THDB(SH:600867) Minsheng Securities·2024-03-28 16:00Investment Rating - The report maintains a "Recommended" rating for the company [2][5] Core Views - The company has achieved a revenue of 3.075 billion yuan in 2023, representing a year-on-year growth of 10.69%, and a net profit attributable to shareholders of 1.168 billion yuan, up 38.88% year-on-year [1][5] - The product structure continues to optimize with a comprehensive increase in the sales of insulin products, leading to a market share of over 40% in human insulin, maintaining the industry leader position [1][5] - The company is expanding its international presence in insulin products, with applications for marketing authorization in Europe and strategic partnerships to enter the U.S. market [1][5] Financial Forecasts - Projected revenues for 2024, 2025, and 2026 are 3.446 billion yuan, 3.850 billion yuan, and 4.460 billion yuan, respectively, with growth rates of 12.0%, 11.7%, and 15.8% [2][5] - Expected net profits for the same years are 1.352 billion yuan, 1.518 billion yuan, and 1.739 billion yuan, with corresponding growth rates of 15.8%, 12.3%, and 14.6% [2][5] - The report anticipates a PE ratio of 15, 13, and 12 for the years 2024, 2025, and 2026, respectively [2][5] Product Development and Pipeline - The company is advancing its R&D pipeline, focusing on diabetes and expanding into gout and hyperuricemia treatments, with several new drug candidates in various clinical trial phases [1][5] - The company has multiple projects in the diabetes treatment area, including SGLT1/SGLT2/DPP4 inhibitors and GLP-1/GIP receptor dual agonists, all currently in clinical trials [1][5] Market Position and Strategy - The company is accelerating its insulin internationalization efforts and expanding its product offerings in emerging markets [1][5] - The strategic collaboration with Jianyou Co. aims to penetrate the U.S. insulin market, enhancing the company's global footprint [1][5]