Meinian Onehealth(SZ:002044) Xinda Securities·2025-04-21 09:18Investment Rating - The report assigns a "Buy" rating for the stock, indicating a strong performance relative to the benchmark index [15]. Core Views - The core view emphasizes the stable development of the company's core health examination services, with accelerated progress in transitioning from minority to majority stakes in various subsidiaries, and promising AI applications in health management [2][4][6]. Summary by Sections Company Overview - The company is the largest health examination chain in China, operating four major brands: "Meinian Health," "Ciming Health Examination," "Ciming Aoya," and "Meizhao Health," providing comprehensive and personalized health examination services [2]. Financial Performance - In 2024, the company achieved total revenue of 10.702 billion yuan, a decrease of 1.76% year-on-year. The net profit attributable to shareholders was 282 million yuan, down 44.18% year-on-year [1][8]. - The gross margin for the core health examination services was 42.39%, reflecting a slight increase of 0.33 percentage points year-on-year [3]. Revenue Breakdown - The health examination services generated revenue of 10.331 billion yuan in 2024, with regional contributions from East China (3.599 billion yuan), North China (2.387 billion yuan), South China (1.261 billion yuan), and Central South China (1.348 billion yuan) [2]. - The company served 25.25 million clients in 2024, with a client unit price of 672 yuan, indicating a stable increase [2]. Strategic Initiatives - The company plans to acquire equity stakes in 19 target companies, which are health examination centers, to enhance its service network and market share [4][5]. - The implementation of the "All in AI" strategy aims to leverage health data and AI technology to improve health management services, with projected revenue from AI applications reaching 216 million yuan in 2024 [6]. Future Projections - Revenue forecasts for 2025-2027 are 11.754 billion yuan, 12.910 billion yuan, and 14.180 billion yuan, respectively, with net profits expected to be 612 million yuan, 800 million yuan, and 990 million yuan [8]. - The report anticipates an increase in earnings per share (EPS) from 0.16 yuan in 2025 to 0.25 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 34.33 to 21.23 [8].