Sinocare(300298) 光大证券·2024-12-19 08:45Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company has achieved significant milestones in its overseas market expansion, particularly with its Continuous Glucose Monitoring (CGM) system, which has received FDA acceptance and NMPA approval for various models [1][2] - The CGM product line is expected to see substantial sales growth, with projected revenues of 300 to 500 million yuan in 2024, following an estimated 80 million yuan in sales for 2023 [2] - The company has signed a distribution agreement with A.MENARINI DIAGNOSTICS S.r.l. for exclusive distribution in over 20 European countries, indicating strong international market penetration [1][3] Summary by Sections Product Development and Approval - The company’s CGM products have received necessary approvals, including FDA 510(k) acceptance and NMPA approval, with five models categorized for home and medical use [1] - The new generation of CGM products reflects the company's commitment to innovation and expanding its diabetes monitoring product line [2] Sales and Revenue Projections - The company anticipates a sales target of 300 to 500 million yuan for its CGM products in 2024, with profitability expected by 2025 [2] - The CGM industry is projected to experience accelerated growth, benefiting from the company's long-term investment in sensor technology since 2008 [2] International Expansion - The company has received CE certification for its CGM products and is poised for significant market penetration in Europe, with clinical trials in the U.S. progressing well [3] - The operational performance of overseas subsidiaries is improving, with expectations of profitability in the near term [3]