Sinocare(SZ:300298)2024-04-28 12:30Investment Rating - The report maintains a "Recommended" rating for the company [15] Core Views - The company experienced a slight revenue increase in 2023, with a total revenue of 4.06 billion yuan, representing a growth of 2.69%. However, the net profit decreased significantly by 36.31% to 284.4 million yuan due to increased R&D and market investment in core products [12][15] - The company's Continuous Glucose Monitoring (CGM) products are expected to see rapid growth, with projected domestic sales reaching 300-500 million yuan in 2024, driven by improved product recognition and channel development [12][15] - The overseas subsidiaries are showing continuous improvement, contributing to the company's position as the fourth largest blood glucose meter manufacturer globally, with sales in over 100 countries [12][15] Financial Summary - The company forecasts revenue growth rates of 14.11%, 13.94%, and 13.64% for 2024, 2025, and 2026, respectively [12] - The projected net profit for 2024-2026 is expected to be 444.4 million yuan, 561.0 million yuan, and 703.2 million yuan, with growth rates of 55.98%, 26.41%, and 25.40% respectively [12][15] - The earnings per share (EPS) are projected to be 0.79 yuan, 0.99 yuan, and 1.25 yuan for the years 2024, 2025, and 2026 [12][15]