证 券 研 究 报 告 ❖ 公司发布 25 年三季报，25Q1-3，营业收入 34.53 亿元（+8.52%），归母净利润 2.11 亿元（-17.36%），扣非净利润 1.80 亿元（-22.13%）。单 25Q3，营业收入 11.90 亿元（+13.40%），归母净利润 0.30 亿元（-47.55%），扣非净利润 0.22 亿 元（-58.44%）。 评论： [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,443 | 4,901 | 5,474 | 6,250 | | 同比增速(%) | 9.5% | 10.3% | 11.7% | 14.2% | | 归母净利润(百万) | 326 | 294 | 485 | 581 | | 同比增速(%) | 14.7% | -10.1% | 65.3% | 20.0% | | 每股盈利(元) | 0.58 | 0.52 | 0.87 | 1.04 | | 市盈率(倍) | 30 | 34 ...

Investment Rating - The report maintains a "Recommended" investment rating for Sanofi Biologicals [1] Core Views - The company's revenue for the first half of 2025 reached 2.264 billion yuan, reflecting a year-on-year growth of 6.12%, while the net profit attributable to shareholders decreased by 8.52% to 181 million yuan [1][7] - The growth in blood glucose monitoring products remains robust, with a revenue contribution of approximately 1.659 billion yuan, accounting for 73.29% of total revenue, and a year-on-year increase of 6.88% [7] - The company is actively expanding its Continuous Glucose Monitoring (CGM) products into global markets, achieving significant registrations in multiple countries [7] Financial Performance Summary - For 2025, the projected total revenue is 4.901 billion yuan, with a year-on-year growth rate of 10.3% [3] - The net profit attributable to shareholders is expected to reach 434 million yuan in 2025, representing a substantial year-on-year growth of 33% [3] - The earnings per share (EPS) is forecasted to be 0.77 yuan for 2025, with a price-to-earnings (P/E) ratio of 26 [3] Market Expansion and Strategy - The company has successfully registered its CGM products in Brazil, Iran, Nepal, Belarus, Uruguay, and Vietnam, and has established partnerships in Europe to enhance market penetration [7] - Sanofi Biologicals is focusing on localizing operations in key markets such as Indonesia, India, and Thailand, which includes setting up local subsidiaries and professional teams [7] - The company is leveraging international e-commerce platforms like eBay, Amazon, and AliExpress to expand its online presence [7]