Sinocare(SZ:300298) Hua Yuan Zheng Quan·2025-08-29 01:14Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The traditional business remains stable, and the overseas expansion of Continuous Glucose Monitoring (CGM) is progressing smoothly [5] - The company is a leader in the blood glucose monitoring industry, with rapid growth in new CGM products and successful overseas expansion [8] Financial Performance Summary - For the first half of 2025, the company achieved revenue of 2.26 billion yuan, a year-on-year increase of 6.1%, and a net profit attributable to shareholders of 180 million yuan, a year-on-year decrease of 8.5% [8] - The blood glucose monitoring business showed steady growth, with revenue of 1.66 billion yuan in the first half of 2025, up 6.9% year-on-year [8] - The CGM product line has expanded its registration scope overseas, with the second-generation product receiving EU certification, enhancing its competitiveness [8] - The gross profit margin for the first half of 2025 was 51.9%, down 2.4 percentage points year-on-year, primarily due to changes in product mix [8] Earnings Forecast and Valuation - The company’s projected net profits for 2025-2027 are 4.1 billion yuan, 4.9 billion yuan, and 5.9 billion yuan, with growth rates of 24.4%, 21.4%, and 19.0% respectively [8] - The current price-to-earnings (P/E) ratios for the next three years are projected to be 29X, 24X, and 20X [8]