美年健康（002044）：旺季经营改善，AI赋能成效显著

Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company reported a slight decline in revenue for the first three quarters of 2025, with total revenue of 6.925 billion yuan, down 3.01% year-on-year, while net profit attributable to shareholders increased by 110.53% to 52 million yuan [7] - The third quarter showed improvement in operations due to the peak season, with revenue of 2.816 billion yuan, a decrease of 4.06% year-on-year, but net profit increased by 13.65% to 273 million yuan [7][8] - The company is implementing an "All in AI" strategy, with AI-related revenue reaching 250 million yuan, a growth of 71.02% year-on-year, indicating significant contributions from innovative products [9] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 6.925 billion yuan, a decrease of 3.01% year-on-year, and a net profit of 52 million yuan, an increase of 110.53% [7] - In Q3 alone, the company reported operating revenue of 2.816 billion yuan, down 4.06% year-on-year, with a net profit of 273 million yuan, up 13.65% [7] Operational Insights - The company experienced operational improvements in Q3 due to the peak season, with an increase in the proportion of key customer contracts and attendance rates [8] - The total number of branches reached 561, with 300 being controlled health examination branches, and the revenue contribution from individual customers increased to 33% [8] AI Strategy and Innovation - The "All in AI" strategy has become a core driver of growth, with AI-related revenue of 250 million yuan, up 71.02% year-on-year [9] - The company has launched AI applications in 217 health examination centers, significantly enhancing operational efficiency [9] - New health management services, including GLP-1RA drug clinics and smart traditional Chinese medicine examination services, are being developed to transition towards comprehensive digital health management [9] Investment Recommendations - The company is expected to achieve operating revenues of 11.720 billion yuan, 13.042 billion yuan, and 14.240 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 9.5%, 11.3%, and 9.2% [10] - Net profit attributable to shareholders is projected to reach 640 million yuan, 862 million yuan, and 1.088 billion yuan for the same years, with significant growth rates [10]