TC Medical(SH:600763) Soochow Securities·2025-05-05 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 and Q1 2025 met expectations, with a sequential improvement in Q1 growth rates [7] - The company achieved total revenue of 2.874 billion yuan in 2024, a year-on-year increase of 0.96%, and a net profit attributable to shareholders of 501.43 million yuan, up 0.20% year-on-year [7] - The growth in revenue and profit is driven by stable performance in various business segments, particularly in the implant and comprehensive repair sectors, while orthodontics showed signs of recovery [7] Financial Summary - Revenue and Profit Forecasts: - Total revenue is projected to grow from 2.874 billion yuan in 2024 to 3.152 billion yuan in 2025, representing a growth rate of 9.68% [1] - Net profit attributable to shareholders is expected to increase from 501.43 million yuan in 2024 to 561.89 million yuan in 2025, reflecting a growth rate of 12.06% [1] - Earnings Per Share (EPS) is forecasted to rise from 1.12 yuan in 2024 to 1.26 yuan in 2025 [1] - The company's price-to-earnings (P/E) ratio is projected to decrease from 35.80 in 2024 to 31.95 in 2025 [1] Business Performance - The company reported a total outpatient volume of 3.5334 million visits in 2024, a year-on-year increase of 5.37% [7] - The breakdown of revenue by business segment for 2024 includes: - Implant business revenue of 530 million yuan, up 10.6% year-on-year - Orthodontics revenue of 470 million yuan, down 5.05% year-on-year - Pediatric business revenue of 500 million yuan, up 0.29% year-on-year - Repair business revenue of 460 million yuan, up 1.53% year-on-year - Comprehensive business revenue of 770 million yuan, up 1.27% year-on-year [7] Profitability Metrics - The company's gross margin for 2024 was 38.5%, with a net profit margin of 19.91% [7] - In Q1 2025, the gross margin improved to 44.21%, while the net profit margin increased to 29.02% [7] - The management expense ratio showed a significant decrease, contributing to the overall stability in expense ratios [7]