Sinocare(300298) Soochow Securities·2024-12-19 04:24Investment Rating - The report maintains a "Buy" rating for Sanofi Bio [1] Core Views - Sanofi Bio has received formal notification from the U.S. FDA that its self-developed Continuous Glucose Monitoring (CGM) system has passed the acceptance review and has entered the substantive review phase, marking a significant step in its product registration process [2] - The approval signifies the quality and international competitiveness of the company's products, with a promising market potential in the U.S. CGM space, which is currently dominated by major players like Dexcom and Abbott [2] - The company has successfully completed the registration of its second-generation CGM product, showcasing its R&D capabilities and enhancing its product line to meet diverse market needs [3] - A partnership with A Menarini Diagnostics S.r.l. is expected to positively impact the company's business expansion in the European market [3] Financial Forecast and Valuation - The report maintains previous earnings forecasts, projecting revenues of 46.30 billion, 52.88 billion, and 60.93 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 4.12 billion, 5.24 billion, and 6.22 billion yuan [4] - The current price-to-earnings (P/E) ratios are projected to be 38, 30, and 25 for the years 2024, 2025, and 2026 respectively, indicating the company's strong growth potential in the industry [4]