Meinian Onehealth(SZ:002044) Soochow Securities·2025-04-18 00:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 10.702 billion yuan in 2024, a year-on-year decrease of 1.76%, while the net profit attributable to shareholders was 282.24 million yuan, down 44.18% year-on-year [7] - AI revenue is beginning to scale, with 215.58 million yuan generated from AI-related services, including heart-lung screening and AI for eye and brain health [7] - The company has a stable increase in customer unit price, with an average price of 672 yuan for health check-ups in 2024, reflecting a 4.1 percentage point increase in individual check-up revenue share [7] - The acquisition of 19 health examination centers is expected to enhance the company's performance, contributing approximately 505 million yuan in total revenue and 52 million yuan in net profit for 2024 [7] - The profit forecast for 2025-2026 has been adjusted to 629.21 million yuan and 911.79 million yuan respectively, with a projected net profit of 1.125 billion yuan in 2027, corresponding to PE valuations of 33, 23, and 18 times [7] Summary by Sections Financial Performance - Total revenue for 2024 is projected at 10.702 billion yuan, with a year-on-year growth rate of -1.76% [1] - Net profit attributable to shareholders is expected to be 282.24 million yuan, reflecting a decline of 44.18% year-on-year [1] - The company anticipates a gradual recovery in revenue growth, with projections of 11.587 billion yuan in 2025 and 12.432 billion yuan in 2026 [8] AI and Data Utilization - The company has leveraged its extensive health data, with over 1 billion imaging data points and 200 million structured health data points, to integrate AI technology into its services [7] - The introduction of AI-driven health management tools is expected to reduce service costs and enhance operational efficiency [7] Market Position and Expansion - The company operates 576 health examination centers, with a mix of wholly-owned and joint-venture facilities [7] - The acquisition of additional centers is aimed at solidifying market position and supporting the implementation of AI strategies [7]