TC Medical(600763) 开源证券·2024-10-30 02:12Investment Rating - Buy rating maintained for the company [2] Core Views - The company achieved steady revenue growth in the first three quarters of 2024, with rapid expansion in its dental implant business [5] - The company's long-term development prospects are favorable, with projected net profits of 559/617/686 million yuan for 2024-2026 [5] - The current stock price corresponds to a PE ratio of 41.7/37.8/33.9 times for 2024-2026 [5] Financial Performance - Revenue for the first three quarters of 2024 reached 2.233 billion yuan, a year-on-year increase of 2.21% [5] - Net profit attributable to shareholders was 498 million yuan, a year-on-year decrease of 2.63% [5] - Gross margin was 41.82%, a decrease of 0.76 percentage points year-on-year [5] - Net margin was 26.95%, a decrease of 1.06 percentage points year-on-year [5] Business Operations - The company operates under a "headquarters + branch" model, with 84 medical institutions and over 250,000 square meters of operating space [6] - Dental outpatient visits reached 1.71 million, a year-on-year increase of 8.2% [6] - The company's three major headquarters (Hangzhou Kouqiang Pinghai, Hangzhou Kouqiang Chengxi, and Ningbo Kouqiang) generated revenue of 544 million yuan in the first half of 2024, a year-on-year decrease of 5.98% [6] Expense Ratios - Sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio for the first three quarters of 2024 were 1.15%, 8.97%, 1.84%, and 1.61%, respectively [7] - In Q3 2024, the sales expense ratio increased by 0.43 percentage points year-on-year, while the management expense ratio increased by 0.26 percentage points [7] Financial Forecasts - Projected revenue for 2024-2026 is 3.132/3.458/3.816 billion yuan, with year-on-year growth rates of 10.0%/10.4%/10.4% [8] - Projected net profit attributable to shareholders for 2024-2026 is 559/617/686 million yuan, with year-on-year growth rates of 11.6%/10.4%/11.3% [8] - Gross margin and net margin are expected to remain stable at around 38.7%-38.9% and 17.8%-18.0%, respectively, for 2024-2026 [8]