Meinian Onehealth(SZ:002044) Haitong Securities International·2025-11-03 09:06Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 7.06 RMB based on a 40x PE valuation for 2026 net profit [1][8]. Core Insights - The company is focused on enhancing operational efficiency through AI technology, aiming for stable profit growth. It is expected to maintain a positive development trend as it enters the peak season for health check-ups [3][4]. - Revenue forecasts for 2025-2027 are projected at 10.75 billion, 11.91 billion, and 13.08 billion RMB, with growth rates of 0.4%, 10.8%, and 9.8% respectively. Net profit attributable to shareholders is expected to be 0.42 billion, 0.69 billion, and 0.96 billion RMB, with growth rates of 49.9%, 63.4%, and 39.4% [2][8]. Financial Summary - Total revenue for 2023 is reported at 10,894 million RMB, with a year-on-year growth of 26.4%. The projected revenue for 2024 is 10,702 million RMB, showing a slight decline of 1.8% [2]. - Net profit attributable to shareholders for 2023 is 506 million RMB, reflecting a significant increase of 190.4% compared to the previous year. The forecast for 2024 is 282 million RMB, a decrease of 44.2% [2]. - Earnings per share (EPS) are projected to be 0.11, 0.18, and 0.25 RMB for 2025, 2026, and 2027 respectively [2][8]. Business Development - The company has opened 33 weight management clinics and introduced new GLP-1RA drugs, enhancing its service offerings. It has also launched smart TCM check-ups in 64 centers [4][9]. - AI-driven revenue reached 250 million RMB, a year-on-year increase of 71.02%, with significant contributions from various AI health management products [4][10]. - The company is advancing its digital and AI capabilities in health management, partnering with Huawei to develop AI wearables and personalized health management services [10].