Investment Rating - The investment rating for the company is "Add" (maintained) [6] Core Views - The company achieved a revenue of 1.56 billion yuan in 2024, representing a year-on-year increase of 13.4%, and a net profit of 160 million yuan, up 14.1% year-on-year [1] - The adult toothpaste segment showed excellent growth, with revenue increasing by 16.1%, while the e-commerce channel remains the core driver of the company's growth [2] - The optimization of product structure has significantly boosted the gross margin, which reached 49.37% in 2024, up 5.3 percentage points year-on-year [3] Financial Performance - In 2024, the company reported a net cash flow from operating activities of 181 million yuan, a year-on-year increase of 20.1% [4] - The company's gross margin for adult toothpaste was 50.47%, reflecting a 5.5 percentage point increase year-on-year [3] - The company’s net profit margin for 2024 was 10.33%, a slight increase of 0.06 percentage points year-on-year [3] Market Position - The company has maintained a steady increase in market share, ranking third in the offline retail channel for toothpaste products, and second among domestic brands [5] - The "Cold Acid Spirit" brand has seen its market share in the sensitive toothpaste segment increase from 61.74% in 2022 to 64.72% in 2024 [5] Earnings Forecast - The company is expected to achieve revenues of 1.87 billion yuan, 2.27 billion yuan, and 2.80 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 19.65%, 21.73%, and 23.21% [10] - The forecasted net profit for 2025 is 196 million yuan, representing a year-on-year growth of 21.75% [10]
登康口腔（001328）：2024A、2025Q1业绩点评报告：电商为核心驱动，产品结构优化助毛利率提升