Core Insights - The health checkup industry in China is experiencing a recovery driven by the aging population and increasing demand for chronic disease management, with a projected market size exceeding 520 billion yuan by 2030 [1] - The company is leveraging a "transfer and control" model to efficiently integrate regional resources, enhancing its competitive advantage amid rising industry concentration [1] - The company is focusing on the aging market by strategically developing essential projects such as brain health, cardiovascular early screening, and tumor marker testing, creating a comprehensive service system from prevention to health management and medical referral [1] Industry Growth - The industry has seen a compound annual growth rate (CAGR) of 15.06% from 2012 to 2022, indicating robust growth potential [1] - The company aims to complete 25.12 million health check services in 2024, with an 8.25% year-on-year increase in average revenue per service to 672 yuan [1] Business Strategy - The company is implementing a multi-channel marketing strategy to optimize customer structure, focusing on both online and offline channels [2] - The individual checkup revenue share is expected to rise from 17% in 2021 to 24.1% in 2024, reflecting a shift towards personalized services [2] - The company is building a large structured health database with over 1 billion imaging data points and 200 million structured health data points, creating a "data-algorithm-product" closed loop [2] Technological Advancement - The company has upgraded its strategy to focus on AI, developing systems for intelligent appointment scheduling, AI-assisted diagnosis, and post-checkup health interventions [3] - AI products for early disease screening have significantly improved accuracy in brain health assessments and lung nodule identification [3] - The company is transitioning from a health check service provider to a health management solution platform, with AI-related revenue projected to exceed 215 million yuan in 2024 [3] Financial Projections - The company is expected to benefit from the "Healthy China" strategy and the silver economy, with projected revenues of 12.14 billion yuan in 2025, 14.02 billion yuan in 2026, and 16.32 billion yuan in 2027, reflecting year-on-year growth rates of 13.46%, 15.46%, and 16.41% respectively [4] - Net profit attributable to the parent company is projected to reach 605 million yuan in 2025, 1.01 billion yuan in 2026, and 1.27 billion yuan in 2027, with significant growth rates of 114.47%, 66.80%, and 25.63% respectively [4]

证券代码：002044 证券简称：美年健康 公告编号：2025-022 美年大健康产业控股股份有限公司 关于公司及下属子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 美年大健康产业控股股份有限公司（以下简称"公司"或"美年健康"）于 2024 年 12 月 13 日召开的第九届董事会第五次（临时）会议及 2024 年 12 月 30 日召开 的 2024 年第六次临时股东大会，审议通过了《关于公司及下属子公司申请融资额 度并提供担保的议案》，同意公司及部分下属子公司 2025 年度为公司及合并报表 范围内的子公司提供担保额度累计不超过人民币 49 亿元。具体内容详见公司于 2024 年 12 月 14 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于公司及下属 子公司申请融资额度并提供担保的公告》（公告编号：2024-111）。 二、进展情况 近日，公司与上海银行股份有限公司浦东分行（以下简称"上海银行"）签署了 《最高额保证合同》，为美年大健康产业（集团）有限公司（以下简称"美年大健 康"）提供主债 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近日，美年健康披露了2024年年报。年报数据显示，报告期内公司实现营收107.02亿元，同比微降 1.76%；归母净利润为2.82亿元，同比下降44.18%；扣非净利润2.52亿元，同比下降45.52%。 结合往期业绩表现看，公司2023年业绩短暂回暖后再度出现回落迹象，颇具信号意义。回顾历史，2019 年至今，美年健康的业绩表现有如过山车，业绩大起大落的背后与公司商誉减值、疫情扰动等密不可 分。而2024年公司并未进行大额商誉减值计提，疫情也早已成为过去时。在此背景下，公司盈利规模仍 未得到显著修复。 在连锁体检机构赛道中，由于体检设备、体检服务、体检服务等明显趋同，难以拉开大的差距，那么门 店的数量以及覆盖城市则成为衡量体检中心在行业中地位的重要指标。为了满足扩张的需求，美年健康 自2011年起便开启了激进并购的模式。 美年健康的发展模式转为体系内孵化，即上市公司先少量参股，一般参股份额在10%左右，余下的股份 则由其成立但在体系之外的并购基金或其他投资人持有。而在培育期中，随着标的体检中心营运逐渐走 上正轨，具备盈利能力，美年健康 ...

Core Viewpoint - The implementation of the "Pharmaceutical Industry Digital Transformation Implementation Plan (2025-2030)" by seven government departments aims to enhance the digital transformation across the entire pharmaceutical industry chain, focusing on the deep application of artificial intelligence technology and the cultivation of excellent enterprises [1][3]. Group 1: Market Impact - Following the announcement, the pharmaceutical digitalization sector in the A-share market saw a collective rise, with notable increases such as 13.16% for Sichuang Medical [2][1]. - The digital transformation plan is expected to create significant opportunities for the pharmaceutical industry, effectively equipping it with a "digital brain" to enhance efficiency and reduce costs [6][7]. Group 2: Development Goals - The plan outlines two key stages: by 2027, significant progress in digital transformation should be achieved, and by 2030, large-scale pharmaceutical enterprises should have fully realized digital transformation [3][4]. - Specific targets include the development of over 30 digital technology standards and the establishment of more than 100 exemplary application scenarios in the pharmaceutical industry [4][5]. Group 3: Key Tasks - The plan identifies four major tasks: empowering with digital technology, promoting digital transformation, building a digital service system, and enhancing digital regulation [5][6]. Group 4: Market Growth Potential - The digital healthcare market in China is projected to exceed 1.2 trillion yuan by the end of 2024, with a compound annual growth rate of 24.5% [8]. - By 2025, the digital healthcare market is expected to surpass 1.8 trillion yuan, and by 2030, it could reach 2.5 trillion yuan, indicating a significant market opportunity driven by policy, technology, and demand [9]. Group 5: Company Innovations - Companies like Hengrui Medicine and Fosun Pharma are collaborating with AI platforms to enhance the efficiency of innovative drug development [11]. - Other firms, such as WuXi AppTec and Chengdu XianDao, are integrating AI into their research processes to improve precision and efficiency in drug development [10][11].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 美年健康(002044) 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 体检服务主业发展稳健，参转控加速推进，AI 布局值得期待 [Table_ReportDate] 2025 年 04 月 21 日 1）从收入端来看：2024 年公司体检服务实现营业收入 103.31 亿元， 其中华东区、华北区、华南区、中南区的营业收入分别为 35.99 亿元、 23.87 亿元、12.61 亿元、13.48 亿元。截至 2024 年底，公司旗下分院 总数 576 家，其中控股体检分院 312 家，参股体检分院 264 家。2024 年度，公司共计接待 2,525 ...

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-04-21 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 5.30 | | --- | --- | | 总股本/流通股本（亿股）39.14 | / 38.72 | | 总市值/流通市值（亿元）207 | / 205 | | 52 周内最高/最低价 | 7.51 / 3.27 | | 资产负债率(%) | 56.8% | | 市盈率 | 75.71 | | 第一大股东 | 杭州灏月企业管理有限 | | 公司 | | 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 分析师:古意涵 SAC 登记编号:S1340523110003 Email:guyihan@cnpsec.com 美年健康(002044) 2024 年客单价保持提升，AI 战略成效明显 l 2024 年收入及经营性利润稳健，客单价保持增长 公司发布2024年年报：2024年营业收入 107.02 亿元（-1.76%）， 归母净利润2.82亿元（-44.18%），扣非净利润2 ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, particularly on innovative drugs and their internationalization process, while suggesting a focus on blood products and scientific instruments in the short term [4][18]. Core Insights - The pharmaceutical sector has shown stable stock performance, with significant approvals for innovative drugs such as the IL-21/IL-23 dual antibody by Kangfang Biopharma and the successful phase 3 clinical trial results for Eli Lilly's orforglipron [1][2][18]. - The report emphasizes the resilience and growth potential of the pharmaceutical sector amidst changing external tariff environments, highlighting low geopolitical risks for innovative drugs and opportunities for domestic replacements in blood products and medical devices [4][18]. - The report suggests a continuous focus on innovative and semi-innovative drug companies, as well as potential recovery in the performance of generic drugs, chain pharmacies, and traditional Chinese medicine post-Q1 reports [4][20]. Summary by Sections Pharmaceutical Sector - Kangfang Biopharma's IL-21/IL-23 dual antibody has been approved for moderate to severe plaque psoriasis, marking a significant milestone as the first domestic drug of its kind [19]. - The approval of AstraZeneca's capivasertib for second-line breast cancer treatment further highlights the growing number of innovative drugs being approved in China [23][25]. - The report anticipates a surge in licensing transactions as Chinese innovative drug assets mature, leading to more predictable performance for pharmaceutical companies [2][25]. Biological Products - Eli Lilly's orforglipron has successfully completed phase 3 clinical trials, demonstrating superior A1C reduction compared to placebo, which positions it as a leading oral GLP-1 receptor agonist [26][29]. - The report encourages monitoring the progress of domestic GLP-1 small molecules, which are showing promising clinical results [33][34]. Medical Devices - Domestic companies are making significant strides in innovative research and development, with products like the LiqMagic peripheral vascular shockwave treatment system gaining traction in clinical applications [35][36]. - The report notes that the innovative technology in vascular treatment is expected to enhance patient outcomes and reduce procedural risks [35][36]. Investment Recommendations - The report recommends focusing on innovative and semi-innovative drug companies such as Kelun-Biotech, Kangfang Biopharma, and Huadong Medicine, as well as blood products and scientific instruments for potential domestic replacements [5][20]. - It also suggests paying attention to the recovery of generic drugs, chain pharmacies, and traditional Chinese medicine as the market stabilizes post-Q1 [4][20].

2025 年 04 月 19 日 公司研究 评级：买入(维持) 研究所： 投资要点: 证券分析师： 李明 S0350523090001 lim06@ghzq.com.cn [Table_Title] AI 赋能显效，体检龙头迈向数智化健管时代 ——美年健康（002044）2024 年年报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/18 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 美年健康 | -18.9% | 18.5% | 12.4% | | 沪深 300 | -5.9% | -1.0% | 5.7% | | 市场数据 | 2025/04/18 | | --- | --- | | 当前价格（元） | 5.19 | | 周价格区间（元） 52 | 3.22-7.79 | | 总市值（百万） | 20,314.98 | | 流通市值（百万） | 20,098.01 | | 总股本（万股） | 391,425.39 | | 流通股本（万股） | 387,244.87 | | 日均成交额（百万） | 311.03 | | ...

南方财经全媒体记者陈璐 广州报道 作为医疗行业中连续四个报告期披露数据资源的上市公司，美年健康在2024年年报中披露数据资源金额 935.2万元，相较于第一季度首次披露的546万元增长了71.3%。据悉，美年健康积累了超1亿人次的影像 数据和超过2亿人次的结构化健康数据，建立了国内规模最大的个人健康体检数据中心。 据年报披露，美年健康主要研发项目包括扁鹊 SAAS 体检管理平台和星羽展业平台，其中星羽展业平 台预计未来具备一定的数据延伸价值，企业客户健康需求数据可反哺保险产品研发（如开发"体检+慢 病管理险"）。 值得注意的是，美年健康在2024年数据资源的会计处理呈现出阶段性特点。前三个报告期，数据资源的 均通过"开发支出"科目进行列示，金额持续增长。在2024年年报中，首次将882万元的数据资源转入"无 形资产"科目，另有53万元继续计入"开发支出"。 单位:元 | | | | 本期增加金额 | 本期减少金额 纱 | | | | --- | --- | --- | --- | --- | --- | --- | | 项目 | 期初余额 | | | | A | 期末余额 | | | | 内部开发支 | 其他 ...