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第一等傻女|带你领略美食与竞争的完美结合
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第一等傻女|带你领略美食与竞争的完美结合

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  近日,美年健康披露了2024年年报。年报数据显示,报告期内公司实现营收107.02亿元,同比微降1.76%;归母净利润为2.82亿元,同比下降44.18%;扣非净利润2.52亿元,同比下降45.52%。

  结合往期业绩表现看,公司2023年业绩短暂回暖后再度出现回落迹象,颇具信号意义。回顾历史,2019年至今,美年健康的业绩表现有如过山车,业绩大起大落的背后与公司商誉减值、疫情扰动等密不可分。而2024年公司并未进行大额商誉减值计提,疫情也早已成为过去时。在此背景下,公司盈利规模仍未得到显著修复。

  在连锁体检机构赛道中,由于体检设备、体检服务、体检服务等明显趋同,难以拉开大的差距,那么门店的数量以及覆盖城市则成为衡量体检中心在行业中地位的重要指标。为了满足扩张的需求,美年健康自2011年起便开启了激进并购的模式。

  美年健康的发展模式转为体系内孵化,即上市公司先少量参股,一般参股份额在10%左右,余下的股份则由其成立但在体系之外的并购基金或其他投资人持有。而在培育期中,随着标的体检中心营运逐渐走上正轨,具备盈利能力,美年健康便逐渐从上述并购基金、投资人手中继续收购体检中心的股份,直至最终完成控股及并表。

  2016年至2019年间,美年健康陆续收购多家公司,如以26.97亿元的价格收购慈铭体检72.22%股权,以1.53亿元收购了西昌美年等7家公司相应股权,以1.17亿元收购了德阳美年等5家公司相应股权,以3.58亿元收购了武汉美年等14家公司相应股权,以3.47亿元收购了西宁美年等19家公司相应股权,以1.28亿元收购了安徽诺一51%股权等。

  大规模的对外扩张显著提升了当期业绩,但很快就暴露出问题。2019年,美年健康对包括慈铭健康在内的并购资产进行了商誉减值,一次性计提了10.35亿元商誉减值,这也导致美年健康净利润亏损8.66亿元,历史首次出现亏损。

  2020年,受新冠疫情影响,公司经营遭到显著冲击,但由于2020年转让美因基因的股权形成了非经常性损益约10.4亿元,公司归母净利润仍为正值,但扣非净利润亏损6亿元。需要指出的是,根据会计政策,美年健康的商誉减值计入经常性损益,因而2020年扣非净利润与2019年并不具备可比性。

  2021年,疫情形势有所好转,公司利润小幅修复,但仍处于历史较低水平。2022年,疫情反复之下,公司计提了13.55亿商誉减值准备,当期归母净利润、扣非净利润均断崖式下降。2023年,随着疫情逐步消散,公司业绩显著回升,疫后迎复苏成为行业内较为普遍的观点。

  然而,在2024年这一关键时点,美年健康疫后首份成绩单并不理想。在其背后,是公司对外扩张对业绩提振的边际效应正在逐步减弱。2020年-2024年,美年健康营收年复合增长率8.18%,同期管理费用年复合增长率11.43%,销售费用年复合增长率7.8%。从销售百分比来看,自2019年起,公司营业成本、期间费用之和占总营收的比重持续居高不下,近年占比均在90%左右。

  在此背景下,美年健康的扩张步伐仍未停止。2023年全年,美年健康新增子公司27家,其中并购16家。2024年全年,美年健康新增子公司达33家,其中并购19家。被并购公司中大部分为满足收购条件的美年健康参股公司,即已具备盈利能力。然而,2024年公司归母净利润仍仅2.82亿元,仍不及疫情前的盈利规模。

  机构数量不断扩容的同时,公司的客单价也水涨船高,2024年,美年健康的体检客单价已经提升至672元,近几年均保持上涨趋势。但从结果来看,量价齐升的现象并未出现,公司接待人数出现显著下滑。2024年,美年健康共接待2525万人次,同比下滑10.9%,也低于2019年疫情前的2602万人次。

  机构越开越多,接待量却不增反降,其背后的原因或在于公司自身的服务质量随着规模的扩张而有所下滑。黑猫投诉【下载黑猫投诉客户端】数据显示,除了套餐价格不透明、服务态度欠佳、退款难等行业共性问题之外,甚至还出现了漏检、错检情况。

  着眼未来,美年健康“蒙眼”扩张或仍将继续,其背后或存在双重动因。首先,公司需要触达更多客群以维持营收增长,保持行业领先地位。其次,并购基金或其他投资人最终需通过美年健康实现退出。

  需要关注的是,收购过程中往往存在较大溢价空间,而据年报披露,美年健康存在大量其他关联方,即实际控制人控制公司以及实际控制人重大影响公司,未来美年健康如收购相关公司或将产生利益输送风险。

  此外,对外并购所带来的商誉减值风险也在不断累积。历经数次减值计提后,美年健康的商誉再度持续攀升。年报数据显示,截至报告披露,公司商誉已达50.71亿元。在公司业绩承压、接待量下滑的背景下,未来的减值风险不容忽视。

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