胰岛素销量全面增长，研发项目稳步推进

Investment Rating - The report maintains a "Buy" rating for Tonghua Dongbao [2][3] Core Views - In 2023, the company achieved revenue of 3.075 billion RMB, a year-on-year increase of 11%, while net profit attributable to shareholders decreased by 26% to 1.168 billion RMB. However, the net profit excluding non-recurring items increased by 39% [2] - The sales volume of insulin products increased significantly, with a total of 83.2212 million units sold, representing a year-on-year growth of 12.84%. The sales of insulin analogs grew by over 60%, which helped offset the impact of price reductions due to national procurement policies [2] - The company is expanding its focus on endocrine metabolism, developing products for multiple indications beyond diabetes, including gout and hyperuricemia. Ongoing research includes new drugs for diabetes and gout treatment, with several clinical trials progressing well [2] Financial Summary - The company forecasts net profits of 1.335 billion RMB in 2024, 1.489 billion RMB in 2025, and 1.652 billion RMB in 2026, with corresponding EPS of 0.67 RMB, 0.75 RMB, and 0.83 RMB, and P/E ratios of 15, 13, and 12 respectively [3][5] - Revenue is expected to grow from 3.501 billion RMB in 2024 to 4.246 billion RMB in 2026, with growth rates of 13.83%, 10.59%, and 9.67% respectively [5][6] - The company's return on equity (ROE) is projected to be 16.59% in 2024, slightly decreasing to 16.21% by 2026 [5][6]