Sinocare(SZ:300298) Soochow Securities·2024-08-31 03:05Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Insights - The company achieved a revenue of 2,133.04 million yuan in H1 2024, representing a year-on-year increase of 6.26%. The net profit attributable to shareholders was 197.49 million yuan, up 12.61% year-on-year [2] - The company's product "Sanofi Aikan" has become the first third-generation continuous glucose monitoring system (CGM) approved for sale in China, with ongoing registrations and sales in multiple countries [2] - The company is expected to obtain FDA certification for its CGM products by Q3 2025, which could lead to significant growth in both domestic and international markets [2] - The overseas subsidiaries, Trividia and PTS, have shown continuous improvement, contributing to the company's position as the fourth largest blood glucose meter manufacturer globally [2][3] Financial Performance Summary - Total revenue is projected to reach 46.30 billion yuan in 2024, with net profit expected to be 4.12 billion yuan, corresponding to a P/E ratio of 31 times [3] - The company forecasts revenue growth rates of 14.06%, 14.22%, and 15.23% for 2024, 2025, and 2026 respectively, with net profit growth rates of 44.96%, 27.05%, and 18.68% for the same years [1][3] - The latest diluted EPS is expected to be 0.73 yuan in 2024, increasing to 1.10 yuan by 2026 [1][3]