美年健康：商保深度布局，数据资源价值凸显

Investment Rating - The investment rating for the company is "Buy" and maintained [9] Core Views - The company is expected to benefit from the recent support from the Shanghai Medical Insurance Bureau for the development of commercial health insurance, focusing on self-paid medical expenses not covered by basic medical insurance [11] - The company has established a comprehensive digital health service platform through deep cooperation with commercial insurance, enhancing service quality and creating a closed-loop management system [11] - The company is positioned as a data source in the commercial insurance data industry chain, with a significant accumulation of health data, which will further enhance its value as the commercial insurance system matures [11] Company Overview - The latest closing price is 4.92 yuan, with a total share capital of 3.914 billion shares and a total market capitalization of 19.3 billion yuan [3][4][5] - The company has a debt-to-asset ratio of 56.8% and a price-to-earnings ratio of 37.85 [7][8] - The largest shareholder is Hangzhou Haoyue Enterprise Management Co., Ltd. [9] Financial Forecast - Revenue projections for 2024-2026 are 11.008 billion, 11.837 billion, and 12.687 billion yuan, respectively, with corresponding net profits of 333.07 million, 628.80 million, and 894.69 million yuan [13][14] - The expected earnings per share (EPS) for the same period are 0.09, 0.16, and 0.23 yuan, with price-to-earnings ratios of 57.82, 30.63, and 21.52, respectively [13][14] Industry Trends - The concentration in the health examination industry is increasing, with more institutions being closed than opened, benefiting leading companies [12] - The company has maintained positive growth in customer unit price and improved cash flow, with cost reduction and efficiency enhancement expected to show results in late 2024 and 2025 [12]