三诺生物：新一代CGM国内获批，产品升级迭代加速

Investment Rating - Maintains a "Buy" rating [1] Core Views - The company's new generation Continuous Glucose Monitoring (CGM) system has been approved domestically, marking a significant upgrade in its product line [2] - The new CGM products, including models H6/h6 and i6/i6s/i6Pro, offer extended usage periods of up to 8 days and 15 days respectively, catering to both medical institutions and home environments [2] - The company's proprietary third-generation direct electron transfer technology enhances the CGM system's performance, offering low potential, oxygen independence, reduced interference, and high stability and accuracy [2] - The company has signed a distribution agreement with A MENARINI DIAGNOSTICS S r l for the European market, which is expected to drive sales growth in overseas markets [2] Financial Projections - The company's net profit attributable to the parent company is projected to be RMB 368 million, RMB 507 million, and RMB 637 million for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 30%, 38%, and 26% [2] - The current price corresponds to a PE ratio of 41x, 30x, and 24x for 2024, 2025, and 2026 respectively [2] Product Development - The new CGM products feature improved design and manufacturing processes, including a one-piece implantation design that simplifies user experience and optimized product dimensions for better wearability [2] - The company's CGM product line expansion is expected to meet diversified market demands and establish a closed-loop system of "perception + evaluation + intervention" [2] Market Expansion - The company's partnership with A MENARINI DIAGNOSTICS S r l covers over 20 European countries and regions, with the potential for rapid sales growth following the overseas launch of the second-generation CGM products [2] Financial Performance - The company's revenue is expected to grow from RMB 4,059 million in 2023 to RMB 5,914 million in 2026, with a compound annual growth rate (CAGR) of 16.25% [5] - The company's net profit margin is projected to increase from 7.0% in 2023 to 10.8% in 2026, reflecting improved profitability [5]