Core Viewpoint - The recent adjustments in the Hong Kong Stock Connect have significantly impacted the stock performance of 瑞尔集团, leading to a notable decline in its share price and a shift in investor focus towards its future stock price movements after the selling pressure has been released [1][4]. Group 1: Stock Performance and Market Reaction - Following the removal from the Hong Kong Stock Connect on March 10, 瑞尔集团's stock price dropped by 19.85%, stabilizing around 2 HKD for the next two months [1]. - The proportion of shares held through the Hong Kong Stock Connect decreased from 11.48% to 10.24% shortly after the removal, but the rate of reduction slowed significantly, with only a 0.1% decrease from April 16 to May 8 [1]. - The company's recent "small step fast run" repurchase strategy has provided some stabilization to the stock price, with a monthly increase of 3.14% in April and 6.09% in May, contrasting with a 31.79% drop in March [8]. Group 2: Business Strategy and Financial Performance - 瑞尔集团's business strategy has shifted towards expansion, with a total of 123 locations across 15 cities in China as of September 30, 2024, although the pace of new openings has slowed [9]. - The company reported a net profit of nearly 4 million in the first half of 2024, indicating a return to positive growth despite the challenges faced [10]. - The dental industry is undergoing a transformation, with a significant decline in average profit margins from 28% in 2019 to 9% in 2024, leading to an increase in the number of closures among smaller clinics [11]. Group 3: Industry Trends and Regulatory Environment - The dental service industry is experiencing a downturn in investment, with a 37.6% decrease in financing transactions in 2024 compared to 2023, reflecting the challenges faced by the mid-to-lower end of the industry [11]. - Recent regulatory changes, including the introduction of the "Guidelines for the Establishment of Dental Medical Service Price Projects," aim to standardize pricing and reduce competition issues within the industry [12]. - The dental market in China is projected to grow significantly, with a compound annual growth rate of 9.7% from 2019 to 2023, indicating substantial growth potential despite current challenges [13].
历经2个月退通卖压基本释放，行业重构下的瑞尔集团(06639)何时拾起估值增长？