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]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company reported a revenue of 4.205 billion yuan for H1 2024, a decrease of 5.53% year-on-year, with a net profit attributable to shareholders of -216 million yuan [5] - In Q2 2024, the company achieved a revenue of 2.404 billion yuan, reflecting a year-on-year growth of 3%, while the net profit attributable to shareholders was 71 million yuan, down 60% [5] - The company has seen an increase in customer unit price, which rose to 653 yuan in H1 2024, a 9.9% increase from 594 yuan in H1 2023 [5] - The proportion of individual health check-ups increased from 23% in H1 2023 to 33% in H1 2024, indicating strong demand for personalized health services [5] Financial Performance Summary - For H1 2024, the company reported a gross margin of 35.65%, a decrease of 1.64 percentage points [5] - The operating cash flow for H1 2024 was -592 million yuan, a decline of 440% compared to the previous year [5] - The company expects revenues for 2024, 2025, and 2026 to be 11.545 billion yuan, 12.683 billion yuan, and 13.891 billion yuan respectively, with net profits of 660 million yuan, 907 million yuan, and 1.106 billion yuan [7][8] Operational Highlights - The company is leveraging AI technology to enhance sales capabilities, with the AI sales assistant "Meinian Xiaoxing" achieving a conversion rate of 8% during its pilot phase [6] - The introduction of innovative health management products has contributed approximately 10% to the increase in customer unit price [6] - The company aims to strengthen its B2B client base while enhancing private domain operations for individual customers [7] Future Outlook - The company is focusing on optimizing its B2B client structure and enhancing digital capabilities to drive growth in individual health check-ups [7] - Cost reduction efforts are underway, with a target to decrease rental costs by over 10% in the second half of 2024 [7] - The company anticipates that the results of its cost reduction initiatives will become evident in Q3 and Q4 of 2024 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][12]. Core Views - The company has shown positive revenue growth in Q2 2024, with an increasing proportion of individual examination income and customer unit price [2]. - The company is expected to maintain its long-term growth trajectory, with projected net profits for 2024-2026 at 765 million, 733 million, and 1.115 billion respectively, corresponding to PE ratios of 17.8, 18.5, and 12.2 times [2][4]. Financial Performance Summary - In the first half of 2024, the company achieved revenue of 40.15 billion yuan, a decrease of 7.51% year-on-year, with a gross margin of 34.52% [4]. - The total number of visits reached 9.88 million, with 6.15 million from controlled branches, and the revenue share from group and individual clients was 67% and 33% respectively [4]. - The average customer unit price for health examinations was 653 yuan, indicating a stable upward trend [4]. Expense Ratios - The company reported sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio for the first half of 2024 at 25.59%, 9.91%, 0.61%, and 3.63% respectively, with year-on-year increases of 1.65 percentage points, 1.42 percentage points, 0.01 percentage points, and 0.49 percentage points [5]. Future Outlook - The second half of 2024 is anticipated to see a peak in health examination demand, with stable order volumes expected to gradually release in the third and fourth quarters [5].

美年大健康产业控股股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |-------------------------|-------------------------------------|----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥4,205,187,220.80, representing a decrease of 5.53% compared to the same period last year[22]. - The net profit attributable to shareholders was a loss of ¥215,777,193.40, a significant decline from a profit of ¥10,144,667.02 in the previous year, marking a decrease of 2,228.59%[22]. - The net profit after deducting non-recurring gains and losses was a loss of ¥224,516,372.79, compared to a profit of ¥3,391,307.96 in the same period last year, reflecting a decrease of 6,340.20%[22]. - The cash flow from operating activities showed a net outflow of ¥592,486,769.73, worsening from a net outflow of ¥111,475,804.87 in the previous year, indicating a decline of 440.38%[22]. - The basic and diluted earnings per share were both -¥0.06, compared to ¥0.0026 in the same period last year, a decrease of 4,715.38%[22]. - The total assets at the end of the reporting period were ¥18,604,532,679.89, down 4.38% from the end of the previous year[22]. - The net assets attributable to shareholders decreased to ¥7,428,639,165.03, a decline of 3.50% compared to the previous year-end[22]. - The company achieved total revenue of 4.205 billion yuan in the first half of 2024, with a total of 9.88 million health check-up visits, of which 6.15 million were from controlled branches[46]. - The decline in revenue in the first half of 2024 was attributed to a high base from the previous year and seasonal factors affecting client attendance[47]. - The company reported a total revenue of ¥4,205,187,220.80 in the current reporting period, representing a decrease of 5.53% compared to ¥4,451,210,433.44 in the same period last year[92]. Market Trends and Projections - The health check industry in China is projected to reach a market size of 390 billion yuan by 2025, with a compound annual growth rate (CAGR) of approximately 10.7% from 2021 to 2022[34]. - The overall health management market is expected to exceed 3 trillion yuan by 2028, with a CAGR of 12.5% from 2023 to 2028[33]. - In 2023, the per capita healthcare expenditure in China was 2,460 yuan, reflecting a growth of 16.0% year-on-year, accounting for 9.2% of total per capita consumption expenditure[34]. - The health literacy rate among Chinese residents reached 29.70% in 2023, indicating a continuous improvement in public health awareness[34]. - The population aged 65 and above in China exceeded 216 million by the end of 2023, representing 15.4% of the total population, highlighting the potential growth in the elderly health check market[35]. Company Strategy and Operations - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[6]. - The company is focusing on enhancing its core areas such as artificial intelligence, genetic testing, and early cancer screening, while also expanding its health management services[42]. - The company plans to implement strategies for sustainable growth, including optimizing client structure and enhancing customer experience, particularly in high-potential specialized products[48]. - The company is actively developing innovative health check-up projects, including early screening for six major cancers and various health management services[43]. - The company aims to strengthen its brand credibility and enhance collaboration with top research institutions to improve service quality[48]. - The company is committed to upgrading its health check-up services to health management, focusing on preventive medicine and digital health management[42]. - The company has enhanced its digital health management platform, improving operational efficiency and customer satisfaction, with a 10% increase in NPS from 89% to 90.8%[56]. - The company has implemented a standardized data governance system for health examination reports, with 28 branches recognized as part of the clinical test result mutual recognition system in Beijing for 2024[52]. - The company has established a comprehensive medical quality management system, ensuring no gaps in quality management through real-time monitoring and expert evaluations[53]. - The company is focused on providing personalized, standardized, and intelligent health check-up services to improve overall profitability[124]. Research and Development - R&D investment increased by 20.05% to CNY 47,984,348.91, reflecting the company's commitment to innovation[97]. - The company is investing in medical talent training and management system upgrades to achieve further quality control improvements[122]. - The company is actively developing AI technologies for various diagnostic applications, including lung nodules, stroke, and breast ultrasound, enhancing the quality of health check services[89]. - The company has introduced innovative insurance products, including a medical insurance plan for individuals with pre-existing conditions, aimed at enhancing customer experience and addressing financial pressures from diseases[65]. - The company is leveraging AI and big data to create a smart, personalized health management service system, including AI-driven traditional Chinese medicine health assessments and women's health management products[64]. Social Responsibility and Community Engagement - The company is committed to social responsibility, conducting free health check-ups and public health lectures in rural areas, enhancing public health awareness[81]. - The company has conducted various public welfare activities, including free health check-ups for over 100 "working mothers" and rural residents[148][150]. - The "Love Without Borders: Assist the Disabled" initiative provided nearly 6,000 free health check-up slots for disabled individuals across the country[156]. - The company has been recognized as a "Pioneer Enterprise in Assisting the Disabled" by the China Association of the Disabled[156]. - The company continues to expand its public health initiatives, demonstrating a commitment to social responsibility and community health[145]. Financial Management and Guarantees - The company has provided guarantees totaling CNY 1 billion to Chengdu SMEs Financing Guarantee Co., Ltd. with a guarantee period until August 2027[185]. - The company has also provided guarantees totaling CNY 1 billion to Beijing Shouchuang Financing Guarantee Co., Ltd. with a guarantee period until September 2027[185]. - The company has provided guarantees totaling CNY 1 billion to Hunan SMEs Financing Guarantee Co., Ltd. with a guarantee period until September 2027[185]. - The company has provided guarantees totaling CNY 800 million to Chengdu Wuhou SMEs Financing Guarantee Co., Ltd. with a guarantee period until December 2027[185]. - The company has provided guarantees totaling CNY 850 million to Shanghai SMEs Policy Financing Guarantee Fund Management Center with a guarantee period until December 2028[186]. - The company has provided guarantees totaling CNY 425 million with a guarantee period until December 2028[186]. - The total approved external guarantees during the reporting period amounted to CNY 5 billion, with an actual occurrence of CNY 0[187]. - The total approved guarantee amount for subsidiaries during the reporting period was 741,000,000, with actual guarantees amounting to 241,306,800[200]. Legal and Compliance - The semi-annual financial report was not audited[164]. - There were no major litigation or arbitration matters during the reporting period[166]. - The company has 75 ongoing lawsuits with a total amount involved of approximately 193.95 million yuan, which are not expected to have a significant impact on the company[167]. - The company reported 90 cases against it, with an involved amount of approximately 74.14 million yuan, also not expected to significantly affect the company[167]. - The company reported that there were no violations of procedures in providing external guarantees[200].

美年大健康产业控股股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：美年大健康产业控股股份有限公司 单位：万元 | | 资金占用 | 占用方与上 | 上市公司核 | 2024 年期 | 2024 年半年度 | 2024 年半年度 | 2024 年半 | 2024 年 6 | 占用形 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 方名称 | 市公司的关 | 算的会计科 | 初占用资 | 占用累计发生金 | 占用资金的利 | 年度偿还累 | 月末占用 | 成原因 | 占用性质 | | | | 联关系 | 目 | 金余额 | 额（不含利息） | 息（如有） | 计发生金额 | 资金余额 | | | | 控股股东、实际控制 | | | | | | | | | | 非经营性占用 | | 人及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | | | | | | | - | | 前控股股东、实际控 | | | | | | ...

证券代码：002044 证券简称：美年健康 公告编号：2024-071 美年大健康产业控股股份有限公司 关于公司为下属子公司及下属子公司为公司 提供担保额度的公告 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。 特别提示： 本次被担保对象中大连美年健康悦享综合门诊部有限公司（以下简称"大连美 年"）、北京美兆健康体检中心有限公司（以下简称"北京美兆"）、杭州美年医学 检验实验室有限公司（以下简称"杭州美年"）、南京鼓楼美仕年综合门诊部有限公 司（以下简称"南京美仕年"）的资产负债率超过 70%，请投资者充分关注担保风 险。 本次担保不构成关联交易，本次担保尚需提交公司股东大会审议。 一、担保情况概述 （一）担保基本情况 根据美年大健康产业控股股份有限公司（以下简称"美年健康"或"公司"）经营 规划，为支持公司及下属子公司运营发展的融资需要：1）公司拟为下属子公司向 银行申请综合授信事项提供担保，拟新增担保额度累计不超过人民币 8,000 万元， 占公司最近一期经审计归属于母公司净资产的 1.04%；2）公司拟向招商银行股份 有限公司上海分行（以下简称"招商银行 ...

美年大健康产业控股股份有限公司 第八届董事会第三十六次会议决议公告 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。 证券代码：002044 证券简称：美年健康 公告编号：2024-067 二、董事会会议审议情况 1、审议并通过《公司 2024 年半年度报告及其摘要》 表决结果：赞成 11 票，反对 0 票，弃权 0 票。 公司董事会审计委员会审议通过了该议案。 《公司 2024 年半年度报告》全文详见公司指定信息披露媒体巨潮资讯网 （www.cninfo.com.cn），《公司 2024 年半年度报告摘要》详见公司指定信息披露 媒体《中国证券报》、《上海证券报》、《证券时报》、《证券日报》及巨潮资讯 网（www.cninfo.com.cn）。 2、审议并通过《关于募集资金 2024 年半年度存放与实际使用情况的专项报 告》 表决结果：赞成 11 票，反对 0 票，弃权 0 票。 根据中国证券监督管理委员会发布的《上市公司监管指引第 2 号——上市公 司募集资金管理和使用的监管要求》（证监会公告[2022]15 号）和深圳证券交易所 颁布的《深圳证券交易所上市公 ...

美年大健康产业控股股份有限公司 关于召开 2024 年第三次临时股东大会的通知 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。 特别提示： 美年大健康产业控股股份有限公司（以下简称"公司"）2024 年第三次临时股 东大会现场会议的召开地点为上海市静安区灵石路 697 号健康智谷 9 号楼三楼 公司会议室，敬请投资者特别留意。 根据公司于 2024 年 8 月 28 日召开的第八届董事会第三十六次会议，公司定 于 2024 年 9 月 19 日召开 2024 年第三次临时股东大会，本次股东大会将采用股 东现场记名投票与网络投票表决相结合的方式召开，现就本次股东大会的有关事 宜通知如下： 一、本次会议召开基本情况 1、股东大会届次：公司 2024 年第三次临时股东大会。 2、股东大会召集人：公司第八届董事会第三十六次会议决议召开，由公司 董事会召集。 证券代码：002044 证券简称：美年健康 公告编号：2024-072 -15:00 的任意时间。 5、会议的召开方式： 本次股东大会采取现场记名投票表决与网络投票相结合的方式召开。公司将 通过深交所交易系统和互联 ...