Sinocare(300298) Huaan Securities·2024-10-29 00:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.182 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 4.83%, while the net profit attributable to shareholders was 255 million yuan, down 19.71% year-on-year [1] - In Q3 2024, the company's revenue was 1.049 billion yuan, a year-on-year increase of 2.05%, but the net profit attributable to shareholders fell by 59.44% to 58 million yuan [1] - The company is focusing on expanding its Continuous Glucose Monitoring (CGM) business, with significant investments in sales and R&D to support growth [1][2] - The overseas subsidiary Trividia has remained profitable, and the CGM products are expected to enhance profitability upon their launch in the U.S. market [1] Financial Performance Summary - For 2024-2026, the company is projected to achieve revenues of 4.317 billion yuan, 4.875 billion yuan, and 5.446 billion yuan, with growth rates of 6.4%, 12.9%, and 11.7% respectively [2][4] - The net profit attributable to shareholders is expected to be 357 million yuan, 473 million yuan, and 616 million yuan for the same period, with growth rates of 25.4%, 32.5%, and 30.4% respectively [2][4] - The earnings per share (EPS) are forecasted to be 0.63 yuan, 0.84 yuan, and 1.09 yuan for 2024, 2025, and 2026, corresponding to price-to-earnings (P/E) ratios of 44x, 33x, and 25x [2][4]