TC Medical(SH:600763) SINOLINK SECURITIES·2025-04-25 14:56Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% over the next 6 to 12 months [5][11]. Core Insights - In 2024, the company achieved a revenue of 2.874 billion RMB, a year-on-year increase of 0.96%, and a net profit attributable to shareholders of 501 million RMB, reflecting a growth of 0.20% [2]. - The company's planting business showed robust growth, with revenue reaching 530 million RMB, up 10.60% year-on-year, driven by increased demand following price reductions in dental implants [3]. - The company is advancing its digital transformation through AI technology, enhancing operational efficiency and service quality [4]. Summary by Sections Performance Review - In Q1 2025, the company reported a revenue of 745 million RMB, a year-on-year increase of 5.11%, and a net profit of 184 million RMB, up 6.22% [2]. Operational Analysis - The orthodontics segment saw a revenue decline of 5.05%, while pediatric and restoration services remained stable, indicating the essential nature of dental care [3]. - The company expanded its "Dandelion Plan" in the province, adding 3 new branches, bringing the total to 44, with 60% achieving breakeven [3]. Financial Forecast and Valuation - The profit forecast for 2025-2027 is adjusted to 537 million, 574 million, and 610 million RMB, respectively, with expected growth rates of 7%, 7%, and 6% [5]. - The estimated EPS for the same period is projected at 1.20, 1.28, and 1.36 RMB, with corresponding P/E ratios of 33, 31, and 29 times [5].