TC Medical(600763) 东吴证券·2024-08-28 00:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - In the first half of 2024, the company achieved operating revenue of 1.411 billion yuan (+3.52% year-on-year) and a net profit attributable to shareholders of 310 million yuan (+1.77%), with a non-recurring net profit of 306 million yuan (+4.33%) [3] - The implant business showed accelerated growth, with revenue from the implant, repair, and comprehensive services increasing by 11.3%, 2.8%, and 4.2% year-on-year respectively in H1 2024 [3] - The company’s gross margin and net margin slightly decreased, with the overall gross margin at 40.83% (-0.53 percentage points) and net margin at 26.06% (-0.26 percentage points) [3] Financial Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 5.8 billion, 7.0 billion, and 8.4 billion yuan respectively, corresponding to P/E ratios of 32, 26, and 22 times [4] - The company is expected to maintain an accelerated growth trend in the implant business after fully digesting the impact of price declines [4] Revenue and Profitability - The total revenue for 2024 is projected to be 3.145 billion yuan, with a year-on-year growth rate of 10.48% [2] - The net profit attributable to shareholders for 2024 is estimated at 576 million yuan, reflecting a year-on-year growth of 15.11% [2] Market Data - The closing price of the company's stock is 40.85 yuan, with a market capitalization of approximately 18.27 billion yuan [5]