Overview - The core viewpoint of the article emphasizes the significant growth and transformation in China's hospital management sector, driven by government policies and increasing public health awareness [1][4][11]. Industry Background - The Chinese government has implemented various policies to promote the development of the healthcare industry, encouraging social capital to participate in medical services and advancing a multi-tiered healthcare system [4][11]. - The number of hospitals in China is projected to reach 39,000 by 2024, representing a year-on-year growth of 1.68% [1][9]. - The market size of the hospital management industry is expected to reach 806.28 billion yuan in 2024, with a year-on-year growth of 9.53% [1][11]. Industry Chain - The upstream of the hospital management industry includes medical devices, pharmaceuticals, hospital information management systems, and clinical information systems [7]. - The midstream consists of public hospitals, private hospital groups, and third-party hospital management service providers [7]. - The downstream includes patients and institutions requiring medical services, such as health check-up centers and nursing homes [7]. Current Development - The focus on improving medical quality and safety has led to significant advancements in healthcare services, with a notable increase in both the number of medical institutions and the quality of services provided [9]. - The rise in public health awareness has shifted patient expectations towards a more comprehensive range of services, including preventive care and health management [4][11]. Competitive Landscape - The hospital management industry features a mix of public hospitals, private hospital groups, and third-party service providers, each with distinct operational focuses and market strategies [13]. - Public hospitals are transitioning towards refined operations, while private hospitals emphasize market-driven models and specialized services [13]. - Third-party providers are adopting asset-light models to offer specialized management services, enhancing operational efficiency for hospitals [13]. Representative Companies - Aier Eye Hospital Group, established in 2002, has expanded its network to 881 facilities globally, with a significant presence in China [15]. - Runhua Service Group focuses on hospital logistics and management services, reporting a revenue of 904 million yuan in 2024, with a gross profit margin of 14.15% [17]. Future Trends - Hospitals are expected to enhance patient experience by streamlining processes such as online appointment scheduling and personalized medical services [19]. - There will be a stronger emphasis on cost control and resource optimization to improve operational efficiency amid policy pressures [19].

Core Insights - Tongce Medical's stock closed at 41.4 yuan, down 10.00%, with a rolling PE ratio of 38.02 times and a total market value of 18.518 billion yuan [1] - The average PE ratio for the medical services industry is 45.72 times, with a median of 41.83 times, placing Tongce Medical at 27th in the industry ranking [1] - As of September 30, 2024, the number of shareholders for Tongce Medical increased to 85,980, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] Company Overview - Tongce Medical Co., Ltd. specializes in medical services, primarily focusing on oral healthcare [1] - Key facilities include Hangzhou Oral Hospital Group, Ningbo Oral Hospital Group, Sanyue Children's Dentistry, and other Pugongying branches [1] - The company has received multiple accolades, including being named a "China Excellent Management Company" by Deloitte for five consecutive years and ranking in the Zhejiang Merchants National Top 500 for 2022 and 2023 [1] Financial Performance - For the third quarter of 2024, Tongce Medical reported revenue of 2.233 billion yuan, a year-on-year increase of 2.21% [1] - The net profit for the same period was 498 million yuan, reflecting a year-on-year decrease of 2.63% [1] - The sales gross margin stood at 41.82% [1]

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 ...

Contract Awards - Gree Electric plans to increase its shareholding through Beijing Haihe Interconnection with an investment of between 1.05 billion to 2.1 billion yuan [1] - Topstrong plans to repurchase shares worth between 20 million to 35 million yuan [1] - Dongfang Zirconium's samples have received preliminary recognition from some solid-state battery material manufacturers for research and trial use [1] - Hongqi Chain is developing and innovating a robot unmanned vending system [1] - Jinyinhai recently entered into deep cooperation with Microvast in the solid-state battery field, with no significant impact on the company's performance in the short term [1] - Honghe Technology proposes a special cash dividend of 12.81 yuan per share [1] Shareholding Changes - Yueling Co.'s actual controller is set to change, and the stock will resume trading tomorrow [1] - Jiaozuo Wanfang's control is also set to change [1] - Yongji Co. plans to transfer part of its equity in Xiniu Wang Company [1] Operating Data - Aerospace Intelligent Manufacturing reported a net profit of 791 million yuan for 2024, an increase of 86.77% year-on-year [1] - Zhangyuan Tungsten reported a net profit of 177 million yuan for 2024, an increase of 23.25% year-on-year [1] - Guangdong Expressway A's net profit for 2024 decreased by 4.39% year-on-year, proposing a cash dividend of 5.23 yuan per share [1] - ST Hanma's heavy-duty truck sales in February reached 810 units, a year-on-year increase of 59.76% [1] - Jiangling Motors sold 21,600 vehicles in February, a year-on-year increase of 8.15% [1] - Dong'an Power's engine sales in February were 28,200 units, a year-on-year decrease of 5.16% [1] - Guangzhou Port's cargo throughput in February is expected to be 40.78 million tons, a year-on-year increase of 13.7% [1] - Far East Co.'s subsidiary won contracts worth over 19.09 billion yuan in February [1] - China Shipbuilding's subsidiary Jiangnan Shipyard signed a batch of dual-fuel container ship construction contracts worth approximately 18 billion to 19 billion yuan [1] - Tsinghua Unigroup signed a supply agreement for lithium battery cathode materials with SK On [1] - Fulongma is expected to win five sanitation service projects in February, with a total contract amount of 339 million yuan [1] - Terui De is expected to win a 194 million yuan new energy project [1] - Samsung Medical's wholly-owned subsidiary won a procurement project from Longyuan Power worth 115 million yuan [1] - Zhongcheng Co. is engaged in procurement business related to inverters and other equipment with related parties [1] Major Investments - Guodian Power is investing in the construction of the Dadu River Eagle Rock Level 1 Hydropower Station project [2] - Batian Co.'s subsidiary plans to invest in the expansion and upgrading of three related projects at the Xiaogaozhai Phosphate Mine [2] Other - Wancheng Group's chairman Wang Jiankun has been detained and is under investigation [2] - Yingjixin plans to acquire control of Huimang Micro, with trading suspended from tomorrow [2] - Hangyang Co. plans to issue convertible bonds not exceeding 1.63 billion yuan [2] - Solar Energy's subsidiary plans to purchase real estate for 367 million yuan [2] - GoerTek's subsidiary's H-share filing materials have been accepted by the China Securities Regulatory Commission [2] - Amway's "water-based solvent-free polyurethane composite material key technology" has been selected as one of the first batch of advanced applicable technologies by the Ministry of Industry and Information Technology [2] - Defang Nano's controlling subsidiary is increasing capital and introducing strategic investors [2] - Yuzhong Three Gorges A has terminated the sale of 10% equity in a small loan company [2] - Tianyu Co. received a warning letter from the FDA in the United States [2] - Haixing Power signed a strategic cooperation agreement with Kerun Zhikong to promote transformer products in overseas markets [2] - Bangjie Co.'s subsidiary Yangzhou Bangjie is temporarily suspending production for no more than three months [2] - Zhi Te New Materials signed a strategic cooperation agreement with Quantum Innovation Center and Microscopic Era [2] - Zhongjin Lingnan plans to raise no more than 1.5 billion yuan through a private placement to its controlling shareholder [2]

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated stable operations with steady progress in new hospital expansions. The performance in Q3 2024 shows a revenue of 822 million yuan, a slight increase of 0.04% year-on-year, and a net profit attributable to shareholders of 188 million yuan, a decrease of 9.10% year-on-year. The overall operating indicators are healthy, with slight fluctuations in profitability due to increased costs from new or under-construction medical institutions [1][2] - The company is expected to achieve revenue of 2.949 billion yuan in 2024, with a growth rate of 3.6%, and a net profit of 568 million yuan, reflecting a growth of 13.4% [2][3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 2.233 billion yuan, a year-on-year increase of 2.21%, and a net profit of 498 million yuan, a decrease of 2.63%. The net profit after deducting non-recurring items was 494 million yuan, a decrease of 0.47% year-on-year [1] - The gross profit margin for the first three quarters was 41.82%, a decrease of 0.76 percentage points year-on-year, while the net profit margin was 26.95%, down 1.06 percentage points year-on-year [1] Business Segments - The company’s various business segments are developing steadily, with dental implants revenue reaching 384 million yuan, an increase of 11.7% year-on-year, while orthodontics revenue was 395 million yuan, showing a decline. Pediatric revenue remained stable at 386 million yuan, and restoration services revenue was 331 million yuan, also stable. The total revenue from the "Dandelion Hospital" segment was 523 million yuan, a year-on-year increase of 19% [1][2] Future Outlook - The company plans to open 8 new hospitals in 2024 and 5-8 in 2025, with 3 already delivered and 5 more expected by the end of the year. The company is anticipated to enter a performance recovery phase as the gross profit margin is expected to improve in the future [1][2]

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]

Investment Rating - The report maintains a "Recommended" rating for Tongce Medical (600763) with a target price of 60 yuan [1]. Core Views - The company's performance in the first three quarters of 2024 met expectations, with revenue of 2.233 billion yuan (+2.21%) and a net profit of 498 million yuan (-2.63%) [1]. - The dental implant business has shown positive growth post-collection, with revenue of 384 million yuan (+11.7%) in the first three quarters of 2024 [1]. - The rapid expansion of the Dandelion hospitals is progressing smoothly, achieving revenue of 523 million yuan (+19%) in the first three quarters of 2024 [1]. - The company is actively implementing strategic plans, focusing on talent development and expanding new hospitals and branches [1]. Financial Summary - Total revenue for 2023 is projected at 2.847 billion yuan, with a growth rate of 4.7%. For 2024, revenue is expected to be 2.966 billion yuan (+4.2%), and it is forecasted to reach 3.475 billion yuan in 2025 (+17.1%) [2]. - The net profit for 2023 is estimated at 500 million yuan, with a decline of 8.7%. The net profit is expected to increase to 568 million yuan in 2024 (+13.4%) and further to 664 million yuan in 2025 (+17.0%) [2]. - The company's gross margin for Q3 2024 is reported at 43.51%, reflecting a decrease of 1.11 percentage points due to ongoing investments in Dandelion hospital expansions [1]. Business Performance - The orthodontics and pediatrics segments experienced a decline in revenue, influenced by the macroeconomic environment, while the pricing strategy remains robust [1]. - The company has opened 45 Dandelion hospitals, contributing to its revenue growth and indicating a strong market presence [1]. - Cost control measures are effective, with sales expense ratio at 1.43% (+0.43 percentage points) and management expense ratio at 7.90% (+0.26 percentage points) [1].