Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report indicates a positive outlook with expectations of exceeding forecasts in Q4 2024 [1]. Core Views - The company achieved a revenue of 1.56 billion yuan in 2024, representing a year-on-year growth of 13.4%, and a net profit of 161 million yuan, up 14.1% [1]. - In Q1 2025, the company reported a revenue of 430 million yuan, reflecting a 19.4% increase, and a net profit of 43 million yuan, which is a 15.6% rise [1]. - The report highlights the company's strategic focus on expanding market share through a comprehensive distribution network and enhancing product offerings [2][3]. Summary by Sections Revenue and Profitability - In 2024, the company generated revenues of 1.56 billion yuan and a net profit of 161 million yuan, with growth rates of 13.4% and 14.1% respectively [1]. - For Q1 2025, revenues reached 430 million yuan, marking a 19.4% increase, while net profit was 43 million yuan, up 15.6% [1]. - The company’s gross margin for Q1 2025 was 55.5%, with a net profit margin of 10.0% [5]. Market Position and Strategy - The company is positioned third in the market for its cold acid toothpaste in offline channels, focusing on high-value product categories such as gum care and sensitivity [2]. - The strategic approach includes leveraging a vast distribution network across 31 provinces and over 2000 districts/cities, enhancing brand visibility and sales through digital platforms [2][4]. - The company has successfully upgraded its product structure, with significant growth in high-end and medical research series products, contributing to overall sales [3]. Product Development and Marketing - The company has introduced new products such as desensitizing agents and oral care solutions, which are expected to drive future growth [3]. - Marketing efforts have included high-exposure campaigns, resulting in over 13.2 billion impressions for brand advertisements, and significant sales through social media platforms [4]. - The report notes a strong performance in e-commerce, with a 198% year-on-year increase in GMV for the cold acid toothpaste across three platforms in Q1 2025 [2]. Financial Forecast - The company is projected to achieve net profits of 221 million yuan, 294 million yuan, and 357 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 35, 27, and 22 [5][6].
登康口腔（001328）：全渠道份额扩张、产品结构升级