Meinian Onehealth(SZ:002044) Guohai Securities·2025-11-06 08:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown improvement in profitability, with a revenue growth of 71% attributed to the integration of AI technology [2][6] - In the first three quarters of 2025, the company achieved a revenue of 6.925 billion yuan (down 3% year-on-year) and a net profit attributable to shareholders of 52 million yuan (up 111%) [6] - The third quarter of 2025 saw a revenue of 2.816 billion yuan (down 4% year-on-year) and a net profit of 273 million yuan (up 14%), with a gross margin of 46.06% (up 0.63 percentage points) [6] - The company is committed to an "All-in AI" strategy, focusing on cost reduction and efficiency improvements, with the "Smart Main Inspection System" launched in 217 health examination centers [6][8] - The company has introduced innovative business lines, including weight loss clinics and AI health management services, which are becoming new growth points [6] Financial Projections - Revenue projections for 2025-2027 are 10.4 billion yuan, 11.4 billion yuan, and 12.6 billion yuan, with year-on-year changes of -3%, +9%, and +11% respectively [6][8] - Net profit projections for the same period are 400 million yuan, 820 million yuan, and 1.25 billion yuan, with year-on-year growth rates of 42%, 105%, and 52% respectively [6][8] - The price-to-earnings (P/E) ratios are projected to be 54 times, 27 times, and 17 times for 2025, 2026, and 2027 respectively [6][8]