股 票 研 究 [Table_industryInfo] 医药/必需消费 [ Table_Main[通ITnaf 策bol]e 医_Ti疗tle]( 600763) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩符合预期，种植牙集采后快速放量 目标价格： 74.21 上次预测： 109.50 公 ——2023年报&2024年一季报点评 当前价格： 60.79 司 丁丹(分析师) 赵峻峰(分析师) 2024.05.05 更 0755-23976735 0755-23976629 [交Ta易bl数e_M据a rket] 新 dingdan@gtjas.com zhaojunfeng@gtjas.com 证书编号 S0880514030001 S0880519080017 52周内股价区间（元） 52.72-120.70 报 总市值（百万元） 19,492 告 本报告导读： 总股本/流通A股（百万股） 321/321 短期受消费降级和种植牙集采影响，收入增速小幅增长，业绩符合预期。公司积极拓 流通 B股/H股（百万股） 0/0 流通股比例 100% 展发展蒲公英分院，并进一步探索并购加盟扩张新模 ...

[Table_StockInfo] 买入 2024年 4月 26日 （维持） 证券研究报告•2023年报及2024年一季报点评 当前价： 60.44元 通策医疗（600763） 医药生物 目标价： ——元（6个月） 经营逐渐企稳，静待拐点 投资要点 西南证券研究发展中心 [T ab业le绩_S总u结mm：a公ry司] 发布 2024年一季报和 2023年年报。2024年一季度实现收入 [分Ta析bl师e_：Au杜th向or阳] 7.1亿元（+5%），归母净利润1.7亿元（+2.5%），扣非后约1.7亿元（+4.2%）。 执业证号：S1250520030002 2023年公司实现收入28.5亿元（+4.7%），归母净利润5亿元（-8.7%），扣 电话：021-68416017 非后约4.8亿元（-8.4%）。 邮箱：duxy@swsc.com.cn  23年业绩承压，24年 Q1业绩符合预期。公司2023年收入同比增长4.7%，净 分析师：王钰畅 利润增速-6.1%。24年一季度收入增速5%，净利润增速3.2%。2023年公司种 执业证号：S1250524010001 电话：021-68416017 植收入 ...

证券研究报告·公司点评报告·医疗服务 通策医疗（600763） 2023 年报&2024 一季度点评：集采影响逐步 2024 年 05月 04日 消化，2024 年增长趋势改善 证券分析师 朱国广 买入（维持） 执业证书：S0600520070004 zhugg@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 冉胜男 营业总收入（百万元） 2,719 2,847 3,241 3,833 4,515 执业证书：S0600522090008 ranshn@dwzq.com.cn 同比（%） (2.23) 4.70 13.87 18.26 17.78 归母净利润（百万元） 548.27 500.47 604.82 753.74 936.63 股价走势 同比（%） (21.99) (8.72) 20.85 24.62 24.26 通策医疗 沪深300 EPS-最新摊薄（元/股） 1.71 1.56 1.89 2.35 2.92 -2% P/E（现价&最新摊薄） 35.55 38.95 32.23 25.86 20.81 ...

医药 公 2024年04月26日 司 报 通策医疗(600763.SH) 告 利润端短期承压，集采影响逐渐消化 推荐 ( 维持 ) 事项： 公司发布2023年年报：实现收入28.47亿元（+4.70%），归母净利润5.00亿元 股价:56.03元 （-8.72%），扣非净利润4.81亿元（-8.37%）。 四季度单季，实现收入6.62 公 主要数据 亿元（+14.24%），归母净利润-0.11亿元（-134.01%），扣非净利润-0.15亿 行业 医药 司 元（-154.11%）。 公司网址 www.tcmedical.com.cn ...

业绩简评 2024年 4月 25 日，公司发布2023年年度报告，2023年公司实现 收入 28.47 亿元（同比+5%），归母净利润 5.00 亿元（同比-9%）， 扣非归母净利润4.81 亿元（同比-8%）； 同时公司公布2024年一季度业绩，单季营收7.08亿元（同比+5%）， 归母净利润1.73 亿元（同比+3%），扣非归母净利润1.7 亿元（同 比+4%）。 经营分析 门诊人数稳步复苏，集采助力公司种植牙放量。2023 年公司口腔 医疗门诊量达到335.33 万人（同比+14%），口腔门诊人数稳步复 苏。此外公司落实种植牙集采政策，助力种植板块收入快速增长。 种植牙业务方面，2023 年公司实现种植5.3 万余颗（同比+47%）， 种植业务营收4.79 亿元（同比+7%）。其他业务方面，儿科业务营 人民币(元) 成交金额(百万元) 收 4.99 亿元（同比+3%）；修复业务营收4.56 亿元（同比+7%）； 130.00 900 大综合业务营收7.56 亿元（同比+8%），正畸业务营收 4.99 亿元 117.00 800 700 （同比-3%），各细分业务板块均实现平稳增长。 104.00 600 ...

Financial Performance - The company recorded a revenue growth of only 4.7% in 2023, significantly lower than the initial expectation of 25% growth[3] - The company's operating revenue for 2023 was approximately ¥2.85 billion, an increase of 4.70% compared to ¥2.72 billion in 2022[16] - The net profit attributable to shareholders for 2023 was approximately ¥500.47 million, a decrease of 8.72% from ¥548.27 million in 2022[16] - The basic earnings per share for 2023 were ¥1.56, down 8.77% from ¥1.71 in 2022[17] - The weighted average return on equity for 2023 was 14.06%, a decrease of 3.51 percentage points from 17.57% in 2022[17] - The company reported a decrease in net profit attributable to shareholders after deducting non-recurring gains and losses, amounting to approximately ¥481.24 million in 2023, down 8.37% from ¥525.20 million in 2022[16] - The company's gross margin and net margin for 2023 were 39% and 20.32%, respectively[25] - The net profit attributable to shareholders was 500 million RMB, a decrease of 8.72% compared to the previous year[23] - The company achieved a main business revenue of 47,886 million in the planting segment, a 6.95% increase from 2022[27] - The orthodontics segment reported a revenue of 49,891 million, reflecting a decline of 3.14% compared to the previous year[27] Cash Flow and Investments - The net cash flow from operating activities increased by 25.36% to approximately ¥839.95 million in 2023, compared to ¥670.05 million in 2022[16] - Cash flow from operating activities increased to CNY 839,951,279.03, up from CNY 670,049,962.94, representing a growth of 25.3%[174] - Investment activities resulted in a net cash outflow of CNY 884,180,423.98, an increase of 77.78% year-on-year due to increased external investments[44] - The company reported a significant decrease in actual sales from related transactions, totaling 8,964.27 million RMB compared to an expected 16,160 million RMB[123] - The company reported a net cash outflow from investing activities of -884,180,423.98, an increase of 77.78% compared to the previous year[56] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of 4.35 yuan per 10 shares, totaling approximately 139.13 million yuan, which represents a cash dividend payout ratio of 47.98%[6] - The total cash dividend amount, including share buyback costs, is approximately 240.12 million RMB, representing 47.98% of the net profit attributable to ordinary shareholders for the year[106] Operational Changes and Strategy - The company has closed two dental hospitals in Chongqing and Chengdu due to high rental costs and is shifting its expansion strategy towards acquisitions and partnerships[4] - The company is adjusting its hospital layout to increase the supply of mid-to-low service products, with plans to integrate with Hangzhou Medical College[5] - The company is expanding its regional dental hospital groups, with new groups established in Hunan and Kunming, enhancing operational collaboration[29] - The company is advancing the "Dandelion Hospital" project, focusing on operational results and management evaluations to improve hospital performance[29] - The company aims to enhance operational capabilities through target management to achieve cost reduction and efficiency improvement[26] Market Trends and Consumer Behavior - The company acknowledges the "Pinduoduo effect" in the dental implant market, where price-sensitive consumers are misled into thinking dental implants are a simple commodity[4] - The overall demand for oral healthcare services in China is expected to exceed RMB 140 billion by 2024, with a CAGR of approximately 11.4% for the number of visits to dental specialty hospitals over the past five years[34] - The dental healthcare market is increasingly focusing on preventive care, with an emphasis on early intervention to reduce oral disease occurrences[63] - The dental healthcare consumer base is diversifying, with a growing focus on young and pediatric dental care[63] Risk Management and Compliance - The company has outlined potential risks in its annual report, which can be found in the discussion and analysis section[8] - The company recognizes the competitive risks in the dental market, particularly in the low-price segment, and will explore strategies to stabilize profitability while expanding[73] - Continuous improvement of medical quality management standards is a priority to mitigate medical risks and enhance patient safety[72] - The company actively completed rectification following the penalties and will enhance compliance with securities laws and regulations[89] Human Resources and Talent Management - The company has established a performance evaluation system for hospital management teams, focusing on financial and operational management indicators[100] - The company has implemented a comprehensive talent management strategy, including special compensation packages to attract and retain talent[100] - The company has a stable management team and a growing pool of technical talent with multi-disciplinary backgrounds and extensive industry experience[102] - The company has established a tiered incentive mechanism for its doctor partnership group to leverage expert resources for customer service[100] Acquisitions and Partnerships - The company approved the acquisition and capital increase proposal for Loudi Dental Hospital Co., Ltd. on December 11, 2023[96] - The company has exercised its right to acquire an additional 6% stake in Zhejiang Tongce Eye Hospital Investment Management Co., Ltd. for 120 million RMB, completing the transaction as of November 7, 2023[127] - The company is exploring potential acquisitions to enhance its service offerings, with a budget of 200 million RMB set aside for this purpose[81] Governance and Shareholder Relations - The company held 1 shareholders' meeting and 8 board meetings during the reporting period, discussing key matters including the 2022 annual report and profit distribution[75] - The company has maintained independence from its controlling shareholders in terms of assets, personnel, finance, and operations, ensuring a complete business system[77] - The company actively fulfills information disclosure obligations, enhancing the quality and accuracy of disclosed information[76] - The company has a dedicated team for investor relations, facilitating communication through various channels[76] Environmental and Social Responsibility - The company invested 10 million yuan in environmental protection during the reporting period[112] - The company has implemented various measures to reduce carbon emissions, including energy-saving practices and waste management systems[114] - The company has established a comprehensive environmental management network to enhance environmental awareness across all operational levels[113] Future Outlook - The company plans to expand its market presence and invest in new technologies to drive future growth[165] - The company aims to enhance brand awareness through an all-staff marketing initiative, encouraging employee participation in promotional activities[70] - The company aims to create a win-win situation for shareholders by providing lifetime services to customers while ensuring sustainable growth[71]

通策医疗股份有限公司（以下简称"公司"）聘请中汇会计师事务所（特殊 普通合伙）（以下简称"中汇会计师事务所"或"中汇所"）作为公司 2023 年度 出具审计报告的会计师事务所。根据财政部、国务院国有资产监督管理委员会、 中国证券监督管理委员会颁布的《国有企业、上市公司选聘会计师事务所管理办 法》，公司对中汇会计师事务所在 2023 年度的审计工作的履职情况进行了评估。 具体情况如下： 一、会计师事务所的情况 （一）基本情况 首席合伙人：余强； 上年度末（2023 年 12 月 31 日）合伙人数量：103 人； 上年度末（2023 年 12 月 31 日）注册会计师人数：701 人； 上年度末（2023 年 12 月 31 日）签署过证券服务业务审计报告的注册会计 师人数：282 人； 最近一年（2023 年度）经审计的收入总额：108,764 万元； 最近一年（2023 年度）审计业务收入：97,289 万元； 最近一年（2023 年度）证券业务收入：54,159 万元； 上年度（2022 年年报）上市公司审计客户家数：159 家。 上年度（2022 年年报）上市公司审计客户主要行业： 1 事务所名称：中汇 ...

通策医疗股份有限公司 内部控制审计报告 中国杭州市钱江新城新业路8号UDC时代大厦A座5-8层、12层、23层 Floors 5–8, 12 and 23, Block A, UDC Times Building, No. 8 Xinye Road, Qianjiang New City, Hangzhou Tel. 0571-88879999 www.zhcpa.cn 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 报告编码:浙24W6SPA1RV 内部控制审计报告 中汇会审[2024]5322号 通策医疗股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我 们审计了通策医疗股份有限公司(以下简称通策医疗公司)2023年12月31日的财务 报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是通策 医疗公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上 ...

通策医疗股份有限公司 2023年社会责任报告 通 时 达 变 策 发 真 智 通策医疗股份有限公司 TOPCHOICE MEDICAL CORPORATION 地址：浙江省杭州市灵溪北路21号合生国贸中心5号楼 邮编：310023 网址：www.tcmedical.com.cn 通策医疗股份有限公司 TOPCHOICE MEDICAL CORPORATION 2023 社会责任报告 关于本报告 关于本报告 本报告是通策医疗股份有限公司发布的第11份社会责任报告，对外披露本公司2023年在经济、社会、环境、公司治理 等方面的社会责任理念、实践和相关绩效。我们期望通过发布社会责任报告的方式，加强与利益相关方的沟通，凝聚 共识，促进可持续发展。 一、时间范围 本报告时间范围为2023年1月1日至2023年12月31日，部分内容超出上述范围。 二、组织范围 以通策医疗股份有限公司为主题包括所属分子公司及事业部等机构。 三、发布周期 通策医疗股份有限公司社会责任报告为年度报告。 四、数据说明 本报告所引用的数据，均来自于公司正式文件、统计报告或公开文件。 五、参考标准 本报告编写参照中国社科院《中国企业社会责任报告编写 ...

通策医疗股份有限公司 2023 年度审计报告 中国杭州市线江新城新业趋8号UDC可代大直A座5-8雷、12剧、23厘 Floxes 5-3, 12 and 23, Block A. UOC Times Bislating, No. 8 Kmyn Read. Quanjiang News City Prangchase first, U571-88579991 Fax, 0571-388170000 www.zhopa.cn .您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 报告编码:浙24Z6R7HBYF 目 曼 | | 页 次 | | --- | --- | | 一、审计报告 | 1-5 | | 二、财务报表 | 6-17 | | (一) 合并资产负债表 | 6-7 | | (二) 合并利润表 | 8 | | (三) 合并现金流量表 | 9 | | (四) 合并所有者权益变动表 | 10-11 | | (五) 母公司资产负债表 | 12-13 | | (六) 母公司利润表 | 14 | | (七) 母公司现金流量表 | 15 | | (八) ...