Sinocare(SZ:300298) Xin Lang Cai Jing·2025-04-23 00:38Core Insights - The company reported a total revenue of 4.443 billion yuan for 2024, representing a year-over-year increase of 9.47%, with a net profit attributable to shareholders of 326 million yuan, up 14.73% year-over-year [1] - In Q4 2024, the company achieved a revenue of 1.261 billion yuan, marking a significant year-over-year growth of 23.22%, and a net profit of 71 million yuan, which is a remarkable increase of 310.96% year-over-year [1] Group 1: Business Performance - The core blood glucose monitoring business showed steady growth, with revenue from blood glucose monitoring products reaching 3.32 billion yuan, an increase of 15.6%, and the sales of Continuous Glucose Monitoring (CGM) products nearing 300 million yuan, contributing to a revenue share of 74.7% [2] - The gross margin for blood glucose monitoring improved to 60.18%, up 1.11 percentage points, while the overall sales gross margin reached 54.88%, an increase of 0.82 percentage points [2] - The company’s management expense ratio decreased to 9.13%, down 1.17 percentage points, indicating improved operational efficiency [2] Group 2: Market Expansion - Domestic revenue was 2.58 billion yuan, reflecting a growth of 9.8%, with the retail market integrating online and offline channels, covering over 20 major e-commerce platforms and nearly 600 chain pharmacies [3] - The company has established a presence in 3,800 hospitals nationwide and is expanding its iPOCT business in grassroots markets, serving over 10,000 community and township hospitals [3] - Internationally, the company is accelerating market expansion with PTS and Trividia achieving profitability, and products being sold to 187 countries, with U.S. market revenue at 1.38 billion yuan, down 2.7%, while non-U.S. overseas market revenue surged by 65.5% to 485 million yuan [3] Group 3: Research and Development - R&D expenses increased to 375 million yuan, accounting for 8.44% of total revenue, with the CGM registration expanding to 25 countries and regions [4] - The company launched innovative products such as the iCARE-1300 portable multifunctional testing device and the upgraded BA-B22D smart blood pressure monitor, enhancing product competitiveness [4] - The company is also developing a new model for diabetes management that integrates biosensing, AI, and healthcare, which is expected to support market expansion and improve performance [4] Group 4: Future Projections - Revenue forecasts for 2025-2027 are projected at 4.915 billion, 5.580 billion, and 6.343 billion yuan, with year-over-year growth rates of 10.63%, 13.52%, and 13.66% respectively [4] - Net profit forecasts for the same period are 439 million, 530 million, and 634 million yuan, with growth rates of 34.45%, 20.78%, and 19.67% respectively [4] - The current price-to-earnings ratio is projected to be 29, 24, and 20 times for the years 2025, 2026, and 2027 respectively, maintaining a "recommended" rating [4]