Meinian Onehealth(SZ:002044)2024-11-17 09:02Investment Rating - The report assigns an "Outperform" rating to Meinian Onehealth Healthcare Holdings with a target price of RMB 7.36 per share [1][13]. Core Insights - Meinian Onehealth achieved stable growth in Q3 2024, with revenue of RMB 2.94 billion, up 3.63% year-on-year, and net profit attributable to shareholders of RMB 240 million, up 10.33% year-on-year [10][12]. - For the first three quarters of 2024, the company reported revenue of RMB 7.14 billion, a decrease of 1.96% year-on-year, and a net profit of RMB 25 million, down 88.96% year-on-year [10][11]. Summary by Sections Business Performance - The company has 608 branches across over 30 provinces, maintaining the largest market share in the health check industry [12]. - The operational strategy focuses on diversified income, cost reduction, and enhancing per customer transaction, while improving service quality [11][12]. Financial Forecast - Revenue projections for 2024-2026 are RMB 11.22 billion, RMB 12.88 billion, and RMB 14.40 billion, representing year-on-year growth of 3.0%, 14.8%, and 11.8% respectively [13]. - Net profit attributable to shareholders is forecasted at RMB 480 million, RMB 803 million, and RMB 1.07 billion for the same period, with growth rates of -5.0%, 67.2%, and 33.3% respectively [13]. Market Position - The company is positioned as an industry leader, leveraging its scale and digital capabilities to enhance service quality and operational efficiency [12][13]. - The focus on personalized health management and innovative product offerings aims to create a sustainable growth cycle in health consumption [12].