Meinian Onehealth(SZ:002044) Soochow Securities·2024-09-03 15:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved total revenue of 4.205 billion yuan in H1 2024, a decrease of 5.53% year-on-year, with a net profit attributable to shareholders of -216 million yuan, reflecting a significant decline of 4229% [3] - The number of health check-ups declined due to a high base and changes in the external environment, but the average revenue per customer continued to rise, indicating potential revenue recovery in H2 2024 [3] - The company expects revenue and profit growth to accelerate in the second half of 2024 due to the peak season for health check-ups [4] Summary by Sections Financial Performance - In H1 2024, the company recorded total revenue of 4.205 billion yuan, with a total of 9.88 million health check-ups, a year-on-year decrease of 20.58% [3] - The average revenue per health check-up was 653 yuan, an increase of 9.93% year-on-year [3] - The company’s gross profit margin was 35.65%, down 1.5 percentage points, and the net profit margin was -4.97%, down 6.22 percentage points [4] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been revised down to 5.85 billion yuan, 9.01 billion yuan, and 11.43 billion yuan, respectively [4] - The corresponding price-to-earnings ratios (P/E) for the current market value are projected to be 22, 15, and 12 times for 2024, 2025, and 2026, respectively [4] Market Outlook - The company anticipates a significant improvement in profit margins in the second half of 2024, driven by the peak season for health check-ups and a potential decrease in expense ratios [4] - The company’s revenue is expected to recover as the volume of health check-ups increases in the latter half of the year [3][4]