Sinocare(300298) 信达证券·2025-04-21 07:44Investment Rating - The investment rating for Sanofi Biologicals (300298) is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on revenue growth and market expansion [1]. Core Viewpoints - The company reported a revenue of 4.443 billion yuan in 2024, representing a year-over-year increase of 9.47%, with a net profit of 326 million yuan, up 14.73% year-over-year [1][2]. - The blood glucose monitoring business showed robust growth, with a 15.58% increase in revenue, driven by stable growth in BGM and progress in CGM [2]. - The company is expanding its overseas market presence, with non-U.S. markets experiencing a significant growth of 65.51% [2]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 44.43 billion yuan, with a net profit of 3.26 billion yuan and a net cash flow from operating activities of 6.31 billion yuan [1]. - The gross profit margin improved to 54.88%, and the net profit margin increased to 7.78% [2]. - The company expects revenues for 2025-2027 to be 49.10 billion, 54.39 billion, and 60.11 billion yuan, respectively, with corresponding net profits of 4.35 billion, 5.25 billion, and 6.17 billion yuan [2][3]. Market Analysis - The domestic market revenue reached 25.78 billion yuan, growing by 9.81%, while the U.S. market revenue decreased by 2.68% to 13.80 billion yuan [2]. - The company is focusing on enhancing its market coverage and brand influence through partnerships with retail pharmacies and e-commerce platforms [2]. Profitability Forecast - The company anticipates a continued increase in profitability, with projected net profit growth rates of 33.4%, 20.7%, and 17.5% for the years 2025, 2026, and 2027, respectively [2][3].