通策医疗：业绩短期承压，静待修复

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company's performance is under short-term pressure, awaiting recovery due to weak consumer demand and the impact of dental implant procurement policies, leading to a decline in average transaction prices and slowing revenue growth [4] - The company reported a revenue of 2.233 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.21%, with a net profit attributable to the parent company of 498 million yuan, down 2.63% [3] - The company is advancing its "Dandelion Plan," which is expected to lay the foundation for long-term growth as more branches complete their cultivation period [4] - The profit margins have slightly decreased, with a gross margin of 41.82% and a net margin of 26.95% for the first three quarters of 2024 [4] - The company is expected to accelerate the opening of new clinics in the next 3-5 years, focusing on the orthodontics and dental implant markets in Zhejiang [4] Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 2.233 billion yuan, with a quarterly revenue of 823 million yuan in Q3 [3] - The projected net profits for 2024, 2025, and 2026 are 571 million yuan, 674 million yuan, and 785 million yuan respectively [4] - The company's gross margin is projected to be 38.4% in 2024, with a net margin of 18.6% [6] - The company's total assets are expected to grow from 6.006 billion yuan in 2023 to 7.074 billion yuan in 2026 [7] - The earnings per share (EPS) are projected to increase from 1.12 yuan in 2023 to 1.76 yuan in 2026 [9]