CENTEK(SZ:000931) Huaan Securities·2024-07-11 01:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3][6]. Core Insights - The company is a leading domestic provider of dental clinic professional services, leveraging brand influence and resource integration to enhance operational efficiency and cost-effectiveness [2]. - The company is expected to achieve significant revenue growth in the coming years, with projected revenues of 2.56 billion, 2.88 billion, and 3.25 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 12.4%, 12.4%, and 13.0% [3][7]. - The net profit forecast for 2024 to 2026 is adjusted to 0.77 billion, 1.01 billion, and 1.34 billion yuan, with corresponding year-on-year growth rates of 58.0%, 31.2%, and 32.2% [3][7]. Financial Performance Summary - The company reported a net profit of 49 million yuan in 2023, with projections of 77 million, 101 million, and 134 million yuan for 2024, 2025, and 2026 respectively [7][16]. - The gross margin is expected to be 56.8% in 2024, improving to 58.3% by 2026 [7][16]. - The company's return on equity (ROE) is projected to increase from 3.2% in 2023 to 7.2% in 2026 [7][16]. Business Strategy and Market Position - The company has adjusted its development strategy to focus on the pharmaceutical and health industry, aiming to enhance competitiveness in the medical, health, and dental sectors [6][16]. - The core products, including "Yuan Zhi" and "Bo Su," have shown steady growth, with sales volume increasing significantly in the cardiovascular field [6][16]. - The company aims to establish a collaborative development model across its three main business segments: pharmaceutical manufacturing, health care, and dental services [6][16].