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通策医疗(600763):正畸业务企稳回升,重现增长动力
Ping An Securities· 2025-08-26 09:51
公 司 报 告 2025年08月26日 通策医疗(600763.SH) 正畸业务企稳回升,重现增长动力 推荐 ( 维持) 股价:47.14元 公司发布2025年中报,2025H1公司收入14.48亿元,同比增长2.68%,归母净 利润3.21亿元,同比增长3.67%,扣非归母净利润3.17亿元,同比增长 3.85%。公司单Q2收入7.04亿元,同比增长0.24%,归母净利润1.37亿元,同 比增长0.44%,扣非归母净利润1.35亿元,同比下降0.2%。 平安观点: 证 券 证券分析师 事项: 021-38640502 NIYIDAO242@pingan.com.cn 行情走势图 年 王钰畅 投资咨询资格编号 S1060524090001 WANGYUCHANG804@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,847 | 2,874 | 3,184 | 3,522 | 3,877 | | YOY(%) | 4.7 | 1.0 | ...
通策医疗(600763):业绩符合预期 公司各业务线呈现良好发展态势
Xin Lang Cai Jing· 2025-08-26 00:25
AI 技术驱动型服务创新。根据公司公告,和仁科技自研的MindHub 人工智能中台,将持续为通策医疗 在临床诊疗、患者服务、运营管理等多场景提供智能化支撑通策医疗凭借顶尖医疗资源聚合能力、平台 化规模效应、数字化客户运营体系及技术驱动型创新,构筑结构性竞争壁垒。2025 年,公司深化"医疗 +科技"双轮战略,在高端市场技术制高点与下沉市场渗透加速度的双重驱动下,持续巩固行业领导地 位。此外,公司公告拟收购上海存济口腔门诊部有限公司100%股权,我们认为长期来看公司有望提升 品牌在高端市场的辐射力与知名度。 1H25 业绩符合我们预期 公司公告1H25 业绩:收入14.48 亿元,同比+2.68%,归母净利润3.21 亿元,同比+3.66%,扣非净利润 3.17 亿元,同比+3.85%,符合预期。 发展趋势 门诊量保持稳健增长态势,公司不断夯实浙江省诊所布局。根据公司公告,截至2025 年8 月,公司旗下 共有89 家医疗机构,开设牙椅3,100 台。2025年上半年,公司口腔医疗门诊量达173.22 万人次,同比增 加1.21%。通策医疗依托"区域总院+分院"架构,以区域总院为核心中枢,实现诊疗部分流程标准化 ...
通策医疗20250823
2025-08-24 14:47
通策医疗 20250823 摘要 2025 年上半年,通策医疗营收 14.48 亿元,同比增长 2.68%;归母净 利润 3.21 亿元,同比增长 3.67%;经营活动现金流 3.55 亿元,同比 增长 9.7%。 正畸业务增长 7.75%,受益于 AI 技术和新材料的应用,以及消费信贷 政策支持。预计到 2030 年,正畸市场规模将达到或超过 1,000 亿元。 种植牙数量同比增长 1.1%至 3.2 万颗,集采占比 78%,但二季度非集 采比例略有上升,客单价小幅上涨,下半年市场潜力大。 蒲公英分院营收 3.93 亿元,同比增长 21%,净利润 0.54 亿元,同比 增长 36%,全年预计增速 25%,目标营收 9 亿元。 紫金港总院一期试运营,启用 42 张牙椅,首月门诊人次近 4,000,收 入 350 万元,未来将集中资源打造为杭州区域最大总院区。 公司放缓新医院投建,重点完善现有项目,提升内部盈利能力,并计划 完善信息系统,实现统一 ID 管理,以适应大规模扩张。 口腔行业潜力巨大,市场集中度较低,公司致力于成为行业整合者,应 对挑战并推动行业整合,七八月份客流量增长态势好于上半年。 通策医疗将继 ...
通策医疗(600763):通策医疗公司点评:业绩平稳增长,
SINOLINK SECURITIES· 2025-08-24 08:01
业绩简评 2025 年 8 月 23 日,公司发布 2025 年半年度报告。25H1 公司实现 营业收入 14.48 亿元(同比+2.68%),归母净利润 3.21 亿元(同 比+3.66%),扣非归母净利润 3.17 亿元(同比+3.84%)。 单季度来看,25Q2 公司实现收入 7.03 亿元(同比+0.24%),归母 净利润 1.37 亿元(同比+0.47%),扣非归母净利润 1.35 亿元(同 比-0.20%)。 经营分析 业绩平稳增长,正畸业务持续复苏。25H1 公司业绩实现平稳增长, 门诊量达 173.22 万人次(同比+1.21%)。分业务看,正畸业务表 现亮眼,实现收入 2.29 亿元(同比+7.75%),延续了 Q1 的复苏态 势。种植业务收入 2.55 亿元,同比基本持平(同比+0.02%),集 采后"以量补价"效应持续,业务发展稳固。修复(同比+3.59%) 与大综合(同比+2.44%)业务作为基础刚需,为公司提供了可靠的 业绩支撑。儿科业务收入 2.36 亿元,同比下降 1.48%。 "区域总院+分院"模式持续深化,扩张成效显著。25H1 公司旗下 运营医疗机构 89 家,拥有专业医疗 ...
“牙茅”通策医疗2024:种植业务“以量补价”,正畸连年下滑,千亿市值缩水九成
Xin Lang Zheng Quan· 2025-05-14 04:59
Core Viewpoint - Tongce Medical, a leading player in the dental medical service sector in A-shares, reported a nearly stagnant growth in total revenue and net profit for 2024, facing challenges from both the impact of dental implant centralized procurement policies and weak consumer demand, resulting in a significant decline in market valuation from its peak [1][2]. Financial Performance - In 2024, Tongce Medical achieved total revenue of 2.874 billion yuan, a slight increase of 0.96% year-on-year; net profit attributable to shareholders was 501 million yuan, with a minimal growth of 0.20% [2]. - The company's gross margin and net margin decreased to 39% and 19.91%, respectively, down from 46% and 28.27% in 2021, indicating a substantial reduction in profitability [2]. Business Segments - The dental implant business saw revenue of 530 million yuan, a year-on-year increase of 10.60%, benefiting from a strategy of "increasing volume to compensate for price" despite ongoing concerns about profit margin compression [3]. - The orthodontics segment experienced a revenue decline of 5.05% to 474 million yuan, marking three consecutive years of negative growth, attributed to consumer downgrade and intensified industry competition [3]. - Other business segments contributed 28.01% of total revenue, but growth slowed significantly from 8.34% in 2023 to just 1.27% in 2024, with pediatric and restoration services also showing insufficient growth [3]. Market Expansion Strategy - Tongce Medical has historically relied on the Zhejiang provincial market, which accounts for nearly 90% of its revenue, but performance in core hospitals has been weak, with notable declines in revenue and net profit in several key locations [4]. - The company has shifted its expansion strategy from aggressive growth to a model focused on "mergers and acquisitions + light asset franchising," with a recent example being the acquisition of a 56.28% stake in a dental hospital in Hunan, although the hospital's net profit fell short of expectations [4]. Conclusion - The year 2024 represents a period of struggle in the existing market while exploring new growth avenues for Tongce Medical. Although the implant business is currently driving growth, the profit ceiling under centralized procurement is evident, and the orthodontics segment continues to decline. The effectiveness of the new expansion model remains to be seen, and how the company reconstructs its growth logic in this new cycle will be crucial for regaining favor in the capital market [5].
通策医疗:2024年报及2025一季报点评:业绩符合预期,Q1业绩增速环比改善-20250505
Soochow Securities· 2025-05-05 10:23
Investment 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]
通策医疗(600763):2024年报及2025一季报点评:业绩符合预期,Q1业绩增速环比改善
Soochow Securities· 2025-05-05 09:04
Investment 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 report highlights steady growth in the company's implant, repair, and comprehensive services, with orthodontics showing signs of recovery [7] - The gross margin remained stable in 2024, while the net profit margin improved in Q1 2025 [7] - The profit forecast for 2025-2026 has been adjusted downwards due to changes in the macro consumption and industry environment, with expected net profits of 562 million yuan and 633 million yuan respectively [7] Financial Performance Summary - Total revenue projections for the company are as follows: 2.874 billion yuan in 2024, 3.152 billion yuan in 2025, 3.499 billion yuan in 2026, and 3.904 billion yuan in 2027 [1] - The net profit attributable to shareholders is projected to be 501.43 million yuan in 2024, 561.89 million yuan in 2025, 633.14 million yuan in 2026, and 716.43 million yuan in 2027 [1] - The earnings per share (EPS) are expected to be 1.12 yuan in 2024, 1.26 yuan in 2025, 1.42 yuan in 2026, and 1.60 yuan in 2027 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 35.80 in 2024 to 25.05 in 2027 [1] Business Segment Performance - The company reported a total outpatient volume of 3.5334 million visits in 2024, a year-on-year increase of 5.37% [7] - Revenue from the implant business reached 530 million yuan, up 10.6% year-on-year, while orthodontics revenue was 470 million yuan, down 5.05% [7] - The pediatric business generated 500 million yuan, up 0.29%, and the repair business brought in 460 million yuan, up 1.53% [7] - Comprehensive business revenue was 770 million yuan, reflecting a year-on-year increase of 1.27% [7]
通策医疗(600763):2024稳健正增长 25Q1收入端改善
Xin Lang Cai Jing· 2025-04-29 02:35
Core Insights - The company reported a revenue of 2.874 billion yuan for 2024, representing a year-on-year growth of 0.96%, and a net profit attributable to shareholders of 501 million yuan, with a growth of 0.20% [1] - In Q1 2025, the company achieved a revenue of 745 million yuan, showing a year-on-year increase of 5.11%, and a net profit of 184 million yuan, up by 6.22% [1] Financial Performance - For 2024, the revenue growth in planting, restoration, and comprehensive projects outpaced overall revenue growth, with planting revenue at 530 million yuan (up 10.60%), restoration revenue at 462 million yuan (up 1.53%), and comprehensive business revenue at 765 million yuan (up 1.27%) [2] - Orthodontics revenue declined by 5.05% to 474 million yuan [2] - The profit margins showed a slight decline in 2024, with a gross margin of 38.50% and a net margin of 19.91%, impacted by the collective procurement of dental implants and the decline in orthodontics revenue [2] - In Q1 2025, the gross margin improved to 44.21%, while the net margin increased to 29.02% compared to Q1 2024 [2] Future Outlook - The company adjusted its profit forecast, expecting net profits of 537 million yuan, 625 million yuan, and 718 million yuan for 2025-2027 [3] - The company plans to accelerate the opening of new hospitals in Zhejiang to capture the oral market and deepen its focus on orthodontics and dental implants, indicating a positive long-term development outlook [3]
通策医疗(600763):1Q25业绩提速 看好全年向好发展
Xin Lang Cai Jing· 2025-04-29 02:35
Core Viewpoint - The company achieved revenue and net profit figures for 2024 that were slightly below market expectations, primarily due to external environmental factors affecting patient demand release [1] Financial Performance - In 2024, the company reported revenue of 2.874 billion and net profit attributable to shareholders of 501 million, with a year-over-year growth of 1.0% and 0.2% respectively [1] - For Q1 2025, the company achieved revenue of 745 million and net profit of 184 million, showing a year-over-year growth of 5.1% and 6.2%, and a quarter-over-quarter growth of 16.2% and 5727.9% [1] - The company expects to see improved performance in 2025 as external conditions improve [1] Business Segments - **Implant Business**: Revenue for 2024 was 530 million, with a year-over-year growth of 10.6%. The company anticipates steady growth in this segment for 2025 due to increasing implant numbers and diverse options [1] - **Orthodontics**: Revenue for 2024 was 474 million, down 5.1% year-over-year. The company expects recovery in this segment as external conditions improve [1] - **Pediatric Dentistry**: Revenue for 2024 was 501 million, with a slight year-over-year increase of 0.3%. The company sees potential for growth in this segment due to rising demand and penetration rates [1] - **Restorative and Comprehensive Services**: Revenue for 2024 was 462 million and 765 million respectively, with year-over-year growth of 1.5% and 1.3%. The company is optimistic about continued growth in these areas [1] Hospital Network and Expansion - **Regional General Hospitals**: In 2024, revenue from Hangkou, Chengxi, and Ningkou hospitals was 548 million, 382 million, and 184 million respectively, with declines in Hangkou and Chengxi attributed to patient resource diversion to the Dandelion branches [2] - **Dandelion Branches**: The company anticipates strong growth in revenue from these branches in 2024 as they mature [2] - **Out-of-Zhejiang Hospitals**: The company is actively expanding its national footprint through a combination of self-built, acquired, and franchised models, with successful projects like the Hunan Loudi Dental Hospital [2] Profit Forecast and Valuation - The company adjusted its net profit forecasts for 2025-2027 to 545 million, 587 million, and 631 million, reflecting a downward adjustment of 8% and 11% for 2025 and 2026 respectively [3] - The company is recognized as a leading profitable dental service provider in the industry, with strong technical capabilities and an expanding service network, leading to a target price adjustment to 54.80 yuan for 2025, corresponding to a 45x PE ratio [3]