Investment Rating - The investment rating for the company is "Accumulate" with a target price not specified [5] Core Views - The company reported a revenue of 430 million with a year-on-year growth of 19% in Q1 2025, and a net profit attributable to the parent company of 43 million, up 15.6% year-on-year [1] - The revenue forecast for 2024 is 1.56 billion, representing a 13.4% increase, with a net profit of 161 million, up 14% year-on-year [1] - The e-commerce channel is driving growth, with e-commerce revenue expected to reach 480 million in 2024, a 52% increase [2] - The company is focusing on high-margin products and leveraging its brand strategy to enhance profitability [2] Revenue Breakdown - For 2024, revenue from distribution is projected at 1.03 billion, a 3.7% increase, while direct supply revenue is expected to decline by 24% to 40 million [2] - The adult toothpaste segment is expected to generate 1.25 billion, up 16%, while children's toothpaste is projected to decline by 5% to 30 million [2] Market Position - The company ranks third in the toothpaste market and second among domestic brands, with its core brand "Cold Acid Spirit" holding a market share of 64.7% in the sensitive toothpaste segment by 2024 [3] - The toothbrush segment is also performing well, with the brand ranking second in retail market share [3] Product Expansion - The company is expanding its product offerings into oral medical and beauty care products, with a revenue increase of 35.5% in this segment for 2024 [4] - Future plans include developing electric oral care products and enhancing its presence in the oral health ecosystem [4][8] Financial Projections - The company expects to achieve a net profit of 196.89 million in 2025, with an EPS of 1.14 yuan [9] - Revenue is projected to grow to 1.89 billion in 2025, reflecting a growth rate of 21.1% [10] - The gross margin is expected to improve to 50% by 2025 [11]
登康口腔（001328）：电商助力高毛利产品成长