Sinocare(300298) 国盛证券·2024-12-19 03:17Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company has successfully passed the FDA 510(k) acceptance review for its Continuous Glucose Monitoring (CGM) system, entering the substantive review phase, which is expected to enhance its profitability in the U.S. market [2]. - The U.S. CGM market is substantial, with a 2020 market size of $2.7 billion and a CAGR of 26.7% from 2015 to 2020, indicating significant growth potential for the company's products [2]. - The company has established strong marketing networks through its U.S. subsidiaries, Trividia and PTS, which are expected to facilitate rapid market penetration for its CGM products in the U.S. [3]. - Recent agreements and product registrations, including a seven-year distribution agreement in Europe and the registration of a second-generation CGM product, demonstrate the company's strong execution capabilities and commitment to expanding its market presence [4]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are estimated at 42.54 billion, 47.96 billion, and 54.92 billion CNY, respectively, with year-over-year growth rates of 4.8%, 12.7%, and 14.5% [4]. - The company's net profit attributable to shareholders is forecasted to be 3.33 billion, 4.02 billion, and 4.95 billion CNY for the same years, reflecting growth rates of 17.1%, 20.6%, and 23.3% [4]. - The report provides a P/E ratio forecast of 47X, 39X, and 32X for the years 2024, 2025, and 2026, respectively [4].