Meinian Onehealth(SZ:002044) Huaan Securities·2025-09-07 23:36Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 4.109 billion yuan for the first half of 2025, a year-on-year decrease of 2.28%, and a net profit attributable to shareholders of -0.221 billion yuan, down 2.59% year-on-year [4][5] - The company's "All in AI" strategy has shown significant results, with AI-enabled revenue reaching 0.14 billion yuan, a year-on-year increase of 62.36% [6] - The company aims to transition from a preventive healthcare leader to a comprehensive digital health management leader [6] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 4.109 billion yuan, with a net profit of -0.221 billion yuan and a non-recurring net profit of -0.238 billion yuan [4] - The average price per health check was 656 yuan, with a total of 9.55 million health check visits [5] - The gross margin for the medical industry was 32.71%, a decrease of 2.76 percentage points year-on-year [5] Business Strategy - The company has 566 branches, with 304 being controlled health check branches, maintaining the industry lead in coverage and total health check visits [5] - The customer structure is improving, with individual clients accounting for 33% of revenue and group clients for 67% [5] - The company is enhancing operational efficiency by reducing sales expenses by 8.75% and management expenses by 0.50% in H1 2025 [5] Future Projections - Revenue projections for 2025-2027 are 11.720 billion yuan, 13.042 billion yuan, and 14.240 billion yuan, with year-on-year growth rates of 9.5%, 11.3%, and 9.2% respectively [7] - Net profit projections for the same period are 0.640 billion yuan, 0.864 billion yuan, and 1.089 billion yuan, with growth rates of 126.9%, 34.9%, and 26.1% respectively [7] - The expected EPS for 2025-2027 is 0.16 yuan, 0.22 yuan, and 0.28 yuan, with corresponding PE ratios of 33, 24, and 19 [7]