研发投入加大，CGM加快拓展全球市场

Investment Rating - The investment rating for Sanofi Biologicals (300298) is to "Maintain Attention" [24][36]. Core Views - The report highlights the steady growth of the domestic blood glucose meter market, driven by increasing diabetes prevalence and patient awareness. The company is expected to strengthen its market leadership in both hospital and outpatient settings [4]. - The report anticipates a sales growth of 12% for blood glucose meters in both domestic and international markets from 2024 to 2026, with specific growth rates of 15%, 14%, and 13% for domestic sales and 5%, 5%, and 4% for international sales [4][6]. - The company achieved a revenue of 4.06 billion yuan in 2023, a 2.7% increase, while the net profit attributable to shareholders decreased by 36.3% to 280 million yuan. The first quarter of 2024 saw a revenue increase of 14.9% to 1.01 billion yuan, with a net profit increase of 35.5% [16][25]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 4.06 billion yuan, with a net profit of 280 million yuan, reflecting a decrease of 36.3%. The first quarter of 2024 showed a revenue of 1.01 billion yuan, up 14.9%, and a net profit of 80 million yuan, up 35.5% [16][25]. - The gross margin for 2023 was 54.1%, which decreased to 50.7% in the first quarter of 2024 due to production ramp-up and the impact of THI's consolidation [16][25]. Market Position and Growth - The company is expanding its Continuous Glucose Monitoring (CGM) product line, which achieved over 100 million yuan in sales in 2023. The CGM products are receiving positive feedback, and the company is actively pursuing international certifications [16][25]. - The report indicates that the company has established a presence in over 3,500 hospitals and has over 22 million users, with a retail market share of nearly 50% [16][25]. Future Projections - The forecast for net profit attributable to shareholders is 430 million yuan in 2024, 510 million yuan in 2025, and 680 million yuan in 2026, with corresponding PE ratios of 32, 27, and 20 [16][25]. - The report suggests that the company will continue to enhance its market share through product strength and global market expansion, particularly in the CGM segment [16][25].