THDB(SH:600867) INDUSTRIAL SECURITIES·2024-05-03 09:02Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company experienced a recovery in revenue growth in 2023, achieving an operating income of 3.075 billion yuan, a year-on-year increase of 10.69%. However, the net profit attributable to shareholders decreased by 26.17% to 1.168 billion yuan [4][8] - The company’s insulin product sales volume increased by 12.84% in 2023, with insulin analog sales growing over 60%. A strategic cooperation agreement with Nanjing Jianyou for the U.S. market is expected to further enhance revenue [4][8] - The first quarter of 2024 saw a decline in revenue and net profit, with operating income of 591 million yuan, down 11.12% year-on-year, and net profit of 215 million yuan, down 14.28% [9][12] Financial Summary - In 2023, the company reported a net asset of 7,425.88 million yuan and total assets of 7,897.95 million yuan. The earnings per share (EPS) for 2024-2026 are projected to be 0.60, 0.70, and 0.81 yuan, respectively [2][4][15] - The gross profit margin for 2023 was 80.08%, with a net profit margin of 37.98%. The company aims to maintain its leading position in the insulin market while expanding its international presence [12][15] - The company’s insulin products are expected to be selected in the national centralized procurement, with a significant portion of sales expected to come from these products, which accounted for 83.19% of total revenue in 2023 [9][11]