通策医疗（600763）：正畸业务企稳回升，重现增长动力

Investment Rating - The report maintains a "Recommended" rating for the company [1][8] Core Views - The orthodontic business has stabilized and is showing renewed growth momentum, with a revenue of 2.29 billion yuan in H1 2025, representing a year-on-year increase of 7.75% [4][8] - The company reported a total revenue of 14.48 billion yuan in H1 2025, a 2.68% increase year-on-year, and a net profit of 3.21 billion yuan, up 3.67% year-on-year [4][8] - The overall business is recovering, with key financial indicators showing a trend of recovery growth [8] Financial Summary - For 2025, the company expects net profits of 5.26 billion yuan, 5.92 billion yuan, and 6.65 billion yuan for the years 2025, 2026, and 2027 respectively [8] - The company's gross margin for H1 2025 was 40.75%, while the net margin was 26.26%, indicating an improvement in profitability [8] - The company has a total market capitalization of 211 billion yuan and a total asset value of 6,182 million yuan [7][10] - The projected revenue for 2025 is 3.18 billion yuan, with a year-on-year growth rate of 10.8% [6][11] - The company’s earnings per share (EPS) for 2025 is estimated at 1.18 yuan, with a price-to-earnings (P/E) ratio of 40.1 [6][11]