Presentation：《体检行业深度报告行业篇：行业持续内生增长，龙头提质增效稳健发展》

In-Depth Report on the Physical Examination Industry: Sustained Intrinsic Growth with Leading Companies Enhancing Quality and Efficiency for Robust Development

余文心Wenxin Yu wenxin.yu@htisec.com孟科含Kehan Meng kh.meng@htisec.com

30 May 2024

体检行业千亿规模稳定增长，渗透率仍有提升空间。从2018年-2022年，我国体检行业市场规模由1511亿元增长至2170亿元，年复合增长率约9.46%。国民健康意识提升，行业产生多层次需求，行业内生增长动力可持续，我们认为，我国未来体检健康服务需求有望进一步释放。

我们认为，近年体检行业供需层面产生以下重要趋势。（1）需求端：个检占比提升，创新项目打造第二曲线；（2）供给端：行业格局稳定，民营体检机构增长快于公立，AI+辅助体检升级；（3）营销端：多重线上零售渠道发力，改革传统营销方式

3. 建议关注：美年健康。

风险提示：医药行业政策变化风险，医疗事故风险，公司收入利润增速不达预期风险，连锁扩张不达预期风险，新开门店造成亏损风险

1.体检行业概况

1.1 体检行业千亿规模稳定增长，渗透率仍有提升空间

1.2 老龄化叠加国民健康意识提升，行业产生多层次需求

1.3 量价齐升，行业内生增长可持续

2.体检行业供需层面的重要趋势：

2.1 需求端：个检占比提升，创新项目打造第二曲线

2.2 供给端：行业格局稳定，民营体检机构增长快于公立，AI+辅助体检升级

2.3 营销端：多重线上零售渠道发力，改革传统营销方式

3. 建议关注：美年健康。

4. 风险提示

中国体检行业市场规模已经突破2000亿元。2018年-2022年，我国体检行业市场规模由1511亿元增长至2170亿元，年复合增长率约9.46%。根据中商产业研究院预测，2023年中国体检市场将达2336亿元。

中国体检市场渗透率仍有提升空间。海外体检市场（如：美国、日本等发达国家）起步较早，发展更为成熟，居民健康保健意识较高，2019年日本体检覆盖率达53.1%，2020年前后美国无健康保险人群的体检覆盖率达50%。而中国健康体检行业起步较晚，更高的需求集中在一、二线高收入城市，2022年体检渗透率仅38.9%，随国家政策的推进，以及健康保健意识的提升，体检行业未来渗透率有较大提升空

图：2018年-2023E中国体检行业总体规模及增速

图：2020年前后海外国家与中国体检行业渗透率对比

1.2 老龄化背景有望促进体检健康服务需求进一步释放

老龄化背景有望促进体检健康服务需求进一步释放。中国65岁及以上的人口比例已从2015年的10.5%增加至2022年的14.9%。借鉴海外经验，老龄人口其拥有更高的体检渗透率，德国65岁以上人口中，男性体检渗透率达62.1%、女性达57.0%。因此，我们认为，人口结构老龄化有望带动体检需求增长。

表：2019年-2010年德国不同年龄层体检需求

年龄
	体检渗透率
	男性	女性
35-44岁	32.7%	36.1%
45-54岁	48.8%	48.5%
55-64岁	61.0%	54.7%
65岁以上	62.1%	57.0%

图：2015-2022年中国老龄人口总数及占比

体检服务人次量稳定增长。中国体检人次从2018年的4.35亿人次增长至2021年的5.5亿人次，年复合增长率8.07%，我们预计2022年服务覆盖人次将进一步提高至5.9亿人次。

体检客单价逐步提升：中国2018年-2022年客单价总体上处于增长通道，2018至2021年客单价年复合增长率1.79%，2022年客单价预计达365.7亿元。考虑到居民健康意识提高，未来个检占比有望提升，由于个客单价一般相比团检高，整体客单价有望进一步提升。

图：2018年-2022年中国体检行业客单价及增速

图：2018年-2022年中国体检行业服务人次及增速

1.体检行业概况

1.1 体检行业千亿规模稳定增长，渗透率仍有提升空间

1.2 老龄化叠加国民健康意识提升，行业产生多层次需求

1.3 量价齐升，行业内生增长可持续

2.体检行业供需层面的重要趋势：

2.1 需求端：个检占比提升，创新项目打造第二曲线

2.2 供给端：行业格局稳定，民营体检机构增长快于公立，AI+辅助体检升级

2.3 营销端：多重线上零售渠道发力，改革传统营销方式

3. 建议关注：美年健康。

4. 风险提示

目前体检客群，仍以团检客户为主要群体，个检客户占比略低。以头部体检医疗服务公司为例，2020年-2022年美年健康团体客户收入占比达83%，2023年瑞慈医疗个检人次占比为32.4%，同比上涨8.4pp，呈现上升趋势。

图：2020年-2022年美年健康团检、个检收入占比

资料来源：2021年-2022年美年健康公司年报；2019年-2023年瑞慈医疗公司年报，HTI

图：2020年-2023年瑞慈医疗团检、个检人次占比

医疗保健意识增强带动中国高端体检服务需求上升，提供创新项目的高端体检成为体检平台的第二成长曲线。中国城镇人均医疗保健消费支出水平从2015年的1443元人民币增长至2022年的2481元人民币，年复合增速8.05%。根据弗若斯特沙利文网易号，中国高端医疗健康管理行业市场规模由2018年的2481亿元上升至2022年的3473亿元，年复合增长率为8.77%，预计2028年将达到6520亿元。

图：2018年-2028E 中国高端医疗健康管理行业市场规模

资料来源：弗若斯特沙利文网易号，同花顺IFIND，HTI

图：2015年-2022年人均医疗保健消费支出

常规体检项目：涵盖一般检查、物理检查、常规检查、生化检查、细胞学检查、影像检查

创新体检项目：1+X体检模式，“1”普通体检项目，包括常规体检项目，“X”专项体检项目，如心脑血管疾病筛查、癌症筛查、其他慢性病、肝病筛查、肥胖筛查等。

表：创新体检项目与常规体检项目对比

检查内容	常规项目		创新项目		高端自费项目优势
检查内容	项目	价位/元	项目	价位/元	高端自费项目优势
脑卒中	三高	100	颈动脉彩超	350	显示血管内中膜是否增厚、有无斑块形成、斑块形成的部位、大小、是否有血管狭窄及狭窄程度、有无闭塞等详细情况,并能进行准确的测量及定位。
肺癌	常规CT	250	低剂量螺旋CT	450	敏感度更强，早期肺癌检出率为普通的4-10倍，降低20%的肺癌死亡率
宫颈癌	妇科常规	20	HPV(人乳头瘤病毒)检测TCT(液基薄层细胞学)检测	450	妇科常规检查很难诊断，HPV查原因，TCT看结果，二者临床上常联合筛查的方式进行，仅选取一项容易误诊
肝癌	肝功能	100	超声+AFP(甲胎蛋白)	250	肝功能正常+肝脏健康AFP是诊断癌变特异性最高的方法(阳性率70%)，但不能诊断所有肝癌，精准筛查需配合超声
前列腺癌	B超	75	PSA(前列腺特异性抗原)	160	彩超无法检出早期癌变，而PSA性价比高，且可以发现早期癌变
胃癌	幽门螺旋杆菌	190	胃镜、磁控胶囊胃镜检查	1250	肿瘤标记物(幽门螺旋杆菌正常)也不能排除胃癌
结直肠癌	常规化验	20	结肠镜	300	常规体检难以确诊早期癌变，结肠镜检查降低62%-88%发病率，79%-90%死亡率

资料来源：健康体检基本项目专家共识（2022），有来医生等，HTI
请务必阅读正文之后的信息披露和法律声明

2.2 供给端：行业格局稳定，民营体检机构增长快于公立

机构连锁化，竞争格局相对稳定：供给端呈现连锁化态势，2021年头部机构占民营市场比重为41.6%，呈现头部集中、连锁化程度高的特点。

民营机构加速布局：民营体检连锁机构体检人次增速高于公立医院。

图：2021年供给端市占率情况

资料来源：爱康国宾公众号，中国卫生统计年鉴，同花顺IFND，HTI

图：民营医院体检人次增速显著高于公立医院

公司	布局
	·技术：AI辅助超声甲乳结节自动识别分类、AI辅助胸部CT阅片、乳腺、甲状腺等超声影像检查自动化、检验产品远程质控等美年健康·产品：脑睿佳（含脑区AI分割重建技术）、肺结宁（含AI智能评估肺结节技术）、眼底分析（含AI眼底照相分析
	技术）、冠脉钙化积分（含AI自动判定钙化情况技术）等 ·国内首款健康管理AI机器人：2024年4月携手华为云、润达医疗合作开发的“健康小美”内测版正式上线 ·布局时间：2018年开始有人“管”的体检2.0以及iKangAl+与iKangNetwork+计划 ·产品矩阵：陆续推出覆盖眼底、乳腺、心脏、脑血管、牙齿、骨骼等专项筛查的10余款人工智能产品，打造出了
爱康国际一个初具规模的“爱康AI矩阵”。	·体检云系统：2021年，爱康将整个体检系统搬到云端，爱康“医疗云”全面上线，汇聚约6000万体检大数据，由体检云、影像云、心电云、检验云组成。 ·影像产品：与GE医疗共同开发针对精准体检的智能影像产品。
	瑞慈医疗·医疗大数据平台：建立瑞慈医疗大数据平台，每年整合全国体检影像数据约400万例，进行智慧医疗的开发与迭代，提升AI在医疗辅助诊断中的作用，提高体检中心及基层医疗机构的精准诊疗能力和效率。

图：以美年健康为例，AI+医疗影像检验流程

资料来源：美年健康2020年年报，美年健康2022年度健康体检大数据蓝皮书，HTI

图：大数据支持下，2022年美年体检辐射人数

2.3 营销端：多重线上零售渠道发力，改革传统营销方式

发力线上渠道营销，推动个检营销比例提升。在面向C端客户领域，以美年健康为例，其持续加大与天猫、京东、阿里健康等平台业务合作，逐步建立公域提升声浪吸引流量，基于门店深耕本地生活，私域沉淀流量的业务闭环。以“双11”为例，在2022年双11开售日的首个小时里，体检套餐成为健康品类里最受欢迎TOP3的单品。

图：2022年体检套餐为健康品类TOP3

资料来源：CBN Data，动脉vcbeat，淘宝，HTI

图：体检套餐淘宝热搜

图：线上体检销售额前10的城市

图：2C端线上营销方式吸引众多新客户加入

3.美年健康：2023年客单价提升趋势明显，业绩强劲增长。

. 投资要点：

. 公告：美年健康发布2023年报、2024年一季报

2023年业绩强劲增长，盈利能力大幅提升。2023年营业收入108.9亿元（+26.4%），归母净利润5.1亿元（+190.5%），毛利率42.79%（+24.6pp）。2024年一季度，营业收入 18.01亿元（-14.9%），归母净利润为-2.87亿元。

个检客户占比提升，驱动客单价上涨。团检客户营收占比80%，个检客户营收20%，同比提升2.8pp，体检客单价持续提升为620.8元，同比+11.2%。

费用控制情况良好，净利率提升明显。公司2023年销售费率23.53%（-0.37pp），管理费率7.64%（-1.68pp），财务费率3.35%（-0.60pp），费率管控较好，带动净利率大幅抬升，2023年净利率6.1%（+11.68pp），2023年Q4，净利率9.76%（+13.50pp）。

三大品牌收入规模持续扩张。2023年，“美年大健康”收入84.3亿元（+27.0%）；“慈铭”、“慈铭奥亚”收入22.8亿元（+29.7%）；“美兆”收入1.9亿元（+32.1%）。

外延并购整合，内部需求驱动，体检服务规模持续扩大。旗下体检中心数量596家（同比减少15家），控股体检中心306家（同比增加16家）。旗下体检中心服务人数（剔除核酸）2834万人次（+13.0%），控股体检中心服务人数（剔除核酸）1755万人次（+13.7%）。

3.美年健康：2023年客单价提升趋势明显，业绩强劲增长。

积极布局“AI+”与“大数据”，助力体检服务与运营降本增效。（1）积极推出业内首个健康管理AI机器人“健康小美”、打造业内首个基于健康体检大数据的全周期AI精准营养解决方案；（2）AI+精细化运营，以实现降本增效；（3）持续提升医疗健康大数据资产价值，支撑学科发展。

品质导向，学科建设成果显著。公司全力升级医疗品质，推动重点学科建设，强化三级质控体系管理，加大医疗队伍培训。旗下部分分院获选国家健康体检与管理专业质量控制哨点机构、获评省市级临床检验结果互认机构，以过硬的医疗水平获得了权威认可的“互认券”。23年医务人员在国家级期刊和学术会议发表论文近40篇，40人在国家级专业协会担任委员。

盈利预测与投资建议：我们认为，公司作为体检行业龙头，经营质量持续改善，客单价逐步提升，展望未来通过内生外延，开启新增长阶段。我们预计公司2024-2026年营业收入分别为124.95、142.13、158.93亿元，同比分别增长14.7%、13.7%、11.8%，2024-2026年归母净利润分别为8.31、12.26、15.97亿元，同比分别增长64.3%、47.6%、30.2%，对应EPS分别为0.21元、0.31元、0.41元。参考可比公司，我们给予公司2024年30-35X PE，每股合理价值区间为6.37-7.43元，给予“优于大市”评级。

风险提示：医疗纠纷风险；商誉减值风险；股东质押风险；连锁化运营管理风险。

医药行业政策变化风险，医疗事故风险，公司收入利润增速不达预期风险，连锁扩张不达预期风险，新开门店造成亏损风险

重要信息披露

本研究报告由海通国际分销，海通国际是由海通国际研究有限公司(HTIRL)，Haitong Securities India Private Limited (HSIPL)，Haitong International Japan K.K. (HTIJKK)和海通国际证券有限公司(HTISCL)的证券研究团队所组成的全球品牌，海通国际证券集团(HTISG)各成员分别在其许可的司法管辖区内从事证券活动。

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HTIRL分析师认证Analyst Certification:

我，余文心，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。我和我的家属（我已经告知他们）将不会在本研究报告发布后的3个工作日内交易此研究报告所讨论目标公司的证券。I, Wenxin Yu, certify that (i) the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and (ii) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report; and that I (including members of my household) have no financial interest in the security or securities of the subject companies discussed. I and my household, whom I have already notified of this, will not deal in or trade any securities in respect of the issuer that I review within 3 business days after the research report is published.

我，孟科含，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。我和我的家属（我已经告知他们）将不会在本研究报告发布后的3个工作日内交易此研究报告所讨论目标公司的证券。I, Kehan Meng, certify that (i) the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and (ii) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report; and that I (including members of my household) have no financial interest in the security or securities of the subject companies discussed. I and my household, whom I have already notified of this, will not deal in or trade any securities in respect of the issuer that I review within 3 business days after the research report is published.

利益冲突披露Conflict of Interest Disclosures

海通国际及其某些关联公司可从事投资银行业务和/或对本研究中的特定股票或公司进行做市或持有自营头寸。就本研究报告而言，以下是有关该等关系的披露事项（以下披露不能保证及时无遗漏，如需了解及时全面信息，请发邮件至ERD-Disclosure@htisec.com）

HTI and some of its affiliates may engage in investment banking and / or serve as a market maker or hold proprietary trading positions of certain stocks or companies in this research report. As far as this research report is concerned, the following are the disclosure matters related to such relationship (As the following disclosure does not ensure timeliness and completeness, please send an email to ERD-Disclosure@htisec.com if timely and comprehensive information is needed).

海通证券股份有限公司和/或其子公司（统称“海通”）在过去12个月内参与了JD.US的投资银行项目。投资银行项目包括：1、海通担任上市前辅导机构、保荐人或主承销商的首次公开发行项目；2、海通作为保荐人、主承销商或财务顾问的股权或债务再融资项目；3、海通作为主经纪商的新三板上市、目标配售和并购项目。

Haitong Securities Co., Ltd. and/or its subsidiaries (collectively, the "Haitong") have a role in investment banking projects of JD.US within the past 12 months. The investment banking projects include 1. IPO projects in which Haitong acted as pre-listing tutor, sponsor, or lead-underwriter; 2. equity or debt refinancing projects of JD.US for which Haitong acted as sponsor, lead-underwriter or financial advisor; 3. listing by introduction in the new three board, target placement, M&A projects in which Haitong acted as lead-brokerage firm.

JD.US目前或过去12个月内是海通的投资银行业务客户。

JD.US is/was an investment bank clients of Haitong currently or within the past 12 months.

002044.CH, 北京东方宝辰国际投资有限公司,北京东方贝格资产管理有限公司－东方贝格二十号君博澄明多策略私募证券投资基金,北京东方贝格资产管理有限公司－东方贝格二十一号华宇顺为均衡配置私募证券投资基金,北京东方贝格资产管理有限公司－东方贝格泓海1号私募证券投资基金,北京东方华晟投资管理有限公司,北京东方顺泰金属制品有限公司,北京东方蜗牛投资管理有限公司,北京东方蜗牛投资管理有限公司－东方蜗牛复合策略一号基金,北京东方蜗牛投资管理有限公司－东方蜗牛积极进取二号私募基金,北京东方蜗牛投资管理有限公司－东方蜗牛稳健回报三号私募基金,北京东方引擎投资管理有限公司－引擎资本基业长青混合私募证券投资基金,北京东方雨虹防水技术股份有限公司,北京东方雨虹防水技术股份有限公司回购专用证券账户,北京东海长基投资基金管理有限公司,北京东世佳商贸有限公司,北京东泰阳光纺织品有限公司,北京京东绿谷农业科技有限公司,富诚海富资管－北京东方雨虹防水技术股份有限公司2021年员工持股计划－富诚海富通东方雨虹员工持股单一资产管理计划,南京东宇汽车集团有限公司,上海京东工贸商行及北京东方蜗牛投资管理有限公司－东方蜗牛复合策略一号基金目前或过去12个月内是海通的客户。海通向客户提供非投资银行业务的证券相关业务服务。

002044.CH, 北京东方宝辰国际投资有限公司,北京东方贝格资产管理有限公司－东方贝格二十号君博澄明多策略私募证券投资基金,北京东方贝格资产管理有限公司－东方贝格二十一号华宇顺为均衡配置私募证券投资基金,北京东方贝格资产管理有限公司－东方贝格泓海1号私募证券投资基金,北京东方华晟投资管理有限公司,北京东方顺泰金属制品有限公司,北京东方蜗牛投资管理有限公司,北京东方蜗牛投资管理有限公司－东方蜗牛复合策略一号基金,北京东方蜗牛投资管理有限公司－东方蜗牛积极进取二号私募基金,北京东方蜗牛投资管理有限公司－东方蜗牛稳健回报三号私募基金,北京东方引擎投资管理有限公司－引擎资本基业长青混合私募证券投资基金,北京东方雨虹防水技术股份有限公司,北京东方雨虹防水技术股份有限公司回购专用证券账户,北京东海长基投资基金管理有限公司,北京东世佳商贸有限公司,北京东泰阳光纺织品有限公司,北京京东绿谷农业科技有限公司,富诚海富资管－北京东方雨虹防水技术股份有限公司2021年员工持股计划－富诚海富通东方雨虹员工持股单一资产管理计划,南京东宇汽车集团有限公司,上海京东工贸商行 and北京东方蜗牛投资管理有限公司－东方蜗牛复合策略一号基金 are/were a client of Haitong currently or within the past 12 months. The client has been provided for non-investment-banking securities-related services.

海通在过去的12个月中从002044.CH, 北京东方宝辰国际投资有限公司,北京东方贝格资产管理有限公司－东方贝格二十号君博澄明多策略私募证券投资基金,北京东方贝格资产管理有限公司－东方贝格二十一号华宇顺为均衡配置私募证券投资基金,北京东方贝格资产管理有限公司－东方贝格泓海1号私募证券投资基金,北京东方华晟投资管理有限公司,北京东方顺泰金属制品有限公司,北京东方蜗牛投资管理有限公司,北京东方蜗牛投资管理有限公司－东方蜗牛复合策略一号基金,北京东方蜗牛投资管理有限公司－东方蜗牛积极进取二号私募基金,北京东方蜗牛投资管理有限公司－东方蜗牛稳健回报三号私募基金,北京东方引擎投资管理有限公司－引擎资本基业长青混合私募证券投资基金,北京东方雨虹防水技术股份有限公司,北京东方雨虹防水技术股份有限公司回购专用证券账户,北京东海长基投资基金管理有限公司,北京东世佳商贸有限公司,北京东泰阳光纺织品有限公司,北京京东绿谷农业科技有限公司,富诚海富资管－北京东方雨虹防水技术股份有限公司2021年员工持股计划－富诚海富通东方雨虹员工持股单一资产管理计划,南京东宇汽车集团有限公司及上海京东工贸商行获得除投资银行服务以外之产品或服务的报酬。

Haitong has received compensation in the past 12 months for products or services other than investment banking from 002044.CH, 北京东方宝辰国际投资有限公司,北京东方贝格资产管理有限公司－东方贝格二十号君博澄明多策略私募证券投资基金,北京东方贝格资产管理有限公司－东方贝格二十一号华宇顺为均衡配置私募证券投资基金,北京东方贝格资产管理有限公司－东方贝格泓海1号私募证券投资基金,北京东方华晟投资管理有限公司,北京东方顺泰金属制品有限公司,北京东方蜗牛投资管理有限公司,北京东方蜗牛投资管理有限公司－东方蜗牛复合策略一号基金,北京东方蜗牛投资管理有限公司－东方蜗牛积极进取二号私募基金,北京东方蜗牛投资管理有限公司－东方蜗牛稳健回报三号私募基金,北京东方引擎投资管理有限公司－引擎资本基业长青混合私募证券投资基金,北京东方雨虹防水技术股份有限公司,北京东方雨虹防水技术股份有限公司回购专用证券账户,北京东海长基投资基金管理有限公司,北京东世佳商贸有限公司,北京东泰阳光纺织品有限公司,北京京东绿谷农业科技有限公司,富诚海富资管－北京东方雨虹防水技术股份有限公司2021年员工持股计划－富诚海富通东方雨虹员工持股单一资产管理计划,南京东宇汽车集团有限公司 and上海京东工贸商行.

APPENDIX 2 评级定义（从2020年7月1日开始执行）：

海通国际（以下简称“HTI”）采用相对评级系统来为投资者推荐我们覆盖的公司：优于大市、中性或弱于大市。投资者应仔细阅读HTI的评级定义。并且HTI发布分析师观点的完整信息，投资者应仔细阅读全文而非仅看评级。在任何情况下，分析师的评级和研究都不能作为投资建议。投资者的买卖股票的决策应基于各自情况（比如投资者的现有持仓）以及其他因素。

分析师股票评级

优于大市，未来12-18个月内预期相对基准指数涨幅在10%以上，基准定义如下

中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。

弱于大市，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下

各地股票基准指数：日本 – TOPIX, 韩国 – KOSPI, 台湾 – TAIEX, 印度 – Nifty100, 美国 – SP500; 其他所有中国概念股 – MSCI China.

Ratings Definitions (from 1 Jul 2020):

Haitong International uses a relative rating system using Outperform, Neutral, or Underperform for recommending the stocks we cover to investors. Investors should carefully read the definitions of all ratings used in Haitong International Research. In addition, since Haitong International Research contains more complete information concerning the analyst's views, investors should carefully read Haitong International Research, in its entirety, and not infer the contents from the rating alone. In any case, ratings (or research) should not be used or relied upon as investment advice. An investor's decision to buy or sell a stock should depend on individual circumstances (such as the investor's existing holdings) and other considerations.

Analyst Stock Ratings

Outperform: The stock’s total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark, as indicated below.

Neutral: The stock’s total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark, as indicated below. For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category.

Underperform: The stock’s total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark, as indicated below.

Benchmarks for each stock’s listed region are as follows: Japan – TOPIX, Korea – KOSPI, Taiwan – TAIEX, India – Nifty100, US – SP500; for all other China-concept stocks – MSCI China.

评级分布Rating Distribution

Most Recent Full Quarter

Prior Full Quarter

截至2024年3月31日海通国际股票研究评级分布

	优于大市	中性 (持有)	弱于大市
海通国际股票研究覆盖率	90.4%	8.8%	0.8%
投资银行客卢*	3.3%	4.9%	0.0%

*在每个评级类别里投资银行客户所占的百分比。
上述分布中的买入，中性和卖出分别对应我们当前优于大市，中性和落后大市评级。
只有根据FINRA/NYSE的评级分布规则，我们才将中性评级划入持有这一类别。请注意在上表中不包含非评级的股票。

此前的评级系统定义（直至2020年6月30日）：

买入，未来12-18个月内预期相对基准指数涨幅在10%以上，基准定义如下

中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。

卖出，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下

各地股票基准指数：日本 – TOPIX, 韩国 – KOSPI, 台湾 – TAIEX, 印度 – Nifty100; 其他所有中国概念股 – MSCI China.

Haitong International Equity Research Ratings Distribution, as of March 31, 2024

	Outperform	Neutral (hold)	Underperform
HTI Equity Research Coverage	90.4%	8.8%	0.8%
IB clients*	3.3%	4.9%	0.0%

*Percentage of investment banking clients in each rating category.
BUY, Neutral, and SELL in the above distribution correspond to our current ratings of Outperform, Neutral, and Underperform.
For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category. Please note that stocks with an NR designation are not included in the table above.

Previous rating system definitions (until 30 Jun 2020):

BUY: The stock’s total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark, as indicated below. NEUTRAL: The stock’s total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark, as indicated below. For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category.

SELL: The stock’s total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark, as indicated below.

Benchmarks for each stock’s listed region are as follows: Japan – TOPIX, Korea – KOSPI, Taiwan – TAIEX, India – Nifty100; for all other China-concept stocks – MSCI China.

APPENDIX 2

海通国际非评级研究：海通国际发布计量、筛选或短篇报告，并在报告中根据估值和其他指标对股票进行排名，或者基于可能的估值倍数提出建议价格。
这种排名或建议价格并非为了进行股票评级、提出目标价格或进行基本面估值，而仅供参考使用。

Haitong International Non-Rated Research: Haitong International publishes quantitative, screening or short reports which may rank stocks according to valuation and other metrics or may suggest prices based on possible valuation multiples. Such rankings or suggested prices do not purport to be stock ratings or target prices or fundamental values and are for information only.

海通国际A股覆盖：海通国际可能会就沪港通及深港通的中国A股进行覆盖及评级。海通证券（600837.CH），海通国际于上海的母公司，也会于中国发布中国A股的研究报告。但是，海通国际使用与海通证券不同的评级系统，所以海通国际与海通证券的中国A股评级可能有所不同。

Haitong International Coverage of A-Shares: Haitong International may cover and rate A-Shares that are subject to the Hong Kong Stock Connect scheme with Shanghai and Shenzhen. Haitong Securities (HS; 600837 CH), the ultimate parent company of HTISG based in Shanghai, covers and publishes research on these same A-Shares for distribution in mainland China. However, the rating system employed by HS differs from that used by HTI and as a result there may be a difference in the HTI and HS ratings for the same A-share stocks.

海通国际优质100 A股（Q100）指数：海通国际Q100指数是一个包括100支由海通证券覆盖的优质中国A股的计量产品。这些股票是通过基于质量的筛选过程，并结合对海通证券 A股团队自下而上的研究。海通国际每季对Q100指数成分作出复审。

Haitong International Quality 100 A-share (Q100) Index: HTI’s Q100 Index is a quant product that consists of 100 of the highest-quality A-shares under coverage at HS in Shanghai. These stocks are carefully selected through a quality-based screening process in combination with a review of the HS A-share team’s bottom-up research. The Q100 constituent companies are reviewed quarterly.

盟浪义利（FIN-ESG）数据通免责声明条款：在使用盟浪义利（FIN-ESG）数据之前，请务必仔细阅读本条款并同意本声明：

第一条义利（FIN-ESG）数据系由盟浪可持续数字科技有限责任公司（以下简称“本公司”）基于合法取得的公开信息评估而成，本公司对信息的准确性及完整性不作任何保证。对公司的评估结果仅供参考，并不构成对任何个人或机构投资建议，也不能作为任何个人或机构购买、出售或持有相关金融产品的依据。本公司不对任何个人或机构投资者因使用本数据表述的评估结果造成的任何直接或间接损失负责。

第二条盟浪并不因收到此评估数据而将收件人视为客户，收件人使用此数据时应根据自身实际情况作出自我独立判断。本数据所载内容反映的是盟浪在最初发布本数据日期当日的判断，盟浪有权在不发出通知的情况下更新、修订与发出其他与本数据所载内容不一致或有不同结论的数据。除非另行说明，本数据（如财务业绩数据等）仅代表过往表现，过往的业绩表现不作为日后回报的预测。

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非印度证券的研究报告：本报告由海通国际证券集团有限公司（“HTISGL”）的全资附属公司海通国际研究有限公司（“HTIRL”）发行，该公司是根据香港证券及期货条例（第571章）持有第4类受规管活动（就证券提供意见）的持牌法团。该研究报告在HTISGL的全资附属公司Haitong International (Japan)K.K.（“HTIJKK”）的协助下发行，HTIJKK是由日本关东财务局监管为投资顾问。

印度证券的研究报告：本报告由从事证券交易、投资银行及证券分析及受Securities and Exchange Board of India（“SEBI”）监管的Haitong Securities IndiaPrivate Limited（“HTSIPL”）所发行，包括制作及发布涵盖BSE Limited（“BSE”）和National Stock Exchange of India Limited（“NSE”）上市公司（统称为「印度交易所」）的研究报告。HTSIPL于2016年12月22日被收购并成为海通国际证券集团有限公司（“HTISG”）的一部分。

所有研究报告均以海通国际为名作为全球品牌，经许可由海通国际证券股份有限公司及/或海通国际证券集团的其他成员在其司法管辖区发布。

本文件所载信息和观点已被编译或源自可靠来源，但HTIRL、HTISCL或任何其他属于海通国际证券集团有限公司（“HTISG”）的成员对其准确性、完整性和正确性不做任何明示或暗示的声明或保证。本文件中所有观点均截至本报告日期，如有更改，恕不另行通知。本文件仅供参考使用。文件中提及的任何公司或其股票的说明并非意图展示完整的内容，本文件并非/不应被解释为对证券买卖的明示或暗示地出价或征价。在某些司法管辖区，本文件中提及的证券可能无法进行买卖。如果投资产品以投资者本国货币以外的币种进行计价，则汇率变化可能会对投资产生不利影响。过去的表现并不一定代表将来的结果。某些特定交易，包括设计金融衍生工具的，有产生重大风险的可能性，因此并不适合所有的投资者。您还应认识到本文件中的建议并非为您量身定制。分析师并未考虑到您自身的财务情况，如您的财务状况和风险偏好。因此您必须自行分析并在适用的情况下咨询自己的法律、税收、会计、金融和其他方面的专业顾问，以期在投资之前评估该项建议是否适合于您。若由于使用本文件所载的材料而产生任何直接或间接的损失，HTISG及其董事、雇员或代理人对此均不承担任何责任。

除对本文内容承担责任的分析师除外，HTISG及我们的关联公司、高级管理人员、董事和雇员，均可不时作为主事人就本文件所述的任何证券或衍生品持有长仓或短仓以及进行买卖。HTISG的销售员、交易员和其他专业人士均可向HTISG的相关客户和公司提供与本文件所述意见相反的口头或书面市场评论意见或交易策略。HTISG可做出与本文件所述建议或意见不一致的投资决策。但HTIRL没有义务来确保本文件的收件人了解到该等交易决定、思路或建议。

请访问海通国际网站 www.equities.htisec.com ，查阅更多有关海通国际为预防和避免利益冲突设立的组织和行政安排的内容信息。

非美国分析师披露信息：本项研究首页上列明的海通国际分析师并未在FINRA进行注册或者取得相应的资格，并且不受美国FINRA有关与本项研究目标公司进行沟通、公开露面和自营证券交易的第2241条规则之限制。

IMPORTANT DISCLAIMER

For research reports on non-Indian securities: The research report is issued by Haitong International Research Limited (“HTIRL”), a wholly owned subsidiary of Haitong International Securities Group Limited (“HTISGL”) and a licensed corporation to carry on Type 4 regulated activity (advising on securities) for the purpose of the Securities and Futures Ordinance (Cap. 571) of Hong Kong, with the assistance of Haitong International (Japan) K.K. (“HTIJKK”), a wholly owned subsidiary of HTISGL and which is regulated as an Investment Adviser by the Kanto Finance Bureau of Japan.

For research reports on Indian securities: The research report is issued by Haitong Securities India Private Limited (“HSIPL”), an Indian company and a Securities and Exchange Board of India (“SEBI”) registered Stock Broker, Merchant Banker and Research Analyst that, inter alia, produces and distributes research reports covering listed entities on the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”) (collectively referred to as “Indian Exchanges”). HSIPL was acquired and became part of the Haitong International Securities Group of Companies (“HTISG”) on 22 December 2016.

All the research reports are globally branded under the name Haitong International and approved for distribution by Haitong International Securities Company Limited (“HTISCL”) and/or any other members within HTISG in their respective jurisdictions.

The information and opinions contained in this research report have been compiled or arrived at from sources believed to be reliable and in good faith but no representation or warranty, express or implied, is made by HTIRL, HTISCL, HSIPL, HTIJKK or any other members within HTISG from which this research report may be received, as to their accuracy, completeness or correctness. All opinions expressed herein are as of the date of this research report and are subject to change without notice. This research report is for information purpose only. Descriptions of any companies or their securities mentioned herein are not intended to be complete and this research report is not, and should not be construed expressly or impliedly as, an offer to buy or sell securities. The securities referred to in this research report may not be eligible for purchase or sale in some jurisdictions. If an investment product is denominated in a currency other than an investor's home currency, a change in exchange rates may adversely affect the investment. Past performance is not necessarily indicative of future results. Certain transactions, including those involving derivatives, give rise to substantial risk and are not suitable for all investors. You should also bear in mind that recommendations in this research report are not tailor-made for you. The analyst has not taken into account your unique financial circumstances, such as your financial situation and risk appetite. You must, therefore, analyze and should, where applicable, consult your own legal, tax, accounting, financial and other professional advisers to evaluate whether the recommendations suits you before investment. Neither HTISG nor any of its directors, employees or agents accepts any liability whatsoever for any direct or consequential loss arising from any use of the materials contained in this research report.

HTISG and our affiliates, officers, directors, and employees, excluding the analysts responsible for the content of this document, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research report. Sales, traders, and other professionals of HTISG may provide oral or written market commentary or trading strategies to the relevant clients and the companies within HTISG that reflect opinions that are contrary to the opinions expressed in this research report. HTISG may make investment decisions that are inconsistent with the recommendations or views expressed in this research report. HTI is under no obligation to ensure that such other trading decisions, ideas or recommendations are brought to the attention of any recipient of this research report.

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分发和地区通知：

除非下文另有规定，否则任何希望讨论本报告或者就本项研究中讨论的任何证券进行任何交易的收件人均应联系其所在国家或地区的海通国际销售人员。

香港投资者的通知事项：海通国际证券股份有限公司(“HTISCL”)负责分发该研究报告，HTISCL是在香港有权实施第1类受规管活动（从事证券交易）的持牌公司。该研究报告并不构成《证券及期货条例》（香港法例第571章）（以下简称“SFO”）所界定的要约邀请，证券要约或公众要约。本研究报告仅提供给SFO所界定的“专业投资者”。本研究报告未经过证券及期货事务监察委员会的审查。您不应仅根据本研究报告中所载的信息做出投资决定。本研究报告的收件人就研究报告中产生或与之相关的任何事宜请联系HTISCL销售人员。

美国投资者的通知事项：本研究报告由HTIRL，HSIPL或HTIJKK编写。 HTIRL，HSIPL，HTIJKK以及任何非HTISG美国联营公司，均未在美国注册，因此不受美国关于研究报告编制和研究分析人员独立性规定的约束。本研究报告提供给依照1934年“美国证券交易法”第15a-6条规定的豁免注册的「美国主要机构投资者」（“Major U.S. Institutional Investor”）和「机构投资者」（”U.S. Institutional Investors”）。在向美国机构投资者分发研究报告时，HaitongInternational Securities (USA) Inc. （“HTI USA”）将对报告的内容负责。任何收到本研究报告的美国投资者，希望根据本研究报告提供的信息进行任何证券或相关金融工具买卖的交易，只能通过HTI USA。HTI USA位于340 Madison Avenue, 12th Floor, New York, NY 10173，电话（212）351-6050。 HTI USA是在美国于U.S. Securities and Exchange Commission（“SEC”）注册的经纪商，也是Financial Industry Regulatory Authority, Inc.（“FINRA”）的成员。 HTIUSA不负责编写本研究报告，也不负责其中包含的分析。在任何情况下，收到本研究报告的任何美国投资者，不得直接与分析师直接联系，也不得通过HSIPL，HTIRL或HTIJKK直接进行买卖证券或相关金融工具的交易。本研究报告中出现的HSIPL，HTIRL或HTIJKK分析师没有注册或具备FINRA的研究分析师资格，因此可能不受FINRA第2241条规定的与目标公司的交流，公开露面和分析师账户持有的交易证券等限制。投资本研究报告中讨论的任何非美国证券或相关金融工具（包括ADR）可能存在一定风险。非美国发行的证券可能没有注册，或不受美国法规的约束。有关非美国证券或相关金融工具的信息可能有限制。外国公司可能不受审计和汇报的标准以及与美国境内生效相符的监管要求。本研究报告中以美元以外的其他货币计价的任何证券或相关金融工具的投资或收益的价值受汇率波动的影响，可能对该等证券或相关金融工具的价值或收入产生正面或负面影响。美国收件人的所有问询请联系：

Haitong International Securities (USA) Inc. 340 Madison Avenue, 12th Floor New York, NY 10173 联系人电话：(212) 351 6050

DISTRIBUTION AND REGIONAL NOTICES

Except as otherwise indicated below, any Recipient wishing to discuss this research report or effect any transaction in any security discussed in HTI’s research should contact the Haitong International salesperson in their own country or region.

Notice to Hong Kong investors: The research report is distributed by Haitong International Securities Company Limited (“HTISCL”), which is a licensed corporation to carry on Type 1 regulated activity (dealing in securities) in Hong Kong. This research report does not constitute a solicitation or an offer of securities or an invitation to the public within the meaning of the SFO. This research report is only to be circulated to "Professional Investors" as defined in the SFO. This research report has not been reviewed by the Securities and Futures Commission. You should not make investment decisions solely on the basis of the information contained in this research report. Recipients of this research report are to contact HTISCL salespersons in respect of any matters arising from, or in connection with, the research report.

Notice to U.S. investors: As described above, this research report was prepared by HTIRL, HSIPL or HTIJKK. Neither HTIRL, HSIPL, HTIJKK, nor any of the non U.S. HTISG affiliates is registered in the United States and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This research report is provided for distribution to “major U.S. institutional investors” and “U.S. institutional investors” in reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended. When distributing research reports to “U.S. institutional investors,” HTI USA will accept the responsibilities for the content of the reports. Any U.S. recipient of this research report wishing to effect any transaction to buy or sell securities or related financial instruments based on the information provided in this research report should do so only through Haitong International Securities (USA) Inc. (“HTI USA”), located at 340 Madison Avenue, 12th Floor, New York, NY 10173, USA; telephone (212) 351 6050. HTI USA is a brokerdealer registered in the U.S. with the U.S. Securities and Exchange Commission (the “SEC”) and a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). HTI USA is not responsible for the preparation of this research report nor for the analysis contained therein. Under no circumstances should any U.S. recipient of this research report contact the analyst directly or effect any transaction to buy or sell securities or related financial instruments directly through HSIPL, HTIRL or HTIJKK. The HSIPL, HTIRL or HTIJKK analyst(s) whose name appears in this research report is not registered or qualified as a research analyst with FINRA and, therefore, may not be subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Investing in any non-U.S. securities or related financial instruments (including ADRs) discussed in this research report may present certain risks. The securities of non-U.S. issuers may not be registered with, or be subject to U.S. regulations. Information on such non-U.S. securities or related financial instruments may be limited. Foreign companies may not be subject to audit and reporting standards and regulatory requirements comparable to those in effect within the U.S. The value of any investment or income from any securities or related financial instruments discussed in this research report denominated in a currency other than U.S. dollars is subject to exchange rate fluctuations that may have a positive or adverse effect on the value of or income from such securities or related financial instruments. All inquiries by U.S. recipients should be directed to:

APPENDIX 2

Haitong International Securities (USA) Inc.

340 Madison Avenue, 12th Floor

New York, NY 10173

Attn: Sales Desk at (212) 351 6050

中华人民共和国的通知事项：在中华人民共和国（下称“中国”，就本报告目的而言，不包括香港特别行政区、澳门特别行政区和台湾）只有根据适用的中国法律法规而收到该材料的人员方可使用该材料。并且根据相关法律法规，该材料中的信息并不构成“在中国从事生产、经营活动”。本文件在中国并不构成相关证券的公共发售或认购。无论根据法律规定或其他任何规定，在取得中国政府所有的批准或许可之前，任何法人或自然人均不得直接或间接地购买本材料中的任何证券或任何实益权益。接收本文件的人员须遵守上述限制性规定。

加拿大投资者的通知事项：在任何情况下该等材料均不得被解释为在任何加拿大的司法管辖区内出售证券的要约或认购证券的要约邀请。本材料中所述证券在加拿大的任何要约或出售行为均只能在豁免向有关加拿大证券监管机构提交招股说明书的前提下由Haitong International Securities (USA) Inc. （“HTIUSA”）予以实施，该公司是一家根据National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations（“NI 31-103”）的规定得到「国际交易商豁免」（“International Dealer Exemption” ）的交易商，位于艾伯塔省、不列颠哥伦比亚省、安大略省和魁北克省。在加拿大，该等材料在任何情况下均不得被解释为任何证券的招股说明书、发行备忘录、广告或公开发行。加拿大的任何证券委员会或类似的监管机构均未审查或以任何方式批准该等材料、其中所载的信息或所述证券的优点，任何与此相反的声明即属违法。在收到该等材料时，每个加拿大的收件人均将被视为属于National Instrument 45-106 Prospectus Exemptions第1.1节或者Securities Act (Ontario)第73.3(1)节所规定的「认可投资者」（“Accredited Investor”），或者在适用情况下National Instrument 31-103第1.1节所规定的「许可投资者」（“Permitted Investor”）

新加坡投资者的通知事项：本研究报告由Haitong International Securities (Singapore) Pte Ltd（“HTISSPL”）[公司注册编号201311400G] 于新加坡提供。HTISSPL是符合《财务顾问法》（第110章）（“FAA”）定义的豁免财务顾问，可（a）提供关于证券，集体投资计划的部分，交易所衍生品合约和场外衍生品合约的建议（b）发行或公布有关证券、交易所衍生品合约和场外衍生品合约的研究分析或研究报告。本研究报告仅提供给符合《证券及期货法》（第289章）第4A条项下规定的机构投资者。对于因本研究报告而产生的或与之相关的任何问题，本研究报告的收件人应通过以下信息与HTISSPL联系:Haitong International Securities (Singapore) Pte. Ltd

50 Raffles Place, #33-03 Singapore Land Tower, Singapore 048623

电话: (65) 6536 1920

APPENDIX 2

日本投资者的通知事项：本研究报告由海通国际证券有限公司所发布，旨在分发给从事投资管理的金融服务提供商或注册金融机构（根据日本金融机构和交易法（“ FIEL”））第61（1）条，第17-11（1）条的执行及相关条款）。

英国及欧盟投资者的通知事项：本报告由从事投资顾问的Haitong International Securities Company Limited所发布，本报告只面向有投资相关经验的专业客户发布。任何投资或与本报告相关的投资行为只面对此类专业客户。没有投资经验或相关投资经验的客户不得依赖本报告。Haitong International SecuritiesCompany Limited的分支机构的净长期或短期金融权益可能超过本研究报告中提及的实体已发行股本总额的0.5％。特别提醒有些英文报告有可能此前已经通过中文或其它语言完成发布。

澳大利亚投资者的通知事项：Haitong International Securities (Singapore) Pte Ltd, Haitong International Securities Company Limited和Haitong InternationalSecurities (UK) Limited分别根据澳大利亚证券和投资委员会（以下简称“ASIC”）第03/1102、03/1103或03/1099号规章在澳大利亚分发本项研究，该等规章免除了根据2001年《公司法》在澳大利亚为批发客户提供金融服务时海通国际需持有澳大利亚金融服务许可的要求。ASIC的规章副本可在以下网站获取：www.legislation.gov.au。海通国际提供的金融服务受外国法律法规规定的管制，该等法律与在澳大利亚所适用的法律存在差异。

印度投资者的通知事项：本报告由从事证券交易、投资银行及证券分析及受Securities and Exchange Board of India（“SEBI”）监管的Haitong Securities IndiaPrivate Limited（“HTSIPL”）所发布，包括制作及发布涵盖BSE Limited（“BSE”）和National Stock Exchange of India Limited（“NSE”）（统称为「印度交易所」）研究报告。

研究机构名称: Haitong Securities India Private Limited

SEBI 研究分析师注册号: INH000002590

地址: 1203A, Floor 12A, Tower 2A, One World Center

841 Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013, India

CIN U74140MH2011FTC224070

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CIN U74140MH2011FTC224070

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Presentation： 《体检行业深度报告行业篇：行业持续内生增长，龙头提质增效稳健发展》

In-Depth Report on the Physical Examination Industry: Sustained Intrinsic Growth with Leading Companies Enhancing Quality and Efficiency for Robust Development

余文心Wenxin Yu wenxin.yu@htisec.com孟科含Kehan Meng kh.meng@htisec.com

3. 建议关注：美年健康。

1.体检行业概况

2.体检行业供需层面的重要趋势：

3. 建议关注：美年健康。

4. 风险提示

1.2 老龄化背景有望促进体检健康服务需求进一步释放

1.体检行业概况

2.体检行业供需层面的重要趋势：

3. 建议关注：美年健康。

4. 风险提示

2.2 供给端：行业格局稳定，民营体检机构增长快于公立

2.3 营销端：多重线上零售渠道发力，改革传统营销方式

3.美年健康：2023年客单价提升趋势明显，业绩强劲增长。

3.美年健康：2023年客单价提升趋势明显，业绩强劲增长。

重要信息披露

IMPORTANT DISCLOSURES

HTIRL分析师认证Analyst Certification:

利益冲突披露Conflict of Interest Disclosures

APPENDIX 2

评级定义（从2020年7月1日开始执行）：

分析师股票评级

Ratings Definitions (from 1 Jul 2020):

Analyst Stock Ratings

截至2024年3月31日海通国际股票研究评级分布

此前的评级系统定义（直至2020年6月30日）：

Haitong International Equity Research Ratings Distribution, as of March 31, 2024

Previous rating system definitions (until 30 Jun 2020):

APPENDIX 2

重要免责声明：

IMPORTANT DISCLAIMER

分发和地区通知：

DISTRIBUTION AND REGIONAL NOTICES

APPENDIX 2

APPENDIX 2

Presentation：《体检行业深度报告行业篇：行业持续内生增长，龙头提质增效稳健发展》

海通国际-体检行业深度报告行业篇：行业持续内生增长，龙头提质增效稳健发展-240530.pdf