TC Medical(600763) 国金证券·2024-10-30 10:30Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Insights - The company achieved a revenue of 2.233 billion RMB in the first three quarters of 2024, representing a year-on-year increase of 2.21%. However, the net profit attributable to shareholders decreased by 2.63% to 498 million RMB [1]. - The company is in an expansion phase, which has led to increased operating costs, but it is managing expenses effectively to maintain healthy operating metrics [1][2]. - The company plans to open six new clinics in the second half of 2024, contributing to future revenue growth [2]. Summary by Sections Performance Overview - In Q3 2024, the company reported a revenue of 823 million RMB, a slight increase of 0.04% year-on-year, while the net profit attributable to shareholders fell by 9.10% to 188 million RMB [1]. - The gross profit margin for Q3 2024 was 41.82%, down by 0.76 percentage points year-on-year, and the net profit margin was 26.95%, down by 1.06 percentage points year-on-year [1]. Operational Analysis - The company is focusing on controlling investment pace and optimizing cost and personnel allocation to enhance efficiency [1]. - The management expense ratio for Q3 2024 was 8.97%, an increase of 0.15 percentage points year-on-year, while the sales expense ratio was 1.15%, up by 0.22 percentage points year-on-year [1]. Financial Forecast and Valuation - The company is expected to achieve net profits of 574 million RMB, 666 million RMB, and 762 million RMB for the years 2024, 2025, and 2026, respectively, with growth rates of 15%, 16%, and 14% [3]. - The projected EPS for 2024, 2025, and 2026 is 1.28 RMB, 1.49 RMB, and 1.70 RMB, corresponding to PE ratios of 42, 36, and 32 times [3].