THDB(600867) 华创证券·2024-11-01 05:23Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 10.1 CNY, compared to the current price of 8.46 CNY [5]. Core Insights - The company's Q3 revenue was 708 million CNY, a decrease of 2.41% year-on-year, while the net profit attributable to shareholders was 164 million CNY, down 40.40% [1]. - The insulin business has shown recovery due to the implementation of centralized procurement, with sales volume of insulin analogs doubling and the Aspart series insulin sales increasing nearly 400% year-on-year [2]. - The company has made progress in international markets, with the EMA formally accepting the application for the human insulin injection license, which will expedite registration processes in Europe and emerging countries [2]. - The innovative drug segment has seen advancements, with clinical trials for new products progressing as planned [3]. Financial Summary - Total revenue for 2023 is projected at 3,075 million CNY, with a significant decline expected in 2024 to 2,237 million CNY, followed by a recovery to 2,990 million CNY in 2025 and 3,670 million CNY in 2026 [4]. - The net profit attributable to shareholders is forecasted to drop to 136 million CNY in 2024, with a substantial rebound to 929 million CNY in 2025 and 1,142 million CNY in 2026 [4]. - The company's earnings per share (EPS) is expected to be 0.07 CNY in 2024, recovering to 0.47 CNY in 2025 and 0.58 CNY in 2026 [4].