研报掘金丨东方证券：维持通化东宝“买入”评级，目标价8.96元

Core Viewpoint - Tonghua Dongbao's performance meets expectations with a recovery in revenue during the first half of the year, driven by new procurement opportunities and expansion of insulin product access [1] Financial Performance - The company achieved revenue of 1.37 billion yuan, representing a year-on-year increase of 85.6% [1] - Net profit attributable to shareholders reached 220 million yuan, with a non-recurring net profit also at 220 million yuan, indicating a turnaround in profitability [1] Strategic Initiatives - The company is accelerating its international expansion, with significant growth in overseas revenue during the first half of the year [1] - Tonghua Dongbao is actively advancing innovation and expanding its treatment areas, particularly in gout and hyperuricemia [1] Clinical Development - The company's URAT1 inhibitor (THDBH130) and dual-target inhibitor (THDBH151) for gout treatment are both in Phase II clinical trials, with THDBH151 completing its Phase IIa trial in April 2025 and achieving its primary endpoint [1] Valuation and Rating - Based on the average price-to-earnings ratio of comparable companies, a 2026 PE valuation of 28 times is assigned, corresponding to a target price of 8.96 yuan, maintaining a "buy" rating [1]