Sinocare(300298) 国盛证券·2025-04-21 07:04Investment Rating - The report maintains a "Buy" rating for Sanofi Biologicals [5] Core Views - In 2024, the company achieved a revenue of 4.443 billion yuan, a year-on-year increase of 9.47%, and a net profit attributable to the parent company of 326 million yuan, up 14.73% year-on-year [1] - The growth in revenue is driven by stable traditional business and rapid growth in new business, with government subsidies impacting the non-recurring profit growth [2][3] - The company is expanding its overseas market access for Continuous Glucose Monitoring (CGM) products, with significant progress in approvals across various countries [3] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.261 billion yuan, a year-on-year increase of 23.22%, and a net profit of 70.95 million yuan, up 310.96% year-on-year [1] - The gross profit margin for 2024 was 54.88%, with a sales expense ratio of 26.82% and a management expense ratio of 9.13% [2] - The company plans to achieve a revenue target of 4.9 billion yuan in 2025, aiming for steady growth in revenue and operating profit [2] Market Expansion - Domestic revenue reached 2.578 billion yuan, a year-on-year increase of 9.81%, while revenue from the U.S. was 1.38 billion yuan, a decrease of 2.68% [3] - The company has established localized services in 18 countries, enhancing logistics and market presence [3] - CGM products have received regulatory approvals in 25 countries, with significant potential for future sales growth [3] Product Performance - The blood glucose monitoring segment generated 3.321 billion yuan in revenue, a year-on-year increase of 15.58%, accounting for 74.73% of total revenue [3] - Other product segments, including blood pressure monitors and iPOCT systems, also showed stable growth [3] Profit Forecast - Revenue projections for 2025-2027 are 4.926 billion, 5.483 billion, and 6.125 billion yuan, with corresponding net profits of 390 million, 470 million, and 566 million yuan [3]