Sinocare(300298) Hua Yuan Zheng Quan·2025-05-09 13:43Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is experiencing rapid growth in Continuous Glucose Monitoring (CGM) despite short-term pressure on overseas subsidiary performance due to high base effects [4][5] - The traditional business remains stable, while CGM revenue growth exceeds 50%, indicating strong market demand [5] - The company is making steady progress in overseas commercialization, particularly in Europe and the Middle East, with expectations for continued growth starting in 2025 [5] Financial Summary - Revenue projections for the company are as follows: - 2023: 4,059 million RMB - 2024: 4,443 million RMB (growth of 9.47%) - 2025E: 4,927 million RMB (growth of 10.89%) - 2026E: 5,478 million RMB (growth of 11.19%) - 2027E: 6,102 million RMB (growth of 11.38%) [4][6] - Net profit forecasts are: - 2023: 284 million RMB - 2024: 326 million RMB (growth of 14.73%) - 2025E: 416 million RMB (growth of 27.55%) - 2026E: 499 million RMB (growth of 19.98%) - 2027E: 625 million RMB (growth of 25.09%) [4][6] - Earnings per share (EPS) estimates are: - 2023: 0.50 RMB - 2024: 0.58 RMB - 2025E: 0.74 RMB - 2026E: 0.88 RMB - 2027E: 1.11 RMB [4][6] Market Performance - The company's stock closed at 21.54 RMB, with a market capitalization of approximately 12,154.28 million RMB and a circulating market value of 9,807.14 million RMB [2][5] - The company has a debt-to-asset ratio of 35.76% and a net asset value per share of 5.86 RMB [2]