TC Medical(600763) 财通证券·2024-05-17 07:02Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved a revenue of 2.847 billion yuan in 2023, representing a year-on-year increase of 4.7%, while the net profit attributable to shareholders was 500 million yuan, down 8.72% [3] - In Q4 2023, the company reported a revenue of 662 million yuan, up 14.24%, but a net profit of -1 million yuan, down 134.01% [3] - For Q1 2024, the company achieved a revenue of 708 million yuan, an increase of 5.03%, and a net profit of 173 million yuan, up 2.51% [3] - The company expects continued quarterly improvement in performance, particularly as the price of dental implants enters a low base in Q2 2024 [3] - The orthodontics segment is under short-term pressure, while the implant business is experiencing rapid growth, with a 47% year-on-year increase in implant volume in 2023 [3] Financial Performance Summary - Revenue forecast for 2024-2026 is 3.072 billion yuan, 3.406 billion yuan, and 3.772 billion yuan respectively, with net profits of 604 million yuan, 707 million yuan, and 814 million yuan [4] - The corresponding PE ratios are projected to be 33.91, 28.99, and 25.19 [4] - The company maintained low expense ratios in 2023, with sales, management, and financial expense ratios at 1.03%, 10.85%, and 1.74% respectively [3] - The gross profit margin and net profit margin improved significantly in Q1 2024, reaching 44.63% and 28.79% respectively [3]