Sinocare(300298) Guolian Securities·2024-09-02 12:32Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 2.133 billion yuan for H1 2024, representing a year-on-year growth of 6.26%. The net profit attributable to the parent company was 197 million yuan, up 12.61% year-on-year, while the net profit excluding non-recurring items decreased by 10.38% to 178 million yuan [2][6] - The core business showed steady growth, with the blood glucose monitoring segment generating 1.552 billion yuan in revenue, a year-on-year increase of 12.74%. The overseas subsidiaries also improved significantly, with Trividia achieving a revenue of 31.22 million yuan, marking a turnaround from a loss [2][6] - The company is continuously upgrading its products in the Continuous Glucose Monitoring (CGM) field, with new products being registered and approved in various countries, indicating a positive outlook for overseas business operations [6] Financial Performance Summary - For H1 2024, the company achieved a gross margin of 55.2%, an increase of 3.97 percentage points year-on-year. The net profit margin was 9.26%, up 2.43 percentage points year-on-year [6] - The company expects revenues for 2024-2026 to be 4.632 billion, 5.238 billion, and 5.912 billion yuan, with year-on-year growth rates of 14.11%, 13.08%, and 12.88% respectively. The net profit for the same period is projected to be 415 million, 528 million, and 680 million yuan, with growth rates of 46.05%, 27.15%, and 28.77% respectively [6][7]