从指数持仓来看，中证全指医疗行业指数十大权重分别为：迈瑞医疗（14.15%）、爱尔眼科 （8.89%）、联影医疗（7.82%）、爱美客（4.05%）、惠泰医疗（4.0%）、鱼跃医疗（3.12%）、上海 医药（3.09%）、新产业（3.03%）、益丰药房（2.65%）、美年健康（2.5%）。 金融界4月22日消息，A股三大指数收盘涨跌不一，中证全指医疗行业指数 (医疗行业，932131)报537.08 点。 数据统计显示，中证全指医疗行业指数近一个月下跌5.24%，近三个月下跌0.28%，年至今下跌5.24%。 据了解，中证全指行业优选指数系列从中证全指行业中选取符合一定流动性与市值筛选条件的上市公司 作为指数样本，以反映各个行业内较具代表性与可投资性的上市公司证券的整体表现。该指数以2021年 12月31日为基日，以1000.0点为基点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证全指指数调整样本时，中证全指行业指数 ...

Core Viewpoint - The China Securities Index for Healthcare Equipment and Services has shown a recent increase, but it has experienced declines over the past month, three months, and year-to-date [1]. Group 1: Index Performance - The CSI Healthcare Equipment and Services Index rose by 1.17% to 13,221.28 points with a trading volume of 10.971 billion [1]. - Over the past month, the index has decreased by 9.68%, by 0.46% over the last three months, and by 4.54% year-to-date [1]. Group 2: Index Composition - The index is composed of listed companies in the healthcare sector, reflecting the overall performance of these securities [1]. - The top ten weighted companies in the index include Mindray Medical (9.26%), Aier Eye Hospital (8.31%), and United Imaging Healthcare (7.36%) [1]. - The index's holdings are primarily from the Shenzhen Stock Exchange (60.12%) and the Shanghai Stock Exchange (39.88%) [1]. Group 3: Fund Tracking - Public funds tracking the healthcare index include several funds such as Southern CSI Healthcare Equipment and Services Link A, Tianhong CSI Healthcare Equipment and Services ETF, and others [2].

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2.52 亿元（-45.52%），经营现金流净额 16.62 亿元（-17.88%）。2024Q4 营业收入35.6 亿元（-3%），归母净利润2.58 亿元（-8%），扣非净利 润2.4 亿元（+4%）。 考虑到2024 年计提1.48 亿信用减值损失和3378 万长股投减值准备以及671 万商誉减值准备，预计各项 资产减值准备影响归母净利润1.8 亿元，剔除该影响后预计2024 年归母净利润约为4.6 亿元。 拆分量价来看，2024 年客单价为672 元（+8%），保持稳定提升态势，客流量1538 万人次（-12%）； 截至2024 年底，分院总数576家，其中控股体检分院312 家（+6 家），参股体检分院264 家。 毛利率稳健，费用变化小，控费效果显著 2024 年毛利率为42.78%（-0.01pct），基本持平；费用方面，从绝对值来看，公司四大费用合计新增 4400 万，变化较小，2024 年销售费用率为23.7 ...

Investment Rating - The report assigns a "Buy" rating for the stock, indicating a strong performance relative to the benchmark index [15]. Core Views - The core view emphasizes the stable development of the company's core health examination services, with accelerated progress in transitioning from minority to majority stakes in various subsidiaries, and promising AI applications in health management [2][4][6]. Summary by Sections Company Overview - The company is the largest health examination chain in China, operating four major brands: "Meinian Health," "Ciming Health Examination," "Ciming Aoya," and "Meizhao Health," providing comprehensive and personalized health examination services [2]. Financial Performance - In 2024, the company achieved total revenue of 10.702 billion yuan, a decrease of 1.76% year-on-year. The net profit attributable to shareholders was 282 million yuan, down 44.18% year-on-year [1][8]. - The gross margin for the core health examination services was 42.39%, reflecting a slight increase of 0.33 percentage points year-on-year [3]. Revenue Breakdown - The health examination services generated revenue of 10.331 billion yuan in 2024, with regional contributions from East China (3.599 billion yuan), North China (2.387 billion yuan), South China (1.261 billion yuan), and Central South China (1.348 billion yuan) [2]. - The company served 25.25 million clients in 2024, with a client unit price of 672 yuan, indicating a stable increase [2]. Strategic Initiatives - The company plans to acquire equity stakes in 19 target companies, which are health examination centers, to enhance its service network and market share [4][5]. - The implementation of the "All in AI" strategy aims to leverage health data and AI technology to improve health management services, with projected revenue from AI applications reaching 216 million yuan in 2024 [6]. Future Projections - Revenue forecasts for 2025-2027 are 11.754 billion yuan, 12.910 billion yuan, and 14.180 billion yuan, respectively, with net profits expected to be 612 million yuan, 800 million yuan, and 990 million yuan [8]. - The report anticipates an increase in earnings per share (EPS) from 0.16 yuan in 2025 to 0.25 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 34.33 to 21.23 [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [8][15]. Core Insights - The company reported a revenue of 10.702 billion yuan in 2024, a decrease of 1.76% year-on-year, with a net profit attributable to shareholders of 282 million yuan, down 44.18% [3][8]. - The average revenue per customer (ARPU) increased by 8% to 672 yuan, while the total number of customers decreased by 12% to 15.38 million [4][6]. - The company is expanding its AI strategy, with AI-related revenue contributing 216 million yuan, representing 24% of total income from individual tests [6][8]. - The company plans to acquire equity in 19 health examination centers to enhance market share and optimize its business structure [7][8]. Financial Summary - The company’s gross margin for 2024 was 42.78%, remaining stable, while the net profit margin decreased to 2.64% due to credit impairment losses [5][8]. - Forecasted revenues for 2025, 2026, and 2027 are 11.717 billion yuan, 12.698 billion yuan, and 13.726 billion yuan, respectively, with corresponding net profits of 602 million yuan, 901 million yuan, and 1.152 billion yuan [8][11]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 34, 23, and 18, respectively [8][11].

Group 1 - The report highlights that in Q4 2024, the company achieved a record high revenue of 7.79 billion yuan, marking a year-on-year increase of 5.43% and a quarter-on-quarter increase of 17.99% [4][5] - The company reported a net profit attributable to shareholders of 0.14 billion yuan in Q4 2024, which represents a significant year-on-year decrease of 82.53% and a quarter-on-quarter decrease of 53.21% [5][6] - The company is focusing on accelerating project construction as a key strategy for growth, with the TianTai intelligent manufacturing production base project expected to enhance production capacity significantly [9][10] Group 2 - The report indicates that Zhongfu Industrial's revenue for 2024 reached 22.76 billion yuan, reflecting a year-on-year increase of 21.12%, while the net profit attributable to shareholders was 0.7 billion yuan, down 39.3% [12][13] - In Q4 2024, Zhongfu Industrial's revenue was 6.03 billion yuan, up 17.05% year-on-year, but the net profit was negative at -0.24 billion yuan, a drastic decline of 106.46% [12][13] - The report notes that the decline in aluminum oxide prices is expected to significantly reduce production costs for Zhongfu Industrial, enhancing profit margins in the future [13][14] Group 3 - The report states that Meinian Health achieved a revenue of 10.7 billion yuan in 2024, a decrease of 1.76% year-on-year, with a net profit of 2.82 billion yuan, down 44.18% [17][18] - The company reported that its health check service revenue was 10.3 billion yuan, with a total of 15.38 million visits, indicating a 12% decline in customer visits [18][19] - The integration of AI technology is expected to enhance revenue generation and operational efficiency, with AI-related income reaching 220 million yuan in 2024 [18][20] Group 4 - The report discusses the global first humanoid robot marathon held in Beijing, indicating a growing interest and investment in humanoid robotics [21][22] - The establishment of the K-Humanoid Robot Alliance in South Korea, with a budget of 200 billion won (approximately 10.24 billion yuan), signifies a national commitment to advancing humanoid robotics [23][24] - The report emphasizes that the humanoid robot industry is poised for significant investment opportunities, likening its potential to the "ChatGPT moment" in technology [31][32] Group 5 - The report indicates that Electric Science Digital achieved a revenue of 10.7 billion yuan in 2024, reflecting a year-on-year increase of 7.05%, with a net profit of 5.51 billion yuan, up 10.77% [33][34] - The company is focusing on digital products and industry digitalization, with significant growth in its digital finance and smart manufacturing sectors [34][35] - The report projects that the company's revenue will continue to grow, with estimates of 11.84 billion yuan, 13.17 billion yuan, and 14.98 billion yuan for 2025-2027 [39][40] Group 6 - The report highlights that Huading Co. achieved a revenue of 1.156 billion yuan in Q1 2025, a year-on-year decrease of 44.53%, while the net profit increased by 17.26% to 0.94 billion yuan [41][42] - The company’s nylon segment reported a revenue of 1.133 billion yuan, with a production increase of 3.99% year-on-year [44][45] - The report notes ongoing project investments aimed at enhancing production capacity and market share in the high-end nylon segment [46]

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 ...

Core Viewpoint - Meinian Health is actively implementing ESG responsibilities, showcasing various highlights and innovations to promote sustainable development and social progress [3][4]. Environmental Protection - Meinian Health has improved its environmental protection system, upgrading its solid medical waste and wastewater management quality control system to a five-level standard [3]. - The company strictly enforces medical waste classification and has initiated a paperless office approach, generating a significant amount of electronic reports to save resources [3]. - Measures such as dynamic disinfection of equipment and comprehensive medical wastewater treatment systems have been established to ensure a safe medical environment [3]. Social Responsibility - In 2024, Meinian Health served approximately 30 million people, with a significant abnormal result detection rate of 9.52%, alerting nearly 3 million clients to major health risks [4]. - The company hosted 366 public welfare activities, benefiting over 80,000 individuals, and provided free health check-ups and financial assistance to special groups [4]. - Meinian Health conducted 46 rural medical consultations, covering 51 towns and serving nearly 27,000 people, thereby improving health literacy in rural areas [4]. Corporate Governance - In 2024, Meinian Health disclosed 124 external documents, enhancing communication with investors and refining relevant systems [4]. - The company has established a compliance management system and introduced compliance experts, along with AI compliance assistants to improve risk control [4]. - Measures for information security and privacy protection have been strengthened through various certifications and encryption technologies [4]. ESG Shortcomings - Despite claims of a standardized environmental management system, Meinian Health received a score of 54.89 in the environmental category, ranking 22nd among 26 healthcare providers in the A-share market [5]. - The company lacks comprehensive data disclosure on greenhouse gas emissions, energy consumption, and pollutant treatment, limiting its environmental performance [5]. - There has been a rise in complaints regarding service quality, appointment management, and fee transparency, indicating areas for improvement [6]. AI Innovation - Meinian Health has launched an "ALL in AI" strategy, introducing the AI health management assistant "Health Xiaomei" to enhance service quality throughout the health check process [7][9]. - The company aims to transition from annual health checks to continuous health management, promoting a service model that includes screening, assessment, intervention, and follow-up [9]. - However, the company faces challenges in balancing AI system development with existing medical testing business, and the profitability of AI initiatives remains uncertain [9].