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].

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].

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. ...