Sinocare(SZ:300298) Tebon Securities·2024-09-06 10:03Investment Rating - The investment rating for Sanofi Bio is "Buy" (maintained) [1] Core Views - The report highlights steady growth in the core business of blood glucose monitoring, with expectations for significant market potential in both domestic and European markets for continuous glucose monitoring (CGM) products [2][3] - The company achieved a revenue of 2.133 billion yuan in the first half of 2024, representing a year-on-year increase of 6.26%, and a net profit of 197 million yuan, up 12.61% [2] - The CGM business is expected to see rapid growth domestically, with ongoing progress in overseas certifications [3] Financial Performance Summary - For the first half of 2024, the company reported a revenue of 2.133 billion yuan, with a net profit of 197 million yuan and a non-recurring net profit of 178 million yuan [2] - The blood glucose monitoring system generated revenue of 1.552 billion yuan, up 12.74%, while the iPOCT system brought in 88 million yuan, up 5.89% [2] - The company forecasts net profits of 434 million yuan, 531 million yuan, and 643 million yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 32, 26, and 22 times [3][4] Market and Product Development - The CGM product "Sanofi Aikan" has received regulatory approvals in multiple countries, including China and various regions in Europe, indicating strong market entry potential [3] - The second-generation CGM product is expected to enhance user experience and expand the product line, contributing to future revenue growth [3] Valuation Metrics - The report provides projected revenue growth rates of 12.6% for 2024, 12.4% for 2025, and 13.6% for 2026 [5] - The gross margin is expected to improve from 54.1% in 2023 to 56.6% by 2026 [5] - The company's total market capitalization is approximately 13.98 billion yuan [4]