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].

4月18日，美年健康今日收盘5.19元，下跌2.08%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到71.98倍，总市值203.15亿元。 从行业市盈率排名来看，公司所处的医疗服务行业市盈率平均45.89倍，行业中值48.60倍，美年健康排 名第33位。 股东方面，截至2025年3月31日，美年健康股东户数189346户，较上次增加72947户，户均持股市值 35.28万元，户均持股数量2.76万股。 美年大健康产业控股股份有限公司的主营业务是健康体检服务。公司的主要产品是体检服务。 最新一期业绩显示，2024年年报，公司实现营业收入107.02亿元，同比-1.76%；净利润2.82亿元，同 比-44.18%，销售毛利率42.78%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)33美年健康71.9871.982.57203.15亿行业平均 45.8942.243.37142.32亿行业中值48.6037.502.4250.67亿1普瑞眼科-182.9122.862.7661.25亿2何氏眼 科-147.3745.181.4828.71亿3迪安诊断-92.4427.831.2185. ...

Core Insights - The health management revolution driven by AI is gradually unfolding in the consumer market, with Meinian Health leveraging vast health data and a nationwide network of health examination centers to capture a significant share of the market [1][9] - In 2024, Meinian Health reported a revenue of 10.702 billion yuan and a net profit of 283 million yuan, with over 215 million yuan of revenue generated from AI-related services [1][7] - The aging population and increasing health concerns among the elderly are creating a robust demand for health management services, with the overall health management market expected to exceed 3 trillion yuan by 2028 [2][3] Market Dynamics - The rapid aging of the population in China, with over 310 million elderly individuals and a chronic disease prevalence rate exceeding 78%, is driving demand for health management services [2][3] - The introduction of new health screening products, such as "Nai Rui Jia" for brain health and "Fei Jie Ning" for lung health, reflects the growing consumer willingness to pay for personalized health management services [2][3] Policy Support - Recent government policies, including the "Promotion of Health Consumption Special Action Plan," are accelerating the development of AI-driven health management services, encouraging health examination institutions to extend their services [3][9] - The government's focus on "AI + healthcare" as a key area for innovation highlights the importance of technology in addressing healthcare challenges, particularly for the elderly [3][9] Data and Technology - Meinian Health possesses a significant data advantage, with over 1 billion imaging data points and more than 200 million structured health data points, establishing the largest personal health examination data center in China [4][6] - The integration of AI into health management services is enhancing the precision of health risk predictions and management, exemplified by the AI-driven blood sugar management product that utilizes a "three-expert management" model [4][5] Business Model Innovation - The convergence of data assets and health management scenarios is creating a "snowball effect," where increased data leads to improved AI capabilities and service precision [5][6] - Meinian Health is redefining its business model by creating a digital health service platform that integrates health examinations, intelligent diagnostics, specialized treatments, and insurance payments [6][10] Future Outlook - The company is set to further promote its AI health management assistant "Health Xiao Mei" across its examination centers, enhancing its capabilities in personalized health risk assessment and management [8][10] - The ongoing development of smart wearable devices and digital therapies will contribute to a new model of health management, driven by AI and aimed at chronic disease management [8][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 10.702 billion yuan in 2024, a year-on-year decrease of 1.76%, while the net profit attributable to shareholders was 282.24 million yuan, down 44.18% year-on-year [7] - AI revenue is beginning to scale, with 215.58 million yuan generated from AI-related services, including heart-lung screening and AI for eye and brain health [7] - The company has a stable increase in customer unit price, with an average price of 672 yuan for health check-ups in 2024, reflecting a 4.1 percentage point increase in individual check-up revenue share [7] - The acquisition of 19 health examination centers is expected to enhance the company's performance, contributing approximately 505 million yuan in total revenue and 52 million yuan in net profit for 2024 [7] - The profit forecast for 2025-2026 has been adjusted to 629.21 million yuan and 911.79 million yuan respectively, with a projected net profit of 1.125 billion yuan in 2027, corresponding to PE valuations of 33, 23, and 18 times [7] Summary by Sections Financial Performance - Total revenue for 2024 is projected at 10.702 billion yuan, with a year-on-year growth rate of -1.76% [1] - Net profit attributable to shareholders is expected to be 282.24 million yuan, reflecting a decline of 44.18% year-on-year [1] - The company anticipates a gradual recovery in revenue growth, with projections of 11.587 billion yuan in 2025 and 12.432 billion yuan in 2026 [8] AI and Data Utilization - The company has leveraged its extensive health data, with over 1 billion imaging data points and 200 million structured health data points, to integrate AI technology into its services [7] - The introduction of AI-driven health management tools is expected to reduce service costs and enhance operational efficiency [7] Market Position and Expansion - The company operates 576 health examination centers, with a mix of wholly-owned and joint-venture facilities [7] - The acquisition of additional centers is aimed at solidifying market position and supporting the implementation of AI strategies [7]

Performance Summary - In 2024, the company reported a revenue of 10.702 billion yuan, a year-on-year decrease of 1.76% [1] - The net profit attributable to shareholders was 282 million yuan, down 44.18% year-on-year [1] - The non-recurring net profit attributable to shareholders was 252 million yuan, a decline of 45.52% year-on-year [1] - For Q4 2024, the company achieved a revenue of 3.561 billion yuan, a decrease of 3.12% year-on-year [1] - The net profit attributable to shareholders for Q4 was 258 million yuan, down 8.01% year-on-year [1] - The non-recurring net profit attributable to shareholders for Q4 was 244 million yuan, an increase of 3.76% year-on-year [1] Operational Analysis - The company is deepening the value of its healthcare big data assets and fully implementing the "All in AI" strategy, generating 212 million yuan in revenue from AI technology in 2024 [2] - The company launched the first AI digital health management assistant "Health Xiaomei" in collaboration with Huawei, which began trial operations in 2024 [2] - New innovative products include AI smart blood glucose management, AI smart liver health management, and others, enhancing market competitiveness [2] - The company's data resources are being utilized in various scenarios, with data assets valued at 8.82 million yuan included in intangible assets [2] Branch Expansion and Customer Metrics - By the end of 2024, the company had a total of 576 branches, including 312 controlling health examination branches [3] - The company served 25.25 million customers in 2024, with 15.38 million from controlling branches [3] - The revenue distribution from group and individual clients was 75.9% and 24.1%, respectively [3] - The average customer price for health examinations was 672 yuan, showing a stable increase from 653 yuan in the first half of 2024 [3] Profit Forecast and Valuation - The company has adjusted its profit forecast for 2025-2026, expecting net profits of 607 million yuan, 748 million yuan, and 886 million yuan for 2025-2027, respectively [4] - The earnings per share (EPS) are projected to be 0.16 yuan, 0.19 yuan, and 0.23 yuan for the same period [4] - The current price corresponds to a price-to-earnings (PE) ratio of 34, 28, and 24 for 2025-2027 [4] - The company maintains a "buy" rating despite the adjustments [4]

证券代码：002044 证券简称：美年健康 公告编号：2025-018 美年大健康产业控股股份有限公司 关于 2023 年股票期权激励计划首次授予的股票期权 第一个行权期行权条件未成就及注销部分股票期权的公告 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。 美年大健康产业控股股份有限公司（以下简称"公司"、"美年健康"）于 2025 年 4 月 15 日召开第九届董事会第八次会议、第八届监事会第二十九次会议，审 议通过《关于 2023 年股票期权激励计划首次授予的股票期权第一个行权期行权 条件未成就及注销部分股票期权的议案》。现将有关事项说明如下： 一、本激励计划已履行的决策程序和批准情况 1、2023 年 12 月 6 日，公司召开第八届董事会第三十次（临时）会议，审议 通过了《关于公司<2023 年股票期权激励计划（草案）>及其摘要的议案》、《关 于公司<2023 年股票期权激励计划实施考核管理办法>的议案》及《关于提请股 东大会授权董事会办理公司 2023 年股票期权激励计划相关事项的议案》等议案。 同日，公司召开第八届监事会第十八次（临时）会议，审议通 ...

北京市天元律师事务所 关于美年大健康产业控股股份有限公司 2023 年股票期权激励计划 首次授予的股票期权第一个行权期行权条件未成就 及注销部分股票期权的法律意见 北京市天元律师事务所 北京市西城区金融大街 35 号 国际企业大厦 A 座 509 单元 邮编：100033 北京市天元律师事务所 关于美年大健康产业控股股份有限公司 2023 年股票期权激励计划 首次授予的股票期权第一个行权期行权条件未成就 及注销部分股票期权的法律意见 京天股字（2023）第 617-4 号 致：美年大健康产业控股股份有限公司 北京市天元律师事务所（以下简称"本所"）接受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"）的委托，担任公司 2023 年股票期权激励计 划（以下简称"本次激励计划"）的专项法律顾问，为公司本次激励计划首次授予的 股票期权第一个行权期行权条件未成就及注销部分股票期权（以下简称"本次激励 计划行权条件未成就及注销事项"）出具本法律意见。 本所对公司提供的、本所认为出具本法律意见所需的文件进行了法律审查，就 公司股权激励计划的本次激励计划行权条件未成就及注销事项以及与之相关的问 题向相关人员 ...