AI 赋能、科学提效降本，利润稳定增长 美年健康(002044) 美年健康 2025 年三季报点评 [Table_Industry] 医药/必需消费 公 司 季 报 点 [Table_Summary] 我们预测 2025-2027 年的营业收入分别为 107.46、119.06、130.78 亿 元，增速分别为 0.4%、10.8%、9.8%，归母净利润分别为 4.23、6.91、 9.64 亿元，增速分别为 49.9%、63.4%、39.4%，EPS 分别为 0.11、 0.18、0.25 元，我们采用 PE 方法进行估值，参考可比公司，给予 2026 年归母净利润 40 倍估值，对应目标价 7.06 元，维持优于大市评级。 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 10,894 | 10,702 | 10,746 | 11,906 | 13,078 | | (+/-)% | 26.4% | -1.8% | 0.4% ...

Core Insights - The company reported a revenue of 6.93 billion yuan for Q3 2025, a year-on-year decrease of 3.0%, while the net profit attributable to shareholders increased by 110.5% to 51.86 million yuan [1] - The company has a total of 561 branches as of September 30, with 300 being controlled branches, indicating growth in its operational footprint [1] Financial Performance - For Q3 2025, the company's revenue was 2.82 billion yuan, down 4.1% year-on-year, but the net profit attributable to shareholders rose by 13.7% to 273 million yuan [1] - The company's non-recurring net profit was 251 million yuan, reflecting a year-on-year increase of 7.7% [1] - The operating cash flow net amount was -182 million yuan, showing a year-on-year improvement of 40.0% [1] - The fully diluted EPS for the quarter was 0.0698 yuan [1] Business Strategy and Innovations - The company is implementing a "dual-drive" system focusing on group examinations and individual examinations, enhancing customer journey management [2] - Revenue from AI-driven initiatives reached 250 million yuan, a significant increase of 71.02% compared to the previous year, driven by various AI applications in health screening [2] - New innovative products and services have been launched, including personalized health check packages and AI-driven systems, aimed at improving customer experience and operational efficiency [2]