摩根大通：通策医疗_中国口腔巨头脆弱表象背后隐藏的不确定性_首次覆盖评级为减持

Topchoice - A Hidden uncertainties behind the fragile smile of China's dental giant: Initiate with UW We initiate coverage of Topchoice with an UW rating and a Dec-25 PT of Rmb34. Topchoice is one of the top dental chains in China, operating 84 medical facilities and equipped with ~3,100 dental chairs as of 3QFY24. We see dental services facing short- and long-term challenges, leading to profitability pressure. Our FY25E/26E EPS is 8%/10% below consensus. The prospect of weaker-than-expected earnings growth ...