Meinian Onehealth(SZ:002044) KAIYUAN SECURITIES·2024-08-31 07:30Investment 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].