THDB(600867) 证券时报网·2025-01-20 10:58Core Viewpoint - Tonghua Dongbao (600867) expects a significant decrease in net profit for 2024, projecting approximately 40.53 million yuan, a year-on-year decline of about 96.53% [1] Financial Performance - The company's non-recurring net profit is estimated to be around 271 million yuan, reflecting a year-on-year decrease of approximately 76.81% [2] - The anticipated accounting treatment related to the termination of the THDB0207 injection project will reduce the company's net profit by 270 million yuan and non-recurring gains and losses by 215 million yuan for 2024 [3] Business Impact - The decline in performance is attributed to the implementation of a new round of insulin procurement, which has led to a decrease in the bidding prices of the company's insulin products, resulting in lower sales revenue [2] - The company is facing short-term impacts due to inventory adjustments by commercial clients in response to the new procurement policies [2][4] Future Outlook - The company anticipates a recovery in sales and shipping activities in the second half of 2024, with the new procurement policies accelerating the market entry and volume of its insulin products [4] - The company has successfully entered thousands of hospitals with its Aspart insulin series, expecting a year-on-year sales growth of over 300% in the second half of 2024 [5] - The overseas business is projected to see significant growth, with expected revenue exceeding 100 million yuan, nearly doubling year-on-year [6] R&D Developments - Tonghua Dongbao is actively advancing its innovative drug research and development, with several clinical trials underway for various products [7] - The company has expanded its treatment focus from diabetes to a broader range of metabolic and endocrine diseases, including the development of a chemical oral medication for gout [8]