通策医疗：经营稳健，新院扩张稳定推进

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated stable operations with steady progress in new hospital expansions. The performance in Q3 2024 shows a revenue of 822 million yuan, a slight increase of 0.04% year-on-year, and a net profit attributable to shareholders of 188 million yuan, a decrease of 9.10% year-on-year. The overall operating indicators are healthy, with slight fluctuations in profitability due to increased costs from new or under-construction medical institutions [1][2] - The company is expected to achieve revenue of 2.949 billion yuan in 2024, with a growth rate of 3.6%, and a net profit of 568 million yuan, reflecting a growth of 13.4% [2][3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 2.233 billion yuan, a year-on-year increase of 2.21%, and a net profit of 498 million yuan, a decrease of 2.63%. The net profit after deducting non-recurring items was 494 million yuan, a decrease of 0.47% year-on-year [1] - The gross profit margin for the first three quarters was 41.82%, a decrease of 0.76 percentage points year-on-year, while the net profit margin was 26.95%, down 1.06 percentage points year-on-year [1] Business Segments - The company’s various business segments are developing steadily, with dental implants revenue reaching 384 million yuan, an increase of 11.7% year-on-year, while orthodontics revenue was 395 million yuan, showing a decline. Pediatric revenue remained stable at 386 million yuan, and restoration services revenue was 331 million yuan, also stable. The total revenue from the "Dandelion Hospital" segment was 523 million yuan, a year-on-year increase of 19% [1][2] Future Outlook - The company plans to open 8 new hospitals in 2024 and 5-8 in 2025, with 3 already delivered and 5 more expected by the end of the year. The company is anticipated to enter a performance recovery phase as the gross profit margin is expected to improve in the future [1][2]