THDB(SH:600867) Orient Securities·2025-09-08 12:12Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has experienced a recovery in revenue during the first half of 2025, achieving a revenue of 1.37 billion yuan, representing a year-on-year growth of 85.6% [11] - The company is accelerating its overseas expansion, with overseas revenue reaching 110 million yuan, a year-on-year increase of nearly 187% [11] - The company is actively advancing its innovation pipeline, with several products in various stages of clinical trials [11] Financial Forecast and Investment Recommendations - The report adjusts the sales and R&D expense ratios due to increased hospital access and R&D investments, forecasting earnings per share of 0.24, 0.32, and 0.38 yuan for 2025-2027 [3] - The target price is set at 8.96 yuan based on a 28 times PE valuation for 2026 [3] - The company is expected to recover from a net loss in 2024 to a net profit of 462 million yuan in 2025, with a significant year-on-year growth of 1181.5% [5][11] Financial Information - The company’s revenue is projected to grow from 2.01 billion yuan in 2024 to 3.54 billion yuan in 2027, with a compound annual growth rate of approximately 10.3% [5] - The gross margin is expected to decline slightly from 80.1% in 2023 to 71.3% in 2027 [5] - The net profit margin is projected to improve from -2.1% in 2024 to 20.9% in 2027 [5]