AMOYTOP(688278) 海通证券·2024-06-27 09:01Investment Rating - The report maintains an "Outperform" rating for the company [1]. Core Insights - The company has experienced rapid revenue growth driven by the increasing sales of its core product, Peginterferon, which accounted for 85% of total revenue in 2023 [2]. - The company's net profit has significantly outpaced revenue growth, with a net profit margin reaching 26.5% in 2023, up from 18.8% in 2022 [23]. - The report highlights the expanding clinical cure space for chronic hepatitis B, indicating a favorable outlook for Peginterferon [2]. Company Overview - The company specializes in the research, development, production, and sales of long-acting recombinant protein drugs, with a focus on five marketed products [2]. - The company has a strong history in recombinant protein technology and has developed a comprehensive R&D and production system [5]. Product Analysis - Peginterferon is the only long-acting interferon drug available in China, primarily used for treating chronic hepatitis B patients who have not responded to first-line nucleotide analogs [2]. - The company has recently launched other long-acting recombinant protein products, including Peg-G-CSF, which has shown promising early sales [3]. Financial Performance - In 2023, the company achieved a revenue of 2.1 billion yuan, representing a year-on-year growth of 37.6% [2]. - The net profit for 2023 was 555 million yuan, reflecting a 93.5% increase compared to the previous year [2]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 751 million yuan, 1.051 billion yuan, and 1.438 billion yuan for 2024, 2025, and 2026, respectively [3]. - The report anticipates further improvements in profit margins as sales and management expenses continue to decline [23]. Market Dynamics - The report notes that the treatment landscape for hepatitis B in China is evolving, with government policies supporting the expansion of treatment access [29]. - The company is well-positioned to benefit from these changes, given its focus on Peginterferon and its established market presence [2].