Meinian Onehealth(SZ:002044) Yin He Zheng Quan·2025-09-01 12:29Investment Rating - The report maintains a "Recommended" rating for the company [2][6]. Core Insights - The company is experiencing performance pressure, with a reported revenue of 4.109 billion yuan in H1 2025, a year-on-year decrease of 2.28%, and a net profit attributable to shareholders of -221 million yuan, indicating an expanded loss of 2.59% year-on-year [6]. - The company is focusing on AI-driven service upgrades and refined operations, with AI-related revenue contributing 1.4 billion yuan, accounting for 3.4% of total revenue [6]. - The long-term trend for the health checkup sector is positive, and the company, as a leading player, is expected to benefit from this trend [6]. Financial Performance Forecast - Revenue is projected to grow from 10,701.99 million yuan in 2024 to 14,349.66 million yuan in 2027, with a compound annual growth rate (CAGR) of 16.22% [2][8]. - The net profit attributable to shareholders is expected to increase from 282.24 million yuan in 2024 to 999.61 million yuan in 2027, reflecting a growth rate of 19.89% in 2027 [2][8]. - The gross margin is forecasted to remain stable, with slight improvements from 42.69% in 2025 to 43.13% in 2027 [2][8]. Key Financial Metrics - The company’s earnings per share (EPS) is expected to rise from 0.07 yuan in 2024 to 0.26 yuan in 2027 [2][8]. - The price-to-earnings (P/E) ratio is projected to decrease from 79.61 in 2024 to 22.48 in 2027, indicating improved valuation as earnings grow [2][8]. - The operating cash flow is anticipated to improve significantly, reaching 2.902 billion yuan by 2027 [7][8].