Meinian Onehealth(SZ:002044) KAIYUAN SECURITIES·2024-05-09 09:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown a rapid recovery in performance for 2023, with both volume and price in its health check business increasing [6] - The company is expected to maintain long-term growth despite a downward adjustment in profit forecasts for 2024-2025 due to economic conditions [6] Financial Performance Summary - In 2023, the company achieved revenue of 10.894 billion yuan, a year-on-year increase of 26.44%, and a net profit attributable to shareholders of 506 million yuan, up 190.45% [6] - The gross margin for 2023 was 42.79%, an increase of 8.45 percentage points, while the net margin was 6.14%, up 11.68 percentage points [6] - For Q1 2024, the company reported revenue of 1.801 billion yuan, a decrease of 14.91%, and a net loss attributable to shareholders of 287 million yuan, down 66.67% [6] Business Operations Summary - The "Meinian Health" brand generated revenue of 8.432 billion yuan in 2023, accounting for 77.4% of total revenue, while the "Ciming" and "Ciming Aoya" brands contributed 2.277 billion yuan, or 20.9% [7] - The company received 28.34 million health check clients in 2023, a year-on-year increase of 13.0%, with an average customer spending of 620.8 yuan, up 11.2% from 2022 [7] Expense Management Summary - In 2023, the company maintained good control over its expense ratios, with sales expense ratio at 23.53%, management expense ratio at 7.64%, and R&D expense ratio at 0.58% [8] - For Q1 2024, the sales expense ratio increased to 28.47%, while the management expense ratio rose to 11.63% [8] Financial Forecast Summary - The company forecasts net profits attributable to shareholders of 766 million yuan for 2024, 735 million yuan for 2025, and 1.119 billion yuan for 2026 [6] - The current stock price corresponds to a P/E ratio of 22.6 for 2024, 23.5 for 2025, and 15.5 for 2026 [6]