Sinocare(SZ:300298) Xin Lang Cai Jing·2025-04-21 08:40Core Viewpoint - The company reported a steady revenue growth in 2024, with a total revenue of 4.443 billion yuan, representing a year-on-year increase of 9.47%, and a net profit attributable to shareholders of 326 million yuan, up 14.73% year-on-year [1][2] Revenue Performance - In 2024, the company achieved a revenue of 4.443 billion yuan, with a quarterly revenue of 1.261 billion yuan in Q4, showing a significant year-on-year growth of 23.22% [1][2] - The company’s revenue growth was driven by stable traditional business and rapid growth in new business segments [2] Profitability Metrics - The company reported a gross profit margin of 54.88% in 2024, an increase of 0.82 percentage points year-on-year [2] - The net profit attributable to shareholders for Q4 reached 70.95 million yuan, a remarkable increase of 310.96% year-on-year [1] Government Subsidies Impact - The slower growth in the non-recurring profit segment was primarily due to government subsidies amounting to 37.73 million yuan, which increased by 22.96 million yuan year-on-year [2] Regional Revenue Breakdown - Domestic revenue reached 2.578 billion yuan, up 9.81% year-on-year, while revenue from the U.S. was 1.38 billion yuan, down 2.68% [3] - Revenue from other regions saw a significant increase of 65.51%, totaling 485 million yuan [3] Product Revenue Performance - The blood glucose monitoring system generated revenue of 3.321 billion yuan, a year-on-year increase of 15.58%, accounting for 74.73% of total revenue [4] - The iPOCT monitoring system also showed growth, with revenue of 186 million yuan, up 9.11% year-on-year [4] Future Outlook - The company aims to achieve a revenue target of 4.9 billion yuan in 2025, with a steady growth in both revenue and operating profit anticipated [2] - Revenue projections for 2025-2027 are estimated at 4.926 billion, 5.483 billion, and 6.125 billion yuan, with respective year-on-year growth rates of 10.9%, 11.3%, and 11.7% [4]