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“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:25Q1稳健增长,全年有望持续向好-20250427
SINOLINK SECURITIES· 2025-04-27 02:05
业绩简评 2025 年 4 月 25 日,公司发布 2024 年年度报告。2024 年公司实现 收入 28.74 亿元(同比+0.96%),实现归母净利润 5.01 亿元(同 比+0.20%),扣非归母净利润 4.96 亿元(同比+3.18%)。 同时公司发布 2025 年一季度报告,25Q1 公司实现营业收入 7.45 亿元(同比+5.11%),实现归母净利润 1.84 亿元(同比+6.22%), 扣非归母净利润 1.82 亿元(同比+7.08%)。 经营分析 种植业务以量补价,增长稳健。拆分业务来看,2024 年公司种植 业务实现收入 5.30 亿元(同比+10.60%),业务收入占比提升至 19.39%,这主要得益于集采后种植牙价格下降带来的需求释放,公 司通过以量补价,集采效应释放,实现了业务的增长。正畸业务收 入 4.74 亿元(同比下降 5.05%),其中隐形矫治占比约 15%。儿科 业务收入 5.01 亿元(同比+0.29%),修复业务收入 4.62 亿元(同 比+1.53%),大综合业务收入 7.65 亿元(同比+1.27%),均保持 相对稳定,体现了口腔诊疗的刚需属性。 省内蒲公英计划深化, ...