Sinocare(SZ:300298) ZHESHANG SECURITIES·2025-06-24 07:58Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for investment in the stock [6]. Core Viewpoints - Sanofi Bio is positioned as a leading domestic manufacturer in blood glucose monitoring products, leveraging cost-effectiveness and product advantages to capture market share, particularly in the continuous glucose monitoring (CGM) segment [1][25]. - The blood glucose monitoring (BGM) market is expected to grow at a CAGR of 9.1% from 2020 to 2030, driven by an increase in diabetes prevalence and improved health awareness [2][32]. - The CGM market is projected to grow at a CAGR of 34% from 2020 to 2030, with domestic products rapidly gaining market share due to their competitive pricing and technological advancements [4][53]. Summary by Sections Company Overview - Sanofi Bio focuses on blood glucose monitoring, with a significant market share in BGM and emerging growth in CGM products [25][26]. - The company has established a comprehensive product platform that includes BGM, CGM, and HbA1c testing [25]. BGM Market Analysis - The BGM market in China is expected to reach a scale of 110 billion yuan by 2030, with a compound annual growth rate (CAGR) of 9.1% [2][34]. - The market share of foreign brands in the BGM sector has decreased from over 90% to 40% in recent years, as domestic brands gain traction due to their cost advantages [2][33]. CGM Market Analysis - The CGM market is anticipated to reach 2.6 billion USD by 2030, with a CAGR of 34% [4][53]. - Sanofi Bio's CGM products have received regulatory approvals and are expected to leverage existing BGM channels for rapid market penetration [4][10]. Competitive Advantages - Sanofi Bio's products are characterized by high accuracy and competitive pricing, with MARD values of 8.71% for personal versions and 7.45% for hospital versions [5][57]. - The company has a well-established distribution network, covering over 3,800 hospitals and more than 220,000 pharmacies, which supports its market presence [3][46]. Financial Projections - Revenue forecasts for Sanofi Bio are projected to be 4.44 billion yuan in 2024, growing to 6.51 billion yuan by 2027, with a net profit increase from 326.29 million yuan to 604.37 million yuan over the same period [12][14].