Meinian Onehealth(SZ:002044) Huaan Securities·2024-11-06 10:29Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong performance in Q3, with innovative business models continuing to empower growth. The revenue for Q3 was 2.935 billion yuan, a year-on-year increase of 3.63%, and the net profit attributable to shareholders was 240 million yuan, up 10.33% year-on-year [1] - The company has maintained a leading position in the private health examination sector, leveraging big data and AI technology to drive business innovation. The upcoming peak season for health examinations is expected to support continued positive growth in performance [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 7.141 billion yuan, a decrease of 1.96% year-on-year, and a net profit attributable to shareholders of 25 million yuan, down 88.96% year-on-year. However, the net profit excluding non-recurring items was 8 million yuan, an increase of 96.43% year-on-year [1] - The company’s gross profit margin for the first three quarters of 2024 was 39.67%, an increase of 4.02 percentage points from the first half of 2024. The net profit margin was 1.13%, up 6.10 percentage points from the first half of 2024 [1] - The company plans to achieve revenues of 11.470 billion yuan, 12.866 billion yuan, and 14.260 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 5.3%, 12.2%, and 10.8% [3][4] Business Development Summary - As of September 30, 2024, the company had a total of 608 branches across more than 30 provinces, maintaining the highest number of health examination visits in the industry. The company has also launched the first health management robot in collaboration with Huawei and RunDa Medical, enhancing its competitive edge [1] - The company is expected to continue benefiting from the integration of AI technology into its health examination services, which is anticipated to improve customer pricing and overall business performance [1]