Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - In the first half of 2024, the company achieved operating revenue of 1.411 billion yuan (+3.52% year-on-year) and a net profit attributable to shareholders of 310 million yuan (+1.77%), with a non-recurring net profit of 306 million yuan (+4.33%) [3] - The implant business showed accelerated growth, with revenue from the implant, repair, and comprehensive services increasing by 11.3%, 2.8%, and 4.2% year-on-year respectively in H1 2024 [3] - The company’s gross margin and net margin slightly decreased, with the overall gross margin at 40.83% (-0.53 percentage points) and net margin at 26.06% (-0.26 percentage points) [3] Financial Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 5.8 billion, 7.0 billion, and 8.4 billion yuan respectively, corresponding to P/E ratios of 32, 26, and 22 times [4] - The company is expected to maintain an accelerated growth trend in the implant business after fully digesting the impact of price declines [4] Revenue and Profitability - The total revenue for 2024 is projected to be 3.145 billion yuan, with a year-on-year growth rate of 10.48% [2] - The net profit attributable to shareholders for 2024 is estimated at 576 million yuan, reflecting a year-on-year growth of 15.11% [2] Market Data - The closing price of the company's stock is 40.85 yuan, with a market capitalization of approximately 18.27 billion yuan [5]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 -43% -34% -25% -16% -7% 3% 2023-08 2023-12 2024-04 本报告导读： [Table_Market] 交易数据 受外部环境影响，公司经营增速有所放缓，种植业以价换量，消费口腔短期承压， 蒲公英分院发展顺利，维持增持评级。 投资要点： [Table_PicQuote] 52周股价走势图 [Table_Report] 相关报告 种植牙以价换量，蒲公英分院贡献提升 通策医疗(600763) [Table_Industry] 医药/必需消费 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 48.80 | | | 上次预测: | 52.56 | | [当前价格： Tabl ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 26 日 通策医疗(600763.SH) 业绩增长阶段性承压，继续夯实口腔医 疗基础设施 事件： 2024 年 8 月 23 日，公司发布 2024 年中期报告。2024 年上半年公 司实现营业收入 14.11 亿元，同比增长 3.52%；实现归母净利润 3.10 亿元，同比增长 1.77%；实现扣非归母净利润 3.06 亿元，同比增长 4.33%。单季度来看，2024 年 Q2 公司实现营业收入 7.02 亿元，同 比增长 2.04%；实现归母净利润 1.37 亿元，同比增长 0.85%；实现 扣非归母净利润 1.35 亿元，同比增长 4.49%。 业绩增长阶段性承压，种植业务恢复两位数增长。 2024 年 H1 公司口腔医疗门诊量达到 171 万人次，同比增长 8%左右， 营业收入和净利润同比基本持平，我们推测主要受消费降级影响，业 绩增长阶段性承压。分业务来看：2024 年 H1 种植业务实现营业收入 2.55 亿元，同比增长 11.3%，恢复两位数增长，我们推测主要得益于 集采持续放量和客单价逐步平稳；2024 年 H1 正 ...

证 券 研 究 报 告 通策医疗（600763）2024 年半年报点评 推荐（维持） 半年报业绩符合预期，种植牙进入放量期 目标价：48 元 当前价：40.85 元 事项： ❖ 近日，公司公布 2024 年半年报，公司实现营业收入 14.11 亿元（+3.52%），归 母净利润 3.10 亿元（+1.77%），扣非归母净利润为 3.06 亿元（+4.33%）。其中 单二季度，公司实现营收 7.02 亿元（+2.04%），归母净利润为 1.37 亿元 （+0.85%），扣非归母净利润为 1.35 亿元（+4.49%）。业绩符合市场预期。 评论： ❖ 集采后种植牙业务实现正增长。分业务看，2024H1 种植业务收入 2.54 亿元 （+11.3%），正畸业务收入 2.13 亿元（-4.7%），儿科业务收入 2.40 亿元（-1.1%）， 修复业务收入 2.22 亿元（+2.8%），大综合业务 3.85 亿元（+4.2%）。种植牙业 务方面，公司今年上半年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。我们预计随着下半年种植旺季到来，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 ...

1 滨江院区：预计滨江院区将在 10 月份正式开业，牙椅配置为 40 张。 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：2024-002 | 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 | 东北证券 刘宇腾/方心宇 | | 称及人员姓 | 中信建投 贺菊颖/吴严 兴业证券 王佳慧 | | 名 | | | | 中金公司 朱言音 海通证券 彭聘 | | | 中泰证券 孙宇瑶 天风证券 张雪 | | | 等近两百人参加本次交流会 | | 日期时间 | 2024 年 8 月 24 日 19:00-20:00 | | 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 | 上半年公司旗下共有 家医疗机构，营业面积超过 万平方米，开 84 25 | | | 设牙椅 3037 台，公司坚持 ...

证券简称：通策医疗 证券代码：600763 编号：临 2024-056 通策医疗股份有限公司 第十届董事会第六次会议决议公告 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。 一、董事会会议召开情况 通策医疗股份有限公司（以下简称"公司"）第十届董事会第六次会议通知以电 子邮件、电话等方式发出，会议于 2024 年 8 月 23 日在浙江省杭州市西湖区灵溪北路 21 号合生国贸中心 5 号楼会议室以现场结合通讯表决方式召开。 2、审议通过《通策医疗股份有限公司 2024 年半年度报告》和《通策医疗股份有 限公司 2024 年半年度报告摘要》 具体内容详见公司同日刊登于《上海证券报》的《通策医疗股份有限公司 2024 年半年度报告摘要》和登载于上海证券交易所网站（www.sse.com.cn）披露的《通策 医疗股份有限公司 2024 年半年度报告》。 1 本次会议由公司董事长王毅女士主持。会议应出席董事 7 人，实际出席 7 人，公 司监事以及公司高管列席本次会议，会议的通知、召开符合《公司法》、《公司章程》 及有关法律法规 ...

公司章程 TC-DSH-001 通策医疗股份有限公司 章 程 二○二四年八月 公司章程 TC-DSH-001 目录 第 1 页 ，共 45 页 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东大会 第一节 股东 第二节 股东大会的一般规定 第三节 股东大会的召集 第四节 股东大会的提案与通知 第五节 股东大会的召开 第六节 股东大会的表决和决议 第五章 董事会 第一节 董事 第二节 独立董事 第三节 董事会 第六章 经理及其他高级管理人员 第七章 监事会 第一节 监事 第二节 监事会 第八章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第九章 通知与公告 第一节 通知 公司章程 TC-DSH-001 第二节 公告 第二节 解散和清算 第 2 页 ，共 45 页 第十章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第十一章 修改章程 第十二章 附则 公司章程 TC-DSH-001 通策医疗股份有限公司章程 第一章 总则 第一条 为维护公司、股东和债权人的 ...

通策医疗股份有限公司 关于修订《公司章程》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。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交 易所股票上市规则》《上市公司独立董事管理办法》等法律法规、规范性文件 的最新规定，为进一步完善公司治理结构，更好地促进公司规范运作，结合公 司的实际发展和经营状况，公司拟对《公司章程》进行修订。 证券代码：600763 证券简称：通策医疗 编号：临 2024-058 5/9 | 或者合并、分立、解散及变更公司形式的 | 或者合并、分立、解散及变更公司形式的 | | --- | --- | | 方案； | 方案； | | (八)在股东大会授权范围内，决定公司对 | (八)在股东大会授权范围内，决定公司对 | | 外投资、收购出售资产、资产抵押、对外 | 外投资、收购出售资产、资产抵押、对外 | | 担保事项、委托理财、关联交易等事项； | 担保事项、委托理财、关联交易等事项； | | (九)决定公司内部管理机构的设置； | (九)决定公司内部管理机构的设置； | ...

Financial Performance - Revenue for the first half of 2024 reached 1,410,579,723.34 RMB, a 3.52% increase compared to the same period last year[13] - Net profit attributable to shareholders was 309,811,977.84 RMB, up 1.77% year-on-year[13] - Operating cash flow increased by 10.17% to 324,079,298.12 RMB compared to the previous year[13] - Basic earnings per share (EPS) for the first half of 2024 was 0.97 RMB, a 2.11% increase from the same period last year[14] - Diluted EPS also rose by 2.11% to 0.97 RMB[14] - Return on weighted average equity (ROE) decreased slightly by 0.96% to 7.83%[15] - Total assets grew by 2.43% to 6,151,989,771.02 RMB compared to the end of the previous year[13] - Shareholders' equity increased by 3.49% to 3,937,983,640.64 RMB[13] - The company achieved a total revenue of 1.411 billion yuan in H1 2024, a year-on-year increase of 3.52%[20] - Net profit attributable to shareholders of the listed company reached 310 million yuan, up 1.77% year-on-year[20] - Revenue increased by 3.52% to 1,410,579,723.34 yuan, driven by growth in medical service income[40] - Gross profit margin remained stable despite fluctuating unit prices[38] - Net profit attributable to parent company shareholders reached 309,811,977.84 yuan, an increase of 1.77% compared to the same period last year[105] - Comprehensive income totaled 359,916,092.67 yuan, showing a slight increase of 1.22% compared to the same period last year[106] - Parent company's operating income decreased by 23.79% to 42,192,286.78 yuan, while net profit dropped by 31.64% to 171,963,404.57 yuan[107] - Parent company's investment income declined by 31.26% to 171,102,815.21 yuan, with income from associates and joint ventures increasing by 112.45% to 13,361,152.50 yuan[107] - Other comprehensive income after tax for the parent company decreased by 147.06% to -7,667,509.50 yuan, primarily due to changes in the fair value of other equity instrument investments[108] - Sales of goods and services received cash of RMB 1,385,503,358.20 in the first half of 2024, an increase from RMB 1,307,118,414.74 in the same period of 2023[109] - Net cash flow from operating activities was RMB 324,079,298.12 in the first half of 2024, up from RMB 294,150,733.29 in the same period of 2023[111] - Cash paid for goods and services was RMB 289,046,349.24 in the first half of 2024, slightly higher than RMB 283,263,219.00 in the same period of 2023[109] - Cash paid to employees increased to RMB 585,723,544.28 in the first half of 2024 from RMB 555,885,480.32 in the same period of 2023[109] - Net cash flow from investing activities was negative RMB 144,045,264.20 in the first half of 2024, an improvement from negative RMB 481,344,433.84 in the same period of 2023[111] - Cash received from investments was RMB 14,003,455.16 in the first half of 2024, significantly lower than RMB 101,908,351.98 in the same period of 2023[111] - Cash paid for investments decreased to RMB 27,217,333.60 in the first half of 2024 from RMB 451,079,967.00 in the same period of 2023[111] - Net cash flow from financing activities was negative RMB 151,651,807.40 in the first half of 2024, compared to positive RMB 128,774,159.76 in the same period of 2023[111] - Cash received from borrowings was RMB 80,000,000.00 in the first half of 2024, down from RMB 280,000,000.00 in the same period of 2023[111] - The company's cash and cash equivalents increased by RMB 28,382,226.57 in the first half of 2024, compared to a decrease of RMB 58,419,540.52 in the same period of 2023[111] - Total owner's equity at the end of the period was RMB 4,263,053,893.81, an increase from the beginning of the period[118] - Comprehensive income for the period was RMB 359,916,092.67, with a significant portion from minority interests[115] - Net profit attributable to the parent company increased by RMB 140,108,089.74 compared to the previous period[114] - Capital reserves decreased by RMB 91,152.34 due to adjustments in other equity instruments[115] - The company allocated RMB 199,344,518.99 for profit distribution, including RMB 139,127,659.23 to shareholders[116] - Minority interests increased by RMB 7,586,992.43, reflecting growth in subsidiary contributions[114] - The company's retained earnings grew by RMB 304,412,526.52 compared to the same period last year[119] - General risk provisions remained unchanged, indicating stable risk management practices[114] - The company issued RMB 2,380,000.00 in new ordinary shares during the period[115] - Other comprehensive income decreased by RMB 7,667,509.45, primarily due to foreign exchange adjustments[114] - Total owner's equity at the end of the period is RMB 3,919,994,069.24, with a significant increase in undistributed profits to RMB 3,302,625,956.77[121] - Comprehensive income for the period amounts to RMB 164,295,895.07, driven by a net profit of RMB 171,963,404.57[123] - Owner's equity decreased by RMB 4,934,306.20 due to reductions in capital reserves and other comprehensive income[123] - The company's capital reserve decreased by RMB 38,623,240.87, and inventory shares reduced by RMB 100,990,543.60[123] - Undistributed profits increased by RMB 251,547,190.82 compared to the previous year, reflecting strong profitability[125] - Other comprehensive income decreased by RMB 3,103,033.44, impacting the overall equity balance[125] - The company allocated RMB 139,127,659.23 for profit distribution to shareholders, reducing retained earnings[123] - Total owner's equity at the end of the period stands at RMB 1,561,345,155.91, with a slight decrease in capital reserves[124] - The company's capital stock remained stable at RMB 320,640,000.00, with no significant changes in equity structure[126] - Other comprehensive income for the period decreased to RMB 16,485,919.72, reflecting adjustments in financial performance[126] Operational Highlights - The company's oral medical outpatient visits reached 1.71 million in H1 2024[20] - The company operates 84 medical institutions with over 3,037 dental chairs and a total business area exceeding 250,000 square meters[20] - The company continues to expand its "Regional Headquarters + Branch" model, with 5 regional groups in Zhejiang and new groups in Hunan and Kunming[21][23] - The company has implemented a "Three-Three System" work model to enhance operational efficiency and customer service[23] - The company is developing a "Central Kitchen" system for medical supplies to improve logistics and cost control[25] - The company's "Customer Lifetime Management" model focuses on providing precise medical services through team-based diagnosis and treatment[26] - The company offers a range of oral medical services at different price points to meet diverse customer needs[27] - The scale of China's oral medical service market exceeded 140 billion yuan in 2024, with a compound annual growth rate (CAGR) of 11.4% in the number of visits to specialized oral hospitals and a CAGR of 9.0% in the average cost per visit over the past five years[29] - The company operates 63 institutions in Zhejiang Province under the brands "Hangzhou Stomatological Hospital" and "Ningbo Stomatological Hospital," with over 10 more in preparation, serving nearly 3 million outpatient visits annually[33] - The company has implemented a "headquarters + branch" model, leveraging the strong market reputation and high medical service technology of the headquarters to reduce marketing costs for branches and ensure service quality[32] - The company has launched a new logo for its oral hospital series, emphasizing its 70-year history and cultural heritage, and plans to expand the "Tongce Oral" brand to regions such as Hubei, Hebei, and Hunan[33] - The company has established a "doctor group + hospital platform" dual-drive core capability, allowing cross-disciplinary medical teams to provide optimal medical resources to customers[34] - The company has achieved year-on-year growth in revenue and profit for three consecutive years, with new hospitals gradually contributing to revenue and profit[36] - The company has implemented a CM management center to integrate CASE management and customer management, providing personalized services and achieving "daily clearance" of customer needs[37] - The company has standardized disease types, doctor grading, training, and medical processes, improving hospital management, operations, and treatment levels[37] - The company has strengthened supply chain management, centralized procurement, and optimized inventory management, reducing costs for drugs and consumables[32] - The company has established a doctor partnership grading incentive mechanism to retain and motivate high-quality medical resources[31] Expenses and Investments - Sales expenses rose by 15.97% to 13,985,464.77 yuan due to increased marketing efforts for new and existing hospitals[40][41] - Financial expenses surged by 59.91% to 22,641,902.14 yuan, primarily due to reduced interest income[40][41] - R&D expenses decreased by 15.89% to 22,956,198.63 yuan as the company reduced its R&D investments[40][41] - Long-term equity investments grew by 19.13% to 914,039,747.85 yuan, reflecting increased investment activities[42] - Construction in progress rose by 18.33% to 993,044,433.76 yuan, indicating ongoing expansion projects[42] - Goodwill increased by 45.31% to 73,055,428.94 yuan due to the acquisition of Loudi Dental Hospital[42] - Other payables surged by 560.96% to 217,643,348.84 yuan, mainly due to declared but unpaid dividends[43] - The company invested a total of 28,564.91 million yuan in various medical service entities, primarily in oral and ophthalmic healthcare, with 100% of the funds coming from internal sources[45] - The fair value of equity instrument investments decreased by 10,223,346.00 yuan, resulting in a total fair value of 364,342,969.40 yuan at the end of the period[47] - The company's investment in Zhejiang Tongce Eye Hospital Investment Management Co., Ltd. amounted to 12,002.40 million yuan, representing a 24% stake[45] - The company's equity tool investments saw a decrease in fair value, with a total of 14,003,455.16 yuan sold during the period[47] - The company completed the transfer of 20% equity in Zhejiang Tongji Eye Hospital Investment Management Co., Ltd. for RMB 100 million, with an additional RMB 260 million invested in the construction of the eye hospital, which is now operational[72] - A new medical cloud clinical information system was procured for RMB 23 million, aimed at enhancing hospital operations[73] - The company's subsidiary, Tongji Oral Hospital Management Co., Ltd., manages six large oral hospitals under a trusteeship agreement, generating an annual management fee of 2% of the hospitals' total revenue, with an estimated total fee not exceeding RMB 30 million[75] Shareholder and Equity Information - The company distributed 127,932,617 shares as a stock dividend on July 5, 2024, increasing the total shares to 447,289,117[16] - The company repurchased and canceled a total of 1,283,500 shares, reducing the total number of shares from 320,640,000 to 319,356,500[85] - The company's basic earnings per share (EPS) decreased from 0.97 to 0.69 after the stock dividend distribution[88] - The company's diluted EPS also decreased from 0.97 to 0.69 following the stock dividend distribution[88] - The company's net asset value per share decreased from 13.35 to 9.53 after the stock dividend distribution[88] - The company's total number of ordinary shareholders at the end of the reporting period was 80,569[89] - Hangzhou Baoqun Industrial Group Co., Ltd. is the largest shareholder with 108,232,000 shares, representing 33.89% of the total shares[91] - The second-largest shareholder, Bao Zhengliang, holds 9,982,334 shares, representing 3.13% of the total shares[91] - China Merchants Bank Co., Ltd. - China Europe Medical Health Hybrid Securities Investment Fund reduced its holdings by 5,238,701 shares, now holding 9,959,837 shares, representing 3.12% of the total shares[91] - Zhejiang Cunji Medical Education Foundation reduced its holdings by 1,004,700 shares, now holding 6,956,073 shares, representing 2.18% of the total shares[91] - Bank of China Co., Ltd. - Huabao China Securities Medical Trading Open Index Securities Investment Fund increased its holdings by 970,917 shares, now holding 6,909,994 shares, representing 2.16% of the total shares[91] Risk and Compliance - The company faces competition risks in the low-price market segment, where its market share is still low, and growth remains uncertain[50] - The company has a strong presence in the mid-to-high-price market but is still exploring strategies for the low-price market to ensure stable profitability[50] - The company emphasizes the importance of reputation risk management, with a focus on employee training and crisis response mechanisms to maintain brand image[50] - The company continues to strengthen its medical quality management system to mitigate potential medical risks and improve patient safety[48] - The company received regulatory warnings from the Shanghai Stock Exchange and Zhejiang Securities Regulatory Bureau in May 2024, involving the company, its actual controller, and related parties[66] - The company has completed rectifications and will strengthen compliance with securities laws and regulations to improve information disclosure quality[66] - The company and its actual controller have no outstanding court judgments or significant unpaid debts during the reporting period[67] Related-Party Transactions - The company's total related-party transactions for procurement and services in the first half of 2024 amounted to RMB 5,684,867.95, within the approved limits[69] - The company's related-party transactions with Hangzhou Yiya Digital Oral Co., Ltd. for material procurement amounted to RMB 2,370,653.00 in the first half of 2024[69] - The company's related-party transactions with Zhejiang Tongce No. 1 Investment Partnership for service procurement amounted to RMB 1,044,512.00 in the first half of 2024[69] - The company's related-party transactions with Hangzhou Mingmou Haochi Innovation Technology Co., Ltd. for service procurement amounted to RMB 246,924.15 in the first half of 2024[69] - The company's related-party transactions with Hangzhou Mingmou Haochi Innovation Technology Co., Ltd. for goods procurement amounted to RMB 2,022,194.72 in the first half of 2024[69] - The company's related-party transactions with Hangzhou Tongce Hui Comprehensive Service Co., Ltd. for settlement services amounted to RMB 584.08 in the first half of 2024[69] - Total related-party transactions for the current period amounted to RMB 37,653,092.26, compared to RMB 33,536,261.37 in the previous period, reflecting a 12.3% increase[70] - Zhejiang Tongji Eye Hospital Investment Management Co., Ltd. recorded a significant decrease in sales revenue, dropping from RMB 20,714,551.59 to RMB 8,093,074.34, a 60.9% decline[70] Environmental and Social Responsibility - The company and its subsidiaries were not listed as key pollutant discharge units by the national environmental protection department, and the company has implemented strict environmental protection measures, including waste classification and wastewater treatment[57] - The company has taken measures to reduce carbon emissions, including environmental assessments before hospital construction projects, material recycling, and promoting energy-saving awareness among employees[58] Accounting and Financial Policies - The company's financial statements are prepared on a going concern basis, with no significant uncertainties affecting the next 12 months[128] - The accounting period for the company runs from January 1 to June 30[128] - The company uses a 12-month operating cycle as the standard for classifying assets and liabilities[128] - Significant bad debt provisions are made for receivables exceeding RMB 10 million or 5% of the total receivables balance[129] - Important construction in progress projects are those with a balance exceeding RMB 10 million or changes exceeding RMB 10 million during the period[129] - Significant associates are those whose investment value or income impacts the consolidated financial statements by more than 5%[129] - Non-wholly owned subsidiaries are considered significant if their income, net profit, or net assets impact the consolidated financial statements by more than 5%[129] - The company follows specific accounting policies for revenue recognition, fixed asset depreciation, and intangible asset amortization[128] - The company's financial statements comply with Chinese Accounting Standards, reflecting true and complete financial information[128] - The company's functional currency is RMB[128] - The company's consolidated financial statements include all subsidiaries, and the scope of consolidation is determined based on control, which is defined as the power to govern the financial and operating policies of an entity to obtain benefits[132] - For subsidiaries acquired through business combinations under common control, the company includes their financial results from the date of common control,

医药生物/医疗服务 公 司 研 究 通策医疗（600763.SH） 2024 年 08 月 19 日 逆势扩张的口腔连锁龙头企业，业绩有望逐步复苏 ——公司首次覆盖报告 投资评级：买入（首次） 余汝意（分析师） 阮帅（分析师） ruanshuai@kysec.cn 证书编号：S0790524040007 yuruyi@kysec.cn 证书编号：S0790523070002 立足浙江、全国布局的口腔连锁龙头企业 历经 29 年发展，公司创设并坚持"区域总院+分院"的发展模式，在浙江、江苏、 湖北、陕西、云南、湖南、河北等地建设 80 余家口腔医院。2023 年，公司口腔 医疗门诊量达到 335.33 万人次，同比增长 13.8%，实现总收入 28.47 亿元，同比 增长 4.70%，实现归母净利润 5 亿元，同比下降 8.72%。近两年业绩有所波动， 主要受疫情及新建分院影响。国内口腔医疗市场空间大，行业竞争格局分散，未 来龙头企业有望获得较大市场份额，我们长期看好公司的发展，预计公司 2024-2026年归母净利润为5.59/6.17/6.86亿元，当前股价对应PE为34.7/31.4/28.2 倍，首次覆 ...