证券研究报告：医药生物 | 公司点评报告 2024 年 11 月 2 日 公司基本情况 最新收盘价（元） 4.69 总股本/流通股本（亿股）39.14 / 38.72 总市值/流通市值（亿元）184 / 182 52 周内最高/最低价 6.40 / 3.27 资产负债率(%) 56.8% 市盈率 36.08 第一大股东杭州灏月企业管理有限 公司 股票投资评级 买入|维持 个股表现 -46% -41% -36% -31% -26% -21% -16% -11% -6% -1% 4% 2023-11 2024-01 2024-03 2024-06 2024-08 2024-11 美年健康 医药生物 资料来源：聚源，中邮证券研究所 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) 2024Q3 利润略超预期，看好 Q4 旺季增长 ⚫ 事件概览 公司发布 2024 年三季报：2024Q3 营业收入 29. ...

隐证券 医药生物/医疗服务 公 司 研 究 美年健康（002044.SZ） 2024 年 11 月 03 日 2024Q3 业绩稳健增长，客单价稳定提升 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-----------| | 日期 | 2024/11/1 | | 当前股价 ( 元 ) | 4.69 | | 一年最高最低 ( 元 ) | 6.60/3.22 | | 总市值 ( 亿元 ) | 183.58 | | 流通市值 ( 亿元 ) | 181.62 | | 总股本 ( 亿股 ) | 39.14 | | 流通股本 ( 亿股 ) | 38.72 | | 近 3 个月换手率 (%) | 67.84 | 股价走势图 -60% -40% -20% 0% 20% 40% 2023-11 2024-03 2024-07 美年健康 沪深300 数据来源：聚源 相关研究报告 《2024Q2 公司收入正增长，客单价及 个检收入占比持续提升—公司信息更 新报告》-2024.8.31 《2023 年业绩快速恢复，体检业务量 价齐升 — 公 司 信 ...

Investment Rating - Maintain "Recommend" rating for Meinian Health [2] Core Views - Meinian Health achieved double-digit growth in both revenue and net profit in Q3 2024, with revenue increasing by 3.6% YoY and net profit attributable to shareholders rising by 10.3% YoY [1] - The company's performance is gradually being released, driven by the peak season for the physical examination industry in the second half of the year and stable order volumes in the first half [1] - Public health awareness and aging population are driving sustained growth in proactive health management consumption, prompting the company to shift from single physical examination services to promoting sustainable health consumption [1] - The company is increasing strategic investment in group examination for major clients, optimizing customer structure, and expanding high-quality customers through customized and enterprise-level health management services [2] - Meinian Health is advancing digital marketing and deepening AI strategy, focusing on AI-powered services such as "AI Smart Blood Sugar Management" and "Health Xiaomei" to enhance customer value and brand potential [2] Financial Performance - For the first nine months of 2024, Meinian Health reported revenue of 7.141 billion yuan (-1.96% YoY), net profit attributable to shareholders of 25 million yuan (-88.96% YoY), and operating cash flow of -303 million yuan [1] - In Q3 2024, the company achieved revenue of 2.935 billion yuan (+3.63% YoY), net profit attributable to shareholders of 240 million yuan (+10.33% YoY), and operating cash flow of 289 million yuan [1] - The company's revenue and net profit are expected to grow steadily, with projected revenue of 11.057 billion yuan, 12.302 billion yuan, and 13.619 billion yuan for 2024, 2025, and 2026, respectively, and net profit of 427 million yuan, 769 million yuan, and 1.012 billion yuan for the same periods [2] Strategic Initiatives - Meinian Health is strengthening its presence in individual examination business through refined operations on platforms like Tmall, JD.com, and Pinduoduo, and enhancing customer retention and conversion through personalized health solutions [2] - The company is building a closed-loop ecosystem through its digital platform, integrating public domain traffic for group examinations and private domain retention for chronic disease management [2] - AI technology is being leveraged to improve medical services, with a focus on projects like "AI Smart Blood Sugar Management" and "Traditional Chinese Medicine Smart Physical Examination" [2] Market Data - As of October 30, 2024, Meinian Health's A-share closing price was 4.32 yuan, with a total market capitalization of 16.7 billion yuan and a circulating market capitalization of 16.7 billion yuan [2] - The company's total share capital is 3.914 billion shares, with 3.872 billion shares in actual circulation [2]

来源：公司年报、国金证券研究所 三季度营收利润双增长, 业绩简评 2024 年 10 月 30 日，公司发布 2023 年第三季度报告。公司前三季 度公司实现收入 71.41 亿元，同比-1.96%；归母净利润 0.25 亿元， 同比-88.96%；实现扣非归母净利润 0.08 亿元，同比-96.43%。 2024Q3 公司实现收入 29.35 亿元，同比+3.63%；归母净利润 2.40 亿元，同比+10.33%；实现扣非归母净利润 2.33 亿元，同比+4.05%。 经营分析 分院数量持续扩张，覆盖城市年检人次居首位。截至 2024 年 9 月 30 日，公司分院总数 608 家，覆盖全国 30 多个省（自治区、直辖 市），其中控股分院 312 家（2024H1 控股分院 310 家），在覆盖城 市、分院、年体检人次总量上均稳居行业第一位。 盈利能力稳步提升。2024Q3 公司实现销售毛利率 45.43%（环比 +4.07pct），实现销售净利率 9.87%（环比+5.7pct）。2023Q3 公司 盈利能力有所提升主要系 1）公众健康意识持续提升，主动健康和 消费医疗持续高速成长；2）产品结构性变化，如 ...

美年大健康产业控股股份有限公司 2024 年第三季度报告 证券代码：002044 证券简称：美年健康 公告编号：2024-096 美年大健康产业控股股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 1、董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2、公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）声明：保证 季度报告中财务信息的真实、准确、完整。 3、第三季度报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 是 □否 追溯调整或重述原因 同一控制下企业合并 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------|------------------|--------------- ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's Q2 2024 profit showed significant improvement compared to Q1, with a 124 72% quarter-on-quarter increase in net profit attributable to the parent company [4] - The company's average customer price for health check-ups in H1 2024 was 653 yuan, showing a stable upward trend [4] - The company is focusing on medical quality and service improvement, aiming to enhance customer satisfaction, repurchase rates, and average customer prices [4] - The company is expected to enter a new growth phase through both internal and external expansion [4] Financial Performance and Forecast - H1 2024 revenue was 4 205 billion yuan (-5 33% YoY), with a net loss of 216 million yuan attributable to the parent company [4] - Q2 2024 revenue was 2 404 billion yuan (+2 96% YoY), with a net profit of 71 million yuan attributable to the parent company [4] - Revenue forecasts for 2024-2026 are 11 432 billion yuan, 13 001 billion yuan, and 14 536 billion yuan, with YoY growth rates of 4 9%, 13 7%, and 11 8% respectively [4] - Net profit forecasts for 2024-2026 are 602 million yuan, 848 million yuan, and 1 116 billion yuan, with YoY growth rates of 19 0%, 40 9%, and 31 7% respectively [4] - EPS forecasts for 2024-2026 are 0 15 yuan, 0 22 yuan, and 0 29 yuan respectively [4] Market Performance - The stock price on September 23 was 3 38 yuan, with a 52-week range of 3 22-6 92 yuan [1] - The total market capitalization is 13 23 billion yuan, with a circulating market capitalization of 13 089 billion yuan [1] - The stock's absolute performance over the past 1M, 2M, and 3M was 1 5%, -2 0%, and -14 0% respectively [2] Industry Comparison - The average PE ratio for comparable companies in 2024 is 29x, with a range of 22-33x [7] - The company's 2024 PE ratio is estimated at 29 15x, with a target price range of 4 61-5 38 yuan [4] Financial Ratios and Metrics - The company's gross margin is expected to be 39 6% in 2024, increasing to 41 5% by 2026 [5] - ROE is forecasted to improve from 7 2% in 2024 to 10 9% in 2026 [5] - The company's debt-to-asset ratio is expected to decrease from 55 5% in 2024 to 52 2% in 2026 [8] Operational Highlights - Group clients accounted for 67% of revenue, while individual clients accounted for 33% in H1 2024 [4] - The company is building a refined health management system, focusing on medical quality and key discipline construction [4]

01-31 3.【华安医药】公司点评美年健康 成长信心足 2023-12-08 | --- | --- | |---------------------------------------|-----------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： 2024-09-04 | | | [Table_BaseData] 收盘价（元） | 3.39 | | 近 12 个月最高 / 最低（元） | 7.12/3.25 | | 总股本（百万股） | 3,914 | | 流通股本（百万股） | 3,872 | | 流通股比例（ % ） | 98.92 | | 总市值（亿元） | 133 | | 流通市值（亿元） | 131 | [公司价格与沪深 Table_Chart] 300 走势比较 -57% -39% -20% -2% 17% 8/23 11/23 2/24 5/24 美年健康 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：陈珈蔚 执业证书号：S001052403 ...

公司点评报告 ·医药行业 Q2 营收正增长，体检客单价稳定提升 美年健康 2024 年中报业绩点评 核心观点 ● 事件: 2024年 8月 30日,公司发布 2024年半年度报告,2024H1 营业收入 42.05 亿元(-5.53%),归母净亏损 2.16 亿元,去年同期归母净利润 0.10亿元; 扣非后归母净亏损 2.25亿元,去年同期扣非后归母净利润 0.03亿元,同比由 盈转亏;经营性现金流-5.92 亿元。2024Q2 单季度营业收入 24.04 亿元 (+2.98%),归母净利润 0.71 亿元(-60.02%),扣非后归母净利润 0.77 亿元(- 56.80%),经营性现金流-0.49亿元。 ● 24H1 业绩受到检节奏影响承压,Q2营收恢复正增长。2024H1 公司营业 收入下降 5.53%,主要系 2023Q1 受外部环境影响基数偏高,同时 2024Q1因 企业年会数量增多、节假日出游人次提升等因素,导致已签单客户延迟到检所 致;上半年公司共接待 988万人次,较去年同期下降 20.6%。2024H1公司归 母净利润为-2.16亿元,主要系参股转控股分院数量增加后,在上半年体检淡 季业绩未 ...

证券研究报告·公司点评报告·医疗服务 美年健康（002044） 2024 半年报点评：客单价保持稳健提升，下 半年体检旺季有望提速增长 2024 年 09 月 03 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|------------|--------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 8616 | 10894 | 11658 | 12975 | 14166 | | 同比（ % ） | (6.51) | 26.44 | 7.01 | 11.30 | 9.18 | | 归母净利润（百万元） | (559.02) | 505.62 | 585.48 | 900.55 | 1,142.64 | | 同比（ % ） | (1,007.81) | 190.45 | 15.79 | 53.81 | 26.88 | | EPS- ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The company's individual check-up revenue proportion and customer unit price have steadily increased, with a positive outlook on the company leading the digital health management upgrade [1] - The company's revenue in the first half of 2024 was 4,205 million yuan, a decrease of 5.53% year-on-year, with a net loss attributable to the parent company of 216 million yuan, in line with the median of the performance forecast [2] - The customer unit price has continued to rise steadily, from 514 yuan in the first half of 2022 to 653 yuan in the first half of 2024, benefiting from the return of basic physical examination project prices, customer structure optimization, and innovation project promotion [2] - The proportion of individual customer revenue has increased significantly, from 24% in the first half of 2022 to 33% in the first half of 2024, driven by enhanced cooperation with public domain platforms and improved store fulfillment efficiency [2] - The company's revenue in the second quarter of 2024 achieved positive growth, with revenue of 2,400 million yuan, a year-on-year increase of 3%, and a gross profit margin of 41.36%, a year-on-year increase of 0.02 percentage points [2] - The decline in single-store revenue and reception volume is the main reason affecting the company's profitability in the first half of the year, with a total of 608 branches and a total reception of 9.88 million people in the first half of 2024, a decrease of 21% year-on-year [2] - The company's revenue is expected to be 11,500 million yuan, 13,700 million yuan, and 16,500 million yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 5%, 20%, and 20% [4] - The net profit attributable to the parent company is expected to be 705 million yuan, 915 million yuan, and 1,197 million yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 39%, 30%, and 31% [4] Financial Performance - The company's revenue in 2023 was 10,894 million yuan, with a growth rate of 26%, and the net profit attributable to the parent company was 506 million yuan, with a growth rate of 190% [5] - The company's revenue in 2024 is expected to be 11,471 million yuan, with a growth rate of 5%, and the net profit attributable to the parent company is expected to be 705 million yuan, with a growth rate of 39% [5] - The company's revenue in 2025 is expected to be 13,741 million yuan, with a growth rate of 20%, and the net profit attributable to the parent company is expected to be 915 million yuan, with a growth rate of 30% [5] - The company's revenue in 2026 is expected to be 16,496 million yuan, with a growth rate of 20%, and the net profit attributable to the parent company is expected to be 1,197 million yuan, with a growth rate of 31% [5] - The company's ROE in 2023 was 7%, and it is expected to be 9%, 11%, and 13% in 2024, 2025, and 2026, respectively [5] - The company's gross profit margin in 2023 was 43%, and it is expected to be 44%, 44%, and 45% in 2024, 2025, and 2026, respectively [5] - The company's net profit margin in 2023 was 5%, and it is expected to be 6%, 7%, and 7% in 2024, 2025, and 2026, respectively [5] Market Data - The current price of the company's stock is 3.43 yuan, with a 52-week price range of 3.25-7.12 yuan [2] - The total market value of the company is 13,425.89 million yuan, with a total share capital of 3,914.2539 million shares [2] - The circulating share capital is 3,872.4487 million shares, with a daily average turnover of 86.06 million yuan and a monthly turnover rate of 13.37% [2]