Sinocare(300298) 国盛证券·2024-12-17 06:23Investment Rating - The report maintains a "Buy" rating for Sanofi Biologicals [4] Core Views - The second-generation Continuous Glucose Monitoring (CGM) product has been approved in China, enhancing user engagement and product competitiveness [2] - The company has made significant strides in international markets, including a distribution agreement in Europe and successful clinical trials in the United States [2] - Revenue forecasts for 2024-2026 are projected to grow, with net profit also expected to increase significantly during the same period [2][3] Financial Summary - Revenue for 2024 is estimated at 42.54 billion, with a year-on-year growth of 4.8% [3] - Net profit for 2024 is projected to be 3.33 billion, reflecting a year-on-year increase of 17.1% [3] - The company’s P/E ratios for 2024, 2025, and 2026 are expected to be 46X, 38X, and 31X respectively [2][3] Product Development - The second-generation CGM products feature improved design and user experience, with longer usage times and no need for user calibration [2] - The company continues to focus on enhancing monitoring accuracy, reducing production costs, and improving user experience [2] Market Expansion - Sanofi Biologicals has established a presence in over 135 countries and regions, with product registrations completed in 85 countries [2] - The company is actively developing e-commerce channels and has set up local warehouses in 17 countries to facilitate logistics [2]