美年健康：2024Q2收入正增长，客单价提升，个检占比提升

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]