives to strengthen its brand image and connect with consumers [15][16]. - By focusing on children's oral health and collaborating with notable figures, Usmile has effectively penetrated the family market, establishing a loyal customer base [16][17]. Group 5: Industry Context - The electric toothbrush market in China has a penetration rate of about 12%, indicating potential for growth, but the slow development of consumer awareness poses significant challenges [18]. - The market is characterized by high competition and product homogeneity, making it difficult for new entrants to gain a foothold against established brands like Philips and Oral-B [18]. - Usmile's future growth will depend on its ability to innovate and adapt to market demands while overcoming internal organizational challenges [18].

Core Viewpoint - The article emphasizes the importance of oral health as a crucial component of overall health, highlighting the necessity of regular dental check-ups and treatments such as teeth cleaning and orthodontics to maintain dental hygiene and prevent further complications [1][2][3]. Group 1: Importance of Regular Dental Care - Regular dental cleaning is essential to remove plaque and tartar, which can lead to various dental diseases if not addressed [2][3]. - Recommendations for cleaning frequency include every six months to a year for healthy individuals, and every three to six months for those with periodontal disease [2]. - The use of electric toothbrushes can enhance brushing efficiency, particularly for individuals with limited hand mobility [2]. Group 2: Orthodontic Treatment - Various dental issues warrant orthodontic treatment, including misaligned teeth, large gaps, deep bites, and other malocclusions [3][4]. - Preparation for orthodontic treatment involves a thorough examination by a professional orthodontist, including X-rays and dental scans [4]. - Two main types of orthodontic devices are discussed: removable and fixed braces, each with its own advantages and disadvantages [4][5]. Group 3: Dental Implants - Missing teeth can lead to significant functional and aesthetic issues, making dental implants a viable solution [7][8]. - Dental implants involve placing a titanium root in the jawbone, which integrates with the bone over time, providing a stable foundation for artificial teeth [7][8]. - Candidates for dental implants should be in good health and have adequate bone structure, while certain health conditions may require further evaluation before proceeding [8].

Core Viewpoint - The article emphasizes the importance of oral health as a crucial component of overall health, highlighting the necessity of regular dental check-ups and treatments to prevent various dental issues and maintain quality of life [1]. Group 1: Dental Hygiene - Regular dental cleanings are essential to remove plaque and tartar, which can lead to cavities and gum diseases if not addressed [2]. - Recommendations for dental cleaning frequency include every six months to a year for healthy individuals, and every three to six months for those with periodontal disease or specific health conditions [2]. - Proper dental care at home is crucial, with electric toothbrushes being beneficial for certain populations, while traditional toothbrushes may be more suitable for others [2]. Group 2: Orthodontics - Various dental issues warrant orthodontic treatment, including misaligned teeth, large gaps, deep bites, and other malocclusions [3][4]. - Orthodontic treatment requires a thorough examination by a professional, including X-rays and dental scans, to create a tailored treatment plan [4]. - There are two main types of orthodontic devices: removable and fixed braces, each with its own advantages and disadvantages [4][5]. Group 3: Dental Implants - Missing teeth can lead to significant functional and aesthetic issues, making dental implants a viable solution compared to traditional dentures [7][8]. - Dental implants involve placing a titanium root in the jawbone, which integrates with the bone over time, providing a stable and natural-looking replacement [7]. - Not all individuals are suitable candidates for dental implants; health conditions such as diabetes or poor oral hygiene may require further assessment before proceeding [8].

Core Viewpoint - The article emphasizes the importance of proper dental hygiene practices, particularly the correct brushing technique, to prevent dental issues such as tooth decay and gum disease. Group 1: Brushing Techniques - Many patients suffer from wedge-shaped defects in their teeth due to incorrect horizontal "sawing" brushing techniques, which can cause irreversible damage to the enamel [3][4] - The enamel, while the hardest tissue in the human body, is unevenly distributed, making it vulnerable to damage from improper brushing methods [3] - Effective brushing should avoid horizontal motions and instead follow a method that brushes from the gum line towards the crown of the tooth [10] Group 2: Importance of Cleaning Between Teeth - Cleaning between teeth is often neglected, leading to plaque accumulation and increasing the risk of cavities and periodontal disease [4][6] - Periodontal disease is a common chronic condition affecting oral health in China, and if not addressed, it can lead to irreversible damage [4] - The basic principle for preventing periodontal disease and cavities is thorough plaque removal, which includes using dental floss and other cleaning tools [4][8] Group 3: Recommendations for Effective Brushing - Effective brushing involves covering all areas of the mouth, ensuring no spots are missed [7] - Special attention should be given to cleaning between teeth and in grooves, using tools like dental floss and interdental brushes [8] - Brushing should occur twice daily for at least three minutes, with a focus on the evening brushing session [9] - The choice of toothbrush is crucial; it should have bristles of moderate hardness and be replaced every three months or when bristles fray [11]

Core Viewpoint - The intense competition in the electric toothbrush industry has led to unethical marketing practices, exemplified by usmile's recent administrative penalty for disparaging a competitor, Laifen, highlighting the industry's anxiety and disorder during a transformation phase [1][8]. Company Summary - usmile, founded in 2015 by former Procter & Gamble employee Chen Jianqun, has rapidly expanded its product range to include oral care devices beyond electric toothbrushes [3]. - usmile's market share increased from 23% to 29% between 2023 and 2024, surpassing Philips to become the industry leader [4]. - Laifen, which entered the electric toothbrush market in October 2023, achieved impressive sales of over 135,000 units and revenue exceeding 400 million yuan in its first month [4]. - Despite initial marketing challenges and significant losses, Laifen's innovative pricing strategy has allowed it to gain a market share of 11% in 2024, with expectations to reach 15% by 2026 [7][9]. Industry Summary - The electric toothbrush market is experiencing a downturn, with online retail sales declining by 6.9% year-on-year to 5.19 billion yuan [9]. - The industry is becoming increasingly crowded with diverse players, leading to a focus on marketing over technological innovation, creating a competitive environment characterized by price wars [9][10]. - The introduction of Laifen's servo motor technology has prompted other companies, including usmile, Xiaomi, and Huawei, to explore similar innovations [10]. - The recent penalty against usmile serves as a critical reflection point for the industry, indicating a shift from growth to a more competitive landscape where traditional marketing strategies may no longer suffice [10].

Core Viewpoint - The article discusses the health implications of whether to brush teeth before or after breakfast, indicating that both practices are acceptable according to dental health experts [1]. Group 1: Importance of Brushing - The primary goal of brushing teeth is to remove dental plaque, a sticky film of bacteria that adheres to the tooth surface, which can proliferate if not regularly cleaned [3]. - Effective brushing should include cleaning the surfaces of the teeth, including the front, back, between teeth, gum line, and tongue [3]. Group 2: Brushing Techniques - The article recommends the "Bass technique" for brushing, which involves seven steps to ensure thorough cleaning [6]. - Key steps include positioning the toothbrush at a 45-degree angle, using short horizontal movements, and ensuring to clean all surfaces of the teeth and tongue [6]. Group 3: Common Misconceptions - Misconceptions include the belief that "natural and additive-free" toothpaste is always safer, that harder brushing leads to cleaner teeth, and that brushing for a short duration is sufficient [8]. - It is advised to replace toothbrushes every three months to maintain cleaning effectiveness [8]. Group 4: Choosing Toothbrushes and Toothpaste - When selecting a toothbrush, factors such as head size, bristle softness, and individual oral health conditions should be considered [9]. - For toothpaste, fluoride-containing options are recommended for preventing cavities, while those with desensitizing ingredients are suggested for sensitive teeth [10]. Group 5: Recommended Oral Care Routine - A suggested routine includes brushing with a soft-bristled toothbrush and fluoride toothpaste for two minutes after breakfast, followed by flossing [12]. - Regular dental check-ups every six months to a year are recommended to identify potential dental issues early [12].

Core Viewpoint - Increasing awareness of oral hygiene among the public, leading to the use of various oral cleaning tools and the need for proper brushing techniques [2] Group 1: Oral Hygiene Practices - Effective brushing is essential for oral cleanliness, with adults recommended to use the horizontal vibratory brushing method and children advised to use the circular brushing method [2] - Brushing alone is insufficient; attention must be paid to the gaps between teeth where food debris and plaque often accumulate [2] Group 2: Additional Cleaning Tools - Flossing tools such as roll floss or floss picks are suitable for cleaning small gaps between teeth [2] - Water flossers serve as auxiliary cleaning tools but require correct usage for effectiveness [2] - Mouthwash, containing antibacterial ingredients, can help prevent gingivitis and periodontitis but should not replace brushing; it is recommended only as an auxiliary care tool in cases of oral inflammation [2] - Caution is advised against the unsupervised use of prescription mouthwashes to avoid disrupting the oral health ecosystem [2]

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].