三诺生物：公告点评：海外市场再迎重要里程碑，CGM出海放量可期

Investment Rating - The report maintains a "Buy" rating for the company, with a positive outlook on its future performance [5] Core Views - The company's Continuous Glucose Monitoring (CGM) products are expected to drive significant growth, with sales projected to reach 300-500 million yuan in 2024 and profitability anticipated by 2025 [2] - The company has achieved a milestone with its CGM products receiving FDA 510(k) acceptance and NMPA approval, further enhancing its product portfolio [1] - The company's international expansion is progressing well, with a distribution agreement signed for over 20 European countries and regions, and potential FDA approval in the US by 2025 [3] Financial Performance - Revenue is forecasted to grow from 2,814 million yuan in 2022 to 5,353 million yuan in 2026, with a CAGR of 19.15% to 10.77% [7] - Net profit is expected to increase from 431 million yuan in 2022 to 550 million yuan in 2026, with a CAGR of 300.56% to 27.70% [7] - ROE is projected to rise from 13.80% in 2022 to 13.89% in 2026, indicating improving profitability [7] Product Development - The company has launched new CGM models, including i6, i6s, i6Pro for home use (up to 15 days) and H6, h6 for medical institutions (up to 8 days) [1] - The company has been developing CGM products since 2008, with the latest generation approved in 2023, showcasing strong R&D capabilities [2] Market Expansion - The company has established a global sales network and brand resources, with significant potential for international market penetration, particularly in Europe and the US [3] - The company's overseas subsidiaries are expected to achieve profitability, marking a turning point in their operations [3] Valuation Metrics - The company's P/E ratio is expected to decrease from 36 in 2022 to 28 in 2026, indicating improving valuation attractiveness [7] - The P/B ratio is projected to decline from 5.0 in 2022 to 3.9 in 2026, reflecting potential undervaluation [7] Industry Outlook - The CGM industry is expected to experience accelerated growth, driven by the company's innovative products and expanding market presence [2] - The company's focus on diabetes monitoring and its diversified product line position it well to capitalize on market opportunities [2]