美年健康(002044)：AI赋能逐步体现 体检客单价稳步增长

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]