TC Medical(SH:600763) Xin Lang Cai Jing·2025-08-26 00:25Core Insights - The company reported a revenue of 1.448 billion yuan for the first half of 2025, representing a year-on-year increase of 2.68%, with a net profit attributable to shareholders of 321 million yuan, up 3.66% year-on-year, and a non-recurring net profit of 317 million yuan, up 3.85% year-on-year, which aligns with expectations [1] Development Trends - The outpatient volume continues to grow steadily, with the company reinforcing its clinic layout in Zhejiang Province. As of August 2025, the company operates 89 medical institutions and has 3,100 dental chairs. In the first half of 2025, the dental outpatient volume reached 1.7322 million visits, an increase of 1.21% year-on-year [2] - The company employs a "regional general hospital + branch" structure to standardize parts of the diagnosis and treatment process, which is expected to reduce the marginal customer acquisition costs for expanding the branch network. The "Dandelion Plan" aims to deepen penetration within the province, establishing a scalable growth engine [2] - The gross profit margin for the first half of 2025 was 40.75%, and the net profit margin was 26.26%, remaining stable overall. Each business line showed positive growth, with implant revenue at 255 million yuan (up 0.02%), orthodontics at 229 million yuan (up 7.75%), restoration at 230 million yuan (up 3.59%), and comprehensive services at 394 million yuan (up 2.44%) [2] - The company sees significant potential in pediatric dental services, which may become a new growth engine in the future [2] AI Technology and Service Innovation - The company is leveraging its self-developed MindHub AI platform to provide intelligent support across various scenarios, including clinical diagnosis, patient services, and operational management. This positions the company to build structural competitive barriers through top-tier medical resource aggregation, platform scale effects, and technology-driven innovation [3] - In 2025, the company will deepen its "medical + technology" dual-wheel strategy, accelerating penetration in both high-end markets and lower-tier markets to maintain its industry leadership [3] - The company plans to acquire 100% of Shanghai Cunjing Dental Clinic, which is expected to enhance its brand presence and recognition in the high-end market [3] Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025 and 2026 at 549 million yuan and 580 million yuan, reflecting year-on-year growth of 9.6% and 5.6%, respectively. The current stock price corresponds to a price-to-earnings ratio of 38.4 times for 2025 and 36.3 times for 2026 [4] - The company maintains an outperform rating and a target price of 53.2 yuan based on discounted cash flow (DCF) analysis, which corresponds to a price-to-earnings ratio of 43.3 times for 2025 and 41.0 times for 2026, indicating a potential upside of 12.9% from the current stock price [4]