THDB(SH:600867) Huachuang Securities·2024-04-16 16:00Investment Rating - The report maintains a "Strong Buy" rating for Tonghua Dongbao (600867) [1][5] Core Views - The company reported a revenue of 3.075 billion yuan in 2023, an increase of 10.7%, while the net profit attributable to shareholders decreased by 26.2% to 1.168 billion yuan. The fourth quarter showed significant growth with a revenue of 980 million yuan, up 44.8%, and a net profit of 410 million yuan, up 127.6% [1][2] - The sales of insulin products are steadily increasing, with a total of 83.22 million units sold in 2023, marking a 12.8% growth. The company holds over 40% market share in the second-generation insulin segment, leading the industry [2] - The company is advancing its R&D pipeline efficiently, with several new products expected to launch in the future, including rapid-acting insulin and GLP-1 drugs [2] - The internationalization process is accelerating, with plans to obtain regulatory approvals in Europe and expand into emerging markets [2] Financial Summary - Total revenue for 2023 was 3,075 million yuan, with projected revenues of 3,301 million yuan in 2024, 3,654 million yuan in 2025, and 4,206 million yuan in 2026 [3] - The net profit attributable to shareholders for 2023 was 1,168 million yuan, with forecasts of 1,245 million yuan in 2024, 1,378 million yuan in 2025, and 1,592 million yuan in 2026 [3] - The earnings per share (EPS) for 2023 was 0.59 yuan, expected to rise to 0.62 yuan in 2024, 0.69 yuan in 2025, and 0.80 yuan in 2026 [3] - The current price is 9.9 yuan, with a target price of 14.6 yuan for 2024 [5]