“牙茅”通策医疗2024：种植业务“以量补价”，正畸连年下滑，千亿市值缩水九成

Core Viewpoint - Tongce Medical, a leading player in the dental medical service sector in A-shares, reported a nearly stagnant growth in total revenue and net profit for 2024, facing challenges from both the impact of dental implant centralized procurement policies and weak consumer demand, resulting in a significant decline in market valuation from its peak [1][2]. Financial Performance - In 2024, Tongce Medical achieved total revenue of 2.874 billion yuan, a slight increase of 0.96% year-on-year; net profit attributable to shareholders was 501 million yuan, with a minimal growth of 0.20% [2]. - The company's gross margin and net margin decreased to 39% and 19.91%, respectively, down from 46% and 28.27% in 2021, indicating a substantial reduction in profitability [2]. Business Segments - The dental implant business saw revenue of 530 million yuan, a year-on-year increase of 10.60%, benefiting from a strategy of "increasing volume to compensate for price" despite ongoing concerns about profit margin compression [3]. - The orthodontics segment experienced a revenue decline of 5.05% to 474 million yuan, marking three consecutive years of negative growth, attributed to consumer downgrade and intensified industry competition [3]. - Other business segments contributed 28.01% of total revenue, but growth slowed significantly from 8.34% in 2023 to just 1.27% in 2024, with pediatric and restoration services also showing insufficient growth [3]. Market Expansion Strategy - Tongce Medical has historically relied on the Zhejiang provincial market, which accounts for nearly 90% of its revenue, but performance in core hospitals has been weak, with notable declines in revenue and net profit in several key locations [4]. - The company has shifted its expansion strategy from aggressive growth to a model focused on "mergers and acquisitions + light asset franchising," with a recent example being the acquisition of a 56.28% stake in a dental hospital in Hunan, although the hospital's net profit fell short of expectations [4]. Conclusion - The year 2024 represents a period of struggle in the existing market while exploring new growth avenues for Tongce Medical. Although the implant business is currently driving growth, the profit ceiling under centralized procurement is evident, and the orthodontics segment continues to decline. The effectiveness of the new expansion model remains to be seen, and how the company reconstructs its growth logic in this new cycle will be crucial for regaining favor in the capital market [5].