THDB(600867) 华创证券·2024-11-17 23:03Investment Rating - The report maintains a "Recommended" rating for Tonghua Dongbao, with a target price of 10.1 yuan, compared to the current price of 8.6 yuan [1]. Core Insights - The company has announced two share buyback plans and two shareholding increase plans since July 2024, with a total amount ranging from 513 million to 786 million yuan, reflecting confidence in future development [1][2]. - Despite disruptions in sales due to centralized procurement and product price reductions impacting the first half of the year, negative factors have been fully released. The company is expected to show good revenue growth starting from the third quarter as centralized procurement is executed [2]. - The internationalization and innovation business are progressing positively, which is anticipated to become significant performance support for the company in the next 2-3 years [2]. Financial Summary - The projected net profit for the company from 2024 to 2026 is expected to be 136 million, 929 million, and 1.142 billion yuan, with year-on-year changes of -88.4%, 585.4%, and 22.9% respectively [2]. - The total revenue for the same period is projected to be 2.237 billion, 2.990 billion, and 3.670 billion yuan, with year-on-year growth rates of -27.3%, 33.7%, and 22.7% respectively [2][3]. - The earnings per share (EPS) are expected to be 0.07, 0.47, and 0.58 yuan for 2024, 2025, and 2026 respectively [2][3].