Sinocare(300298) 开源证券·2025-04-22 07:09Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve steady growth in its blood glucose business in 2024, with a projected revenue of 4.443 billion yuan, representing a year-over-year increase of 9.47%. The net profit attributable to shareholders is forecasted to be 326 million yuan, up 14.73% year-over-year [5] - The company's continuous improvement in profitability is attributed to an increase in online sales and effective e-commerce promotions, with a significant rise in Q4 2024 net profit by 310.96% year-over-year [5] - The company is positioned for strong growth in both domestic and international Continuous Glucose Monitoring (CGM) markets, with expectations for increased market share [6][7] Financial Summary - Revenue for 2024 is projected at 44.43 billion yuan, with a year-over-year growth of 9.47%. The net profit attributable to shareholders is expected to be 3.26 billion yuan, reflecting a year-over-year increase of 14.73% [5] - The company’s revenue from blood glucose monitoring systems is anticipated to reach 33.21 billion yuan in 2024, marking a 15.58% increase year-over-year [7] - The company’s gross margin is expected to improve to 55.3% by 2025, with net profit margins projected to reach 8.0% [9] Market Performance - Domestic revenue is expected to be 25.78 billion yuan, showing a year-over-year increase of 9.81%, while international revenue is projected at 18.65 billion yuan, with significant growth in other regions [6] - The company’s CGM product "Sanofi Aikan" has received regulatory approval in 25 countries and regions, with sales ongoing in over 60 countries [6] Product Development - The company has diversified its product matrix, expanding from blood glucose monitoring to include over 70 testing indicators, enhancing its competitive edge in the market [7] - The iPOCT monitoring system revenue is projected to grow by 9.11% year-over-year, indicating a robust expansion in point-of-care testing [7]