专注血糖检测，CGM走出第二增长曲线

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Insights - The blood glucose monitoring industry is a necessity with a large population base and significant market potential [1] - The company has a strong market share in the domestic blood glucose meter market, with over 21 million users and products covering more than 3,000 hospitals and 220,000 pharmacies [1] - The company is expected to achieve a compound annual growth rate (CAGR) of 10-15% in its BGM business, while the CGM segment is anticipated to become a second growth curve for the company [1][22] - The company’s CGM products are expected to generate nearly 100 million yuan in revenue in their first year, with projections of 800 million yuan, 3 billion yuan, and 6 billion yuan in revenue from 2023 to 2025 [1][22] Summary by Sections 1. Company Overview - The company has been a leader in the blood glucose monitoring sector for over 20 years, with a stable management team and a strong brand value [1][53] - The company has transitioned from a single blood glucose indicator detection to a multi-parameter detection system for diabetes and related chronic diseases through overseas acquisitions [22] 2. Market Potential - The number of diabetes patients is large and increasing, with 537 million adults globally diagnosed in 2021, and projections of 164 million and 174 million by 2030 and 2045 in China [1][57] - The diabetes monitoring medical device market in China is expected to reach 39.7 billion yuan (approximately 6.1 billion USD) by 2030 [1][61] 3. Product Layout - The company’s product lines include home glucose meters, medical glucose meters, and chronic disease monitoring products, with a focus on both consumer and institutional markets [10] - The CGM product line is expected to enhance the company's growth trajectory, with the first CGM product launched in April 2023 [1][17] 4. Financial Projections - The company is projected to achieve revenues of 41.54 billion yuan, 47.98 billion yuan, and 55.62 billion yuan from 2023 to 2025, with respective year-on-year growth rates of 47.6%, 15.5%, and 15.9% [22] - The net profit attributable to the parent company is expected to be 3.05 billion yuan, 4.50 billion yuan, and 5.68 billion yuan for the same period, with growth rates of -29.2%, 47.6%, and 26.2% [22]