最新一期业绩显示，2024年三季报，公司实现营业收入22.33亿元，同比2.21%；净利润4.98亿元，同 比-2.63%，销售毛利率41.82%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)27通策医疗38.0237.004.49185.18亿行业平均 45.7240.943.28142.68亿行业中值41.8333.882.5543.24亿1普瑞眼科-173.2621.662.6258.02亿2何氏眼 科-136.5041.851.3726.60亿3光正眼科-86.53205.596.9719.03亿4迪安诊断-85.2825.671.1278.93亿5南华生 物-80.12-105.4311.9529.70亿6创新医疗-78.19-109.272.0337.47亿7国际医学-31.81-30.933.12113.92亿8嘉和 美康-25.49-25.492.1438.24亿9皓宸医疗-21.61-22.254.6921.00亿10美迪西-11.36-11.361.5335.89亿11和元生 物-10.03-10.031.7432.58亿 来源：金融界 股东方面，截至2024年9月30日，通策 ...

通策医疗股份有限公司的主营业务为医疗服务。公司主要产品是口腔医疗服务。公司主要医院为杭州口 腔医院集团、宁波口腔医院集团、三叶儿童口腔、其他蒲公英分院。通策医疗连续五年获得德勤中国评 选的"中国卓越管理公司"、2022年和2023年连续上榜浙商全国500强、2023年获评新浪财经金麒麟"最受 用户信赖的医疗机构"、通策医疗荣获杭州市上城区"行业领军企业"称号、杭州口腔医院集团荣获2023 年杭州市人民政府质量奖。 最新一期业绩显示，2024年三季报，公司实现营业收入22.33亿元，同比2.21%；净利润4.98亿元，同 比-2.63%，销售毛利率41.82%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)27通策医疗42.3841.245.00206.38亿行业平均 52.8647.733.76166.77亿行业中值49.9041.242.8051.60亿1普瑞眼科-185.3323.162.8062.06亿2何氏眼 科-165.9550.881.6732.33亿3迪安诊断-106.4132.041.4098.50亿4光正眼科-95.73227.447.7121.05亿5创新医 疗-92.46-12 ...

证券简称：通策医疗 证券代码：600763 编号：临 2024-065 通策医疗股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 通策医疗股份有限公司（以下简称"公司"）独立董事李敏先生于 2024 年 6 月增持计划披露后，通过上海证券交易所（以下简称"上交所"） 集中竞价交易方式增持公司股份 17,400 股，占公司总股本 0.0039%，本 次增持计划已完成。本次增持完成后，李敏先生直接持有公司股份（包 含公司派股数）43,714 股，占总股本的 0.0098%。 2024 年 12 月 24 日，公司收到独立董事李敏先生关于增持公司股份计划实 施情况的通知，现将有关情况公告如下： 一、增持主体的基本情况 1、增持主体：独立董事李敏先生； 2．本次增持后，李敏先生直接持有公司股份 43,714 股，占总股本的 0.0098%。 3、本次增持计划实施期限届满且已实施完毕。 二、本次增持计划及实施结果 关于董事增持公司股份计划完成的公告 2024 年 6 月 26 日公司在上海证券交易所网站 ...

证券简称：通策医疗 证券代码：600763 编号：临 2024-064 通策医疗股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示: 杭州宝群实业集团有限公司（以下简称"宝群实业"）持有通策医疗股份有 限公司（以下简称"公司"）股份总数 151,589,199 股（以下数据均为公司分红派息 后的股数），占总股本的 33.89%；本次质押股份数为 7,670,000 股，占宝群实业所持 有本公司股份数 5.06%，占本公司总股份数的 1.71%；同时办理解除质押股份数为 8,361,551 股，占宝群实业所持有本公司股份数的 5.52%，占本公司总股份数的 1.87%。 宝群实业质押股份总数为 93,780,326 股，占宝群实业所持有本公司股份数的 61.86%， 占本公司总股份数的 20.97%；宝群实业的一致行动人吕建明先生持股总数 2,091,088 股，占总股本的 0.47%，并无质押；宝群实业已质押股份数占宝群实业及其一致行动 人所持有本公司股份数的 61.02%，占本公司总股份数的 2 ...

证券简称：通策医疗 证券代码：600763 编号：临 2024-063 1 股东 名称 是否为 控股股 东 本次质 押股数 （万股） 是否 为限 售股 是否 补充 质押 质押起始日 质押到期日 质权人 占其所 持股份 比例 占公司 总股本 比例 质押融资资 金用途 宝群 实业 是 1165 否 否 2024.11.14 2025.11.11 杭州银行股份 有限公司江城 支行 7.69% 2.60% 体系外医 疗项目资 金需要 1.股份质押基本情况 2.解除质押基本情况 通策医疗股份有限公司 关于控股股东部分股票质押及解除质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示: 杭州宝群实业集团有限公司（以下简称"宝群实业"）持有通策医疗股份有 限公司（以下简称"公司"）股份总数 151,589,199 股（以下数据均为公司分红派息 后的股数），占总股本的 33.89%；本次质押股份数为 11,650,000 股，占宝群实业所 持有本公司股份数 7.69%，占本公司总股份数的 2.60%；同时办理解除质押 ...

通策医疗（ [Table_StockNameRptType] 600763） 公司点评 经营稳健，新院扩张稳定推进 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 59.16 RMB, up from the previous target of 48.80 RMB [2][3] Core Views - The company faces short-term pressure due to external consumption environment, with steady growth in outpatient visits but pressure on average spending per customer [3] - The dental implant business is growing through volume expansion despite price reductions, while the consumer dental segment remains under pressure [3] - The "Dandelion" branch hospitals are growing rapidly, contributing significantly to revenue, and new hospital expansions are progressing steadily [3][8] Financial Performance - In Q1-Q3 2024, the company achieved revenue of 2.233 billion RMB (+2.21% YoY), with net profit attributable to shareholders of 498 million RMB (-2.63% YoY) [8] - Gross margin for Q1-Q3 2024 was 41.82% (-0.77 pct YoY), and net profit margin was 26.95% (-1.07 pct YoY) [8] - The company's total market capitalization is 22.525 billion RMB, with a current price of 50.36 RMB [5] Operational Highlights - Outpatient visits in Q1-Q3 2024 reached 2.65 million (+6.5% YoY), with 2.29 million visits in the home province (+4.5% YoY) and 360,000 visits outside the province (+21.7% YoY) [8] - Dental implant revenue grew to 384 million RMB (+11.7% YoY), with the number of implants increasing by 30% YoY [8] - The "Dandelion" hospitals contributed 523 million RMB in revenue (+19% YoY), accounting for 23% of total revenue, with a gross margin of 21% and a net profit margin of 12.9% [8] Expansion Plans - The company plans to open 8 new "Dandelion" hospitals in 2024, with 3 already delivered and 5 expected by year-end [8] - The Zijin Port hospital is expected to start trial operations by the end of 2024, and the new West City hospital is expected to complete relocation by 2025 [8] - The Yiwu General Hospital is expected to open between late 2024 and early 2025, with plans to open 5-8 new "Dandelion" hospitals in 2025 [8] Financial Forecasts - Revenue for 2024E is forecasted at 2.918 billion RMB (+2.5% YoY), with net profit attributable to shareholders of 521 million RMB (+4.0% YoY) [9] - EPS for 2024E is projected at 1.16 RMB, with ROE expected to be 12.1% [9] - The company's P/E ratio for 2024E is 43.26x, and the P/B ratio is 5.24x [9]

证 券 研 究 报 告 通策医疗（600763）2024 年三季报点评 推荐（维持） 业绩符合预期，蒲公英快速爬坡 目标价：60 元 事项： 近日，公司公布 2024 年三季报，公司前三季度实现收入 22.33 亿元（+2.21%）， 归母净利润 4.98 亿元（-2.63%），扣非归母净利润 4.94 亿元（-0.47%）。24 年 第三季度公司实现收入 8.23 亿元（+0.05%），归母净利润 1.88 亿（-9.10%）， 扣非归母净利润 1.89 亿（-7.37%）。 评论： 集采后种植牙业务实现正增长。分业务看，2024 年前三季度种植业务收入 3.84 亿元（+11.7%），正畸业务收入 3.95 亿元（同比下降），儿科业务收入 3.86 亿 元（基本持平略有下降），修复业务收入 3.31 亿元（基本持平），大综合业务 5.93 亿元（+1.1%）。种植牙业务方面，公司今年前三季度收入端实现双位数增 长，并且进一步拉动修复和大综合业务的增长。我们预计随着第四季度种植旺 季到来，公司的种植牙业务将会持续高速放量。正畸和儿科业务，尽管受到宏 观消费环境影响公司低价产品的占比有所提升，但公司的定价体系 ...

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company's performance is under short-term pressure, awaiting recovery due to weak consumer demand and the impact of dental implant procurement policies, leading to a decline in average transaction prices and slowing revenue growth [4] - The company reported a revenue of 2.233 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.21%, with a net profit attributable to the parent company of 498 million yuan, down 2.63% [3] - The company is advancing its "Dandelion Plan," which is expected to lay the foundation for long-term growth as more branches complete their cultivation period [4] - The profit margins have slightly decreased, with a gross margin of 41.82% and a net margin of 26.95% for the first three quarters of 2024 [4] - The company is expected to accelerate the opening of new clinics in the next 3-5 years, focusing on the orthodontics and dental implant markets in Zhejiang [4] Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 2.233 billion yuan, with a quarterly revenue of 823 million yuan in Q3 [3] - The projected net profits for 2024, 2025, and 2026 are 571 million yuan, 674 million yuan, and 785 million yuan respectively [4] - The company's gross margin is projected to be 38.4% in 2024, with a net margin of 18.6% [6] - The company's total assets are expected to grow from 6.006 billion yuan in 2023 to 7.074 billion yuan in 2026 [7] - The earnings per share (EPS) are projected to increase from 1.12 yuan in 2023 to 1.76 yuan in 2026 [9]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Insights - The company achieved a revenue of 2.233 billion RMB in the first three quarters of 2024, representing a year-on-year increase of 2.21%. However, the net profit attributable to shareholders decreased by 2.63% to 498 million RMB [1]. - The company is in an expansion phase, which has led to increased operating costs, but it is managing expenses effectively to maintain healthy operating metrics [1][2]. - The company plans to open six new clinics in the second half of 2024, contributing to future revenue growth [2]. Summary by Sections Performance Overview - In Q3 2024, the company reported a revenue of 823 million RMB, a slight increase of 0.04% year-on-year, while the net profit attributable to shareholders fell by 9.10% to 188 million RMB [1]. - The gross profit margin for Q3 2024 was 41.82%, down by 0.76 percentage points year-on-year, and the net profit margin was 26.95%, down by 1.06 percentage points year-on-year [1]. Operational Analysis - The company is focusing on controlling investment pace and optimizing cost and personnel allocation to enhance efficiency [1]. - The management expense ratio for Q3 2024 was 8.97%, an increase of 0.15 percentage points year-on-year, while the sales expense ratio was 1.15%, up by 0.22 percentage points year-on-year [1]. Financial Forecast and Valuation - The company is expected to achieve net profits of 574 million RMB, 666 million RMB, and 762 million RMB for the years 2024, 2025, and 2026, respectively, with growth rates of 15%, 16%, and 14% [3]. - The projected EPS for 2024, 2025, and 2026 is 1.28 RMB, 1.49 RMB, and 1.70 RMB, corresponding to PE ratios of 42, 36, and 32 times [3].