2024 年收入及经营性利润稳健，客单价保持增长公司发布2024 年年报：2024 年营业收入107.02 亿元 （-1.76%），归母净利润2.82 亿元（-44.18%），扣非净利润2.52 亿元（-45.52%），经营现金流净额 16.62 亿元（-17.88%）。2024Q4 营业收入35.6 亿元（-3%），归母净利润2.58 亿元（-8%），扣非净利 润2.4 亿元（+4%）。 考虑到2024 年计提1.48 亿信用减值损失和3378 万长股投减值准备以及671 万商誉减值准备，预计各项 资产减值准备影响归母净利润1.8 亿元，剔除该影响后预计2024 年归母净利润约为4.6 亿元。 拆分量价来看，2024 年客单价为672 元（+8%），保持稳定提升态势，客流量1538 万人次（-12%）； 截至2024 年底，分院总数576家，其中控股体检分院312 家（+6 家），参股体检分院264 家。 毛利率稳健，费用变化小，控费效果显著 2024 年毛利率为42.78%（-0.01pct），基本持平；费用方面，从绝对值来看，公司四大费用合计新增 4400 万，变化较小，2024 年销售费用率为23.7 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [8][15]. Core Insights - The company reported a revenue of 10.702 billion yuan in 2024, a decrease of 1.76% year-on-year, with a net profit attributable to shareholders of 282 million yuan, down 44.18% [3][8]. - The average revenue per customer (ARPU) increased by 8% to 672 yuan, while the total number of customers decreased by 12% to 15.38 million [4][6]. - The company is expanding its AI strategy, with AI-related revenue contributing 216 million yuan, representing 24% of total income from individual tests [6][8]. - The company plans to acquire equity in 19 health examination centers to enhance market share and optimize its business structure [7][8]. Financial Summary - The company’s gross margin for 2024 was 42.78%, remaining stable, while the net profit margin decreased to 2.64% due to credit impairment losses [5][8]. - Forecasted revenues for 2025, 2026, and 2027 are 11.717 billion yuan, 12.698 billion yuan, and 13.726 billion yuan, respectively, with corresponding net profits of 602 million yuan, 901 million yuan, and 1.152 billion yuan [8][11]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 34, 23, and 18, respectively [8][11].