三诺生物（300298）：血糖主业稳健增长，海外本地化布局加速

Investment Rating - The investment rating for Sinocare (300298) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's growth potential and market performance [1]. Core Views - The core view of the report emphasizes the stable growth of the blood glucose monitoring business, with significant performance in overseas markets. The company achieved a revenue of 2.264 billion yuan in the first half of 2025, reflecting a year-on-year increase of 6.12% [1][2]. - The report highlights that the blood glucose monitoring system generated revenue of 1.659 billion yuan in 2025H1, accounting for 73.29% of total revenue, indicating its status as a core business [2]. - The profitability is currently under pressure due to increased investments, but it is expected to gradually improve as the company benefits from scale effects and increased localization in overseas manufacturing [2]. Financial Summary - For 2025, the projected total revenue is 4.935 billion yuan, with a year-on-year growth rate of 11.1%. The net profit attributable to the parent company is expected to be 417 million yuan, representing a growth of 27.7% [3]. - The gross margin for 2025 is forecasted to be 53.0%, with a return on equity (ROE) of 12.2% [3]. - The earnings per share (EPS) for 2025 is estimated at 0.74 yuan, with a price-to-earnings (P/E) ratio of 27.58 times [3]. Business Development - The company is focusing on enhancing its blood glucose monitoring products, with the second-generation continuous glucose monitoring (CGM) products receiving EU MDR certification and expanding their application scenarios [2]. - The overseas revenue for 2025H1 reached 999 million yuan, showing a year-on-year increase of 7.06%, indicating successful international collaboration and market penetration strategies [2]. - The report anticipates that as the company continues to implement localized operations overseas, this segment will become a significant growth driver [2].