Sinocare(300298) 新浪财经·2025-04-24 00:37Core Viewpoint - The company reported a solid financial performance for 2024, with revenue and net profit growth, alongside significant advancements in its global operations and product development in the continuous glucose monitoring (CGM) sector [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 4.443 billion yuan, a year-on-year increase of 9.47% [1] - The net profit attributable to shareholders was 326 million yuan, up 14.73% year-on-year [1] - The non-recurring net profit was 295 million yuan, reflecting a slight increase of 0.65% year-on-year [1] - In Q4 2024, revenue reached 1.261 billion yuan, marking a 23.22% year-on-year growth [1] - The net profit for Q4 turned positive at 71 million yuan, compared to a loss in the previous year [1] Operational Efficiency - The overall gross margin for 2024 was 54.88%, an increase of 0.82 percentage points year-on-year, attributed to product structure optimization and cost control [2] - The sales, management, and R&D expense ratios were 26.82%, 9.13%, and 8.44%, respectively, with sales expenses increasing due to rapid growth in online channels and investments in the CGM market [2] - The net profit margin was 7.78%, up 2.95 percentage points year-on-year [2] - Overseas revenue reached 1.865 billion yuan, accounting for 41.98% of total revenue, with non-U.S. regions showing remarkable growth of 65.51% [2] Product Development - The company made significant progress in the CGM sector, with the second-generation CGM product completing domestic registration and obtaining Class III medical device certification [3] - The global strategy for CGM products is advancing, with successful registration and clinical trials in the U.S. and new certifications in Europe for ages 2-17 [3] - By the end of 2024, CGM products were approved in 25 countries and regions, with sales in over 60 countries [3] Future Outlook - Revenue projections for 2025-2027 are 4.938 billion, 5.465 billion, and 6.052 billion yuan, with year-on-year growth rates of 11.13%, 10.67%, and 10.76% respectively [4] - Net profit forecasts for the same period are 435 million, 510 million, and 611 million yuan, with growth rates of 33.23%, 17.41%, and 19.74% respectively [4] - The company focuses on chronic disease rapid testing centered around blood glucose monitoring products, with stable growth in the BGM core business and CGM business contributing new growth momentum [4]