okebetslot|通策医疗(600763)：经营逐渐企稳 静待拐点

Performance summaryOkebetslotThe company issues quarterly report 2024 and annual report 2023. Realized revenue in the first quarter of 2024 7Okebetslot.100 million yuan (+ 5%)Okebetslot, return to the mother net profit 1Okebetslot70 million yuan (+ 2.5%), and about 170 million yuan (+ 4.2%) after deduction. In 2023, the company achieved an income of 2.85 billion yuan (+ 4.7%), a net profit of 500 million yuan (- 8.7%), and a non-deduction of about 480 million yuan (- 8.4%). 23 years of performance under pressure, 24 years of Q1 performance in line with expectations. The company's revenue in 2023 increased by 4.7% compared with the same period last year, and its net profit grew by-6.1%. In the first quarter of 24, revenue grew by 5% and net profit by 3.2%. In 2023, the company's planting income (+ 7%); orthodontic income (- 3.14%); pediatric income (+ 2.9%); restoration income (+ 6.7%); general income (+ 8.3%). In the past 23 years, under the influence of weak consumption and dental implant collection policy, the performance was under pressure. As the planting project is gradually affected by collection and mining, the performance is gradually repaired. With the establishment of the new hospital district, the management cost increases, and the reduction of cost and efficiency net interest rate narrows. The company's sales expense rate in 2023 was 1%, which was the same as that in 2022, and the management expense rate was 10.9% (+ 0.38pp). In the first quarter of 2024, the sales and management expense rates were 1% (+ 0.13pp) and 10.1% (+ 0.15pp), respectively. The increase in sales cost is mainly due to the increase of investment in oral popularization in new construction and stock hospitals. The increase in management expenses is mainly due to personnel, depreciation and amortization generated by the new hospital. The net interest rates in 2023 and the first quarter of 2024 were 20.3% (- 2.33pp) and 28.8% (- 0.5pp), respectively. The company maintains reasonable control over operating costs, expenses remain at a low level, and the decline in net interest rates narrows. Attach importance to dental implant collection and increase market share in response to industry policies. In 2023, the company's dental implant business income was 480 million yuan, accounting for 17.8%; more than 53000 teeth were planted, an increase of 47% over the same period last year. The company promotes low-cost planting business to patients, promotes the concept of high, middle and low oral supermarkets, and increases market share. At the same time, adjust the dental implant fee system, the regional general hospital three-person group to cooperate with the platform operation department planting season project, in the oral industry price difference is not significant, to improve the quality of medical services. Profit forecast and investment suggestion: the net profit from 2024 to 2026 is estimated to be 620 million yuan, 760 million yuan and 960 million yuan respectively, and the EPS is 1.94,2.38,2.99yuan respectively. According to the industry average valuation, due to the clearing of the downside risk of customer unit price caused by dental implant collection in the dental industry, as well as the low market concentration in the dental industry, the leading companies are expected to continue to expand, in addition, the company is expected to continue to improve its business stability. and in the future plans outside the province through mergers and acquisitions to continue to expand, there is a possibility of performance reversal, we believe that we can give the company higher than the industry average valuation and maintain the "buy" rating. Risk tips: hospital income may fall short of expectations; industry policy risk; medical malpractice risk. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.