Sinocare(300298) Soochow Securities·2024-12-07 08:10Investment Rating - The report maintains a "Buy" rating for Sanofi Bio [1] Core Views - Sanofi Bio signed a distribution agreement with A. MENARINI DIAGNOSTICS S.r.l. for exclusive distribution of its CGM systems in over 20 European countries, which is expected to positively impact the company's performance [2] - The company is positioned for growth in both domestic and international markets, with its CGM product "Sanofi Aikan" being the first third-generation CGM system approved in China, and registrations in multiple countries including Indonesia and the EU [3] - The report forecasts revenue growth from 46.30 billion yuan in 2024 to 60.93 billion yuan in 2026, with net profit expected to rise from 4.12 billion yuan to 6.22 billion yuan during the same period, indicating a strong growth trajectory for the company [4] Financial Projections - Total revenue for 2024 is projected at 46.30 billion yuan, with a year-on-year growth of 14.06% [4] - Net profit for 2024 is estimated at 4.12 billion yuan, reflecting a significant recovery from a decline in 2023 [4] - The report anticipates a P/E ratio of 36.04 for 2024, decreasing to 23.90 by 2026, suggesting improving valuation metrics as earnings grow [4]