证券代码：600763 证券简称：通策医疗 通策医疗股份有限公司调研内容纪要 编号：2024-003 | 投资者关系 | √特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他 （请文字说明其他活动内容） | | 参与单位名 | 国联证券 郑薇/陈馨悦 | | 称及人员姓 名 | 国盛证券 张金洋/胡偌碧/徐雨涵 | | | 华泰证券 代雯/高鹏 | | | 中泰证券 祝嘉琦/孙宇瑶 | | | 中金公司 张琎/朱言音 | | | 申万宏源 张静含/余玉君等一百多人参加本次交流会 | | 日期时间 | 2024 年 10 月 29 日 15:35-16:35 | | 地点 | 线上会议 | | 上市公司接 | 通策医疗董事长、总经理王毅女士；财务总监徐国喜先生；董事会秘书张 | | 待人员 | 华先生 | | 主要内容 | | | 纪要 | 1、2024Q3 公司业绩情况简要说明。 | | | 目前旗下共有 85 家医疗机构，营业面积超过 25 万平方米， | | | 开设牙椅 3100 台 ...

Investment Rating - Buy rating maintained for the company [2] Core Views - The company achieved steady revenue growth in the first three quarters of 2024, with rapid expansion in its dental implant business [5] - The company's long-term development prospects are favorable, with projected net profits of 559/617/686 million yuan for 2024-2026 [5] - The current stock price corresponds to a PE ratio of 41.7/37.8/33.9 times for 2024-2026 [5] Financial Performance - Revenue for the first three quarters of 2024 reached 2.233 billion yuan, a year-on-year increase of 2.21% [5] - Net profit attributable to shareholders was 498 million yuan, a year-on-year decrease of 2.63% [5] - Gross margin was 41.82%, a decrease of 0.76 percentage points year-on-year [5] - Net margin was 26.95%, a decrease of 1.06 percentage points year-on-year [5] Business Operations - The company operates under a "headquarters + branch" model, with 84 medical institutions and over 250,000 square meters of operating space [6] - Dental outpatient visits reached 1.71 million, a year-on-year increase of 8.2% [6] - The company's three major headquarters (Hangzhou Kouqiang Pinghai, Hangzhou Kouqiang Chengxi, and Ningbo Kouqiang) generated revenue of 544 million yuan in the first half of 2024, a year-on-year decrease of 5.98% [6] Expense Ratios - Sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio for the first three quarters of 2024 were 1.15%, 8.97%, 1.84%, and 1.61%, respectively [7] - In Q3 2024, the sales expense ratio increased by 0.43 percentage points year-on-year, while the management expense ratio increased by 0.26 percentage points [7] Financial Forecasts - Projected revenue for 2024-2026 is 3.132/3.458/3.816 billion yuan, with year-on-year growth rates of 10.0%/10.4%/10.4% [8] - Projected net profit attributable to shareholders for 2024-2026 is 559/617/686 million yuan, with year-on-year growth rates of 11.6%/10.4%/11.3% [8] - Gross margin and net margin are expected to remain stable at around 38.7%-38.9% and 17.8%-18.0%, respectively, for 2024-2026 [8]

Revenue and Profit - Revenue for the third quarter was RMB 822.55 million, a slight increase of 0.04% year-over-year[2] - Net profit attributable to shareholders decreased by 9.10% to RMB 188.46 million in the third quarter[2] - Operating revenue for the first three quarters of 2024 reached 2.23 billion yuan, compared to 2.18 billion yuan in the same period last year[14] - Net profit for the first three quarters of 2024 was 601.76 million yuan, slightly down from 612.02 million yuan in the same period last year[16] - Net profit attributable to shareholders of the parent company was RMB 498.27 million, compared to RMB 511.73 million in the previous period[18] Assets and Liabilities - Total assets increased by 7.21% to RMB 6.22 billion compared to the end of the previous year[3] - Shareholders' equity rose by 8.07% to RMB 4.13 billion compared to the end of the previous year[3] - Total assets increased to 6.22 billion yuan, up from 6.01 billion yuan in the previous period[12] - Total liabilities decreased to 1.73 billion yuan, down from 1.88 billion yuan in the previous period[13] - Total equity attributable to the parent company increased to 4.13 billion yuan, up from 3.81 billion yuan in the previous period[13] - The company's total equity increased to 4.5 billion yuan, up from 4.12 billion yuan in the previous period[13] Cash Flow - Operating cash flow for the first nine months increased by 3.37% to RMB 646.77 million[2] - Net cash flow from operating activities was RMB 646.77 million, compared to RMB 625.70 million in the previous period[19] - Net cash flow from investing activities was negative RMB 258.55 million, compared to negative RMB 638.49 million in the previous period[20] - Net cash flow from financing activities was negative RMB 385.08 million, compared to positive RMB 63.74 million in the previous period[20] - Cash and cash equivalents at the end of the period were RMB 597.22 million, compared to RMB 680.50 million in the previous period[20] Earnings and Shareholder Information - Basic earnings per share (EPS) for the third quarter decreased by 8.70% to RMB 0.42[2] - Total number of ordinary shareholders at the end of the reporting period is 85,980[7] - Hangzhou Baoqun Industrial Group Co., Ltd. holds 151,589,199 shares, representing 33.89% of the total shares[7] - ICBC-Credit Suisse Healthcare Mix Fund holds 15,945,510 shares, representing 3.56% of the total shares[7] - Minority shareholders' profit and loss was RMB 103.49 million, compared to RMB 100.29 million in the previous period[18] - Total comprehensive income attributable to shareholders of the parent company was RMB 594.09 million, compared to RMB 608.92 million in the previous period[18] Financial Expenses and Investments - Financial expenses increased by 51.39% due to higher lease liability interest and reduced interest income[6] - Long-term equity investments as of September 30, 2024, amount to 918,604,908.12 RMB, compared to 767,267,812.39 RMB at the end of 2023[11] - Fixed assets as of September 30, 2024, amount to 815,758,051.19 RMB, compared to 840,426,205.34 RMB at the end of 2023[11] - Construction in progress as of September 30, 2024, amount to 1,061,059,999.47 RMB, compared to 839,183,666.99 RMB at the end of 2023[11] - Short-term borrowings remained stable at 80 million yuan[12] - Long-term borrowings decreased to 179 million yuan, down from 189 million yuan in the previous period[12] Operating Costs and R&D - Operating costs for the first three quarters of 2024 were 1.61 billion yuan, up from 1.54 billion yuan in the same period last year[14] - R&D expenses for the first three quarters of 2024 were 41.05 million yuan, down from 43.85 million yuan in the same period last year[16] Other Financial Metrics - The company's goodwill increased by 45.31% due to the acquisition of Loudi Dental Hospital[6] - Prepayments increased by 131.64% due to higher advance rental income[6] - Contract liabilities decreased by 44.55% due to a reduction in advance customer payments[6] - Monetary funds as of September 30, 2024, amount to 597,943,865.14 RMB, compared to 594,462,752.21 RMB at the end of 2023[11] - Accounts receivable as of September 30, 2024, amount to 151,639,601.28 RMB, compared to 137,507,334.72 RMB at the end of 2023[11] - Total current assets as of September 30, 2024, amount to 890,284,819.76 RMB, compared to 969,063,956.25 RMB at the end of 2023[11] - Cash received from sales of goods and services was RMB 2.22 billion, compared to RMB 2.16 billion in the previous period[19]

证券简称：通策医疗 证券代码：600763 编号：临 2024-062 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。 | 股东名称 | 宝群实业 | | | --- | --- | --- | | 本次解质股份 | 1011.2295 | 万股 | | 占其所持股份比例 | | 6.67% | | 占公司总股本比例 | | 2.26% | | 解质时间 | | 2024.10.25 | | 持股数量 | 15158.9199 | 万股 | | 持股比例 | | 33.89% | | 剩余被质押股份数量 | 9198.8767 | 万股 | | 剩余被质押股份数量占其所持股份比例 | | 60.68% | | 剩余被质押股份数量占公司总股本比例 | | 20.57% | 3.股东累计质押股份情况 二、上市公司控股股东股份质押情况 1.控股股东质押股票未来半年到期的质押股份数量为 3640.7092 万股，占所持股 份比例的 24.02%，占公司总股本的 8. ...

证券简称：通策医疗 证券代码：600763 编号：临 2024-061 一、上市公司股份质押情况 2024 年 10 月 21 日接到控股股东宝群实业股票质押及解除质押交易通知，具体事 项如下。 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 295 否 否 2024.10.17 2025.10.17 温州银行股份 有限公司杭州 分行 1.95% 0.66% 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 | 股东名称 | 宝群实业 | | | --- | --- | --- | | 本次解质股份 | 249.3059 | 万股 | | 占其所持股份比例 | | 1.64% | | 占公司总股本比例 | | 0.56% | | 解质时间 | | 2024.10.21 | | 持股数量 | 15158.9199 | 万股 | | 持股比例 | | 33.89% | | 剩余被质押股份数量 | 8995.1062 | 万股 | | ...

通策医疗（ [Table_StockNameRptType] 600763） 公司覆盖 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

杭州海胤科创有限公司 审计 报 告 众环审字(2024)0300822号 目 录 起始页码 审计报告 | 财务报表 | | | --- | --- | | 资产负债表 | | | 利润表 | 3 | | 现金流量表 | 4 | | 所有者权益变动表 | 5 | | 财务报表附注 | 7 | 审计报告 众环审字(2024)0300822 号 杭州海胤科创有限公司全体股东: 一、审计意见 我们审计了杭州海胤科创有限公司(以下简称"海胤科创公司")财务报表,包括 2023 年 12月31日、2024年6月30日的资产负债表,2023年度、2024年1-6月的利润表、现 金流量表、所有者权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 海胤科创公司 2023年 12月31日、2024年6月30日的财务状况以及 2023年度、2024年 1-6 月的经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职 业道德 ...

证券代码：600763 证券简称：通策医疗 编号：临 2024-060 通策医疗股份有限公司 关于购买股权暨关联交易的公告 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： 一、关联交易概述 1. 关联交易的主要内容 通策医疗全资子公司通策健康收购标的公司 80%股权，全资子公司杭州口腔 医院集团有限公司收购标的公司 20%股权，交易总金额为 5541.36 万元，即按注 1/5 通策医疗股份有限公司（以下简称"通策医疗"或"公司"）全资子公 司浙江通策健康管理服务有限公司（以下简称"通策健康"）收购杭州 海胤科创有限公司（以下简称"标的公司"）80%股权，全资子公司杭州 口腔医院集团有限公司收购标的公司 20%股权，交易总金额为 5541.36 万元，即按注册资本金 1000 万元收购目标公司 100%股权以及收购债权 应支付的对价 4541.36 万元。 标的公司为杭州海骏科技有限公司全资子公司，杭州海骏科技有限公司 为公司实际控制人控制的公司，本次交易构成关联交易。 本次交易未导致公司主营业务、资产、 ...

| 股东名称 | 宝群实业 | | | --- | --- | --- | | 本次解质股份 | 420.1784 万股 | | | 占其所持股份比例 | 2.77% | | | 占公司总股本比例 | 0.94% | | | 解质时间 | 2024.9.20 | | | 持股数量 | 15,158.9199 万股 | | | 持股比例 | | 33.89% | 1.解除质押基本情况 1 证券简称：通策医疗 证券代码：600763 编号：临 2024-059 通策医疗股份有限公司 关于控股股东部分股票解除质押的公告 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%；本次解除质押股份数为 4,201,784 股，占宝群实业所 持有本公司股份数 2.77%，占本公司总股份数的 0.94%。宝群实业质押股份总数为 89,4 ...

业绩平稳增长，种植牙增速亮眼 通策医疗(600763)/医疗服务 证券研究报告/公司点评 2024 年 09 月 17 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|----------------------|---------------------------------------------------------------------------------------------------- ...