Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's 2024 revenue reached 4.443 billion yuan, a year-on-year increase of 9.47%, with a net profit attributable to shareholders of 326 million yuan, up 14.73% year-on-year [1] - The sales of Continuous Glucose Monitoring (CGM) products are expected to accelerate, with projected sales of approximately 300 million yuan in 2024 [2][3] - The company has established a global sales network and is expected to see improvements in its overseas subsidiaries, indicating potential for international expansion [3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 4.443 billion yuan, with a net profit of 326 million yuan and a non-recurring net profit of 295 million yuan [1] - The Q4 revenue was 1.261 billion yuan, showing a year-on-year growth of 23.22%, while Q1 2025 revenue was 1.042 billion yuan, a year-on-year increase of 2.76% [1][2] Business Segments - Blood Glucose Monitoring (BGM) revenue for 2024 was 3.321 billion yuan, reflecting a year-on-year growth of 15.58% [2] - The company anticipates steady growth in its BGM business for 2025, supported by a robust product system and distribution network [2] CGM Product Development - The company is a leading player in the domestic CGM market, with its products launched in 2023 and expected to see significant sales growth [2] - The second-generation CGM products are anticipated to be launched soon, further enhancing the product lineup [2] International Expansion - The company has received CE certification for its CGM products and is in the process of entering markets in Western and Northern Europe [3] - An FDA application for the CGM products has been submitted, with expectations for approval in 2025 [3] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025 is set at 431 million yuan, with a downward adjustment for 2026 to 523 million yuan [3] - The company is recognized as the leading brand in domestic blood glucose monitoring, with promising prospects for international business [3]
三诺生物(300298):2024年报及2025年一季报点评:25Q1业绩略低于预期,期待CGM销售和研发推进