TC Medical(SH:600763) Guotai Junan Securities·2024-05-06 07:32Investment Rating - The report maintains a rating of "Accumulate" for Tongce Medical (600763) [1][3] - The target price is set at 74.21, down from the previous forecast of 109.50 [1][3] Core Views - The company's performance met expectations, with revenue growth slightly impacted by consumer downgrading and the rapid volume increase following the centralized procurement of dental implants [1] - The company is actively expanding its "Dandelion" clinics and exploring new models for mergers and franchise expansion [1] - The EPS forecast for 2024 and 2025 has been adjusted to 1.81 and 2.09 respectively, down from 2.19 and 2.68 [1] Financial Summary - In 2023, the company achieved revenue of 2.847 billion (up 4.70%) and a net profit attributable to shareholders of 0.500 billion (down 8.72%) [1] - The first quarter of 2023 saw revenue of 0.708 billion (up 5.03%) and a net profit of 0.173 billion (up 2.51%) [1] - The company opened 3,000 dental chairs in 2023, with outpatient visits reaching 3.3533 million (up 14%) [1] Business Expansion - The company plans to open 8 new "Dandelion" clinics in 2024, with 50% of the new locations expected to be profitable by the end of the year [1] - The company aims to deepen its strategic presence in Zhejiang Province and expand nationally through quality acquisitions and franchises [1] Market Performance - The stock price has fluctuated between 52.72 and 120.70 over the past year, with a current market capitalization of 19.492 billion [1][3]