AmoyDx(300685) 国泰君安·2024-07-30 08:31Investment Rating - The report maintains a "Buy" rating for the company [3][14]. Core Views - The company achieved steady growth in domestic markets while experiencing rapid growth in overseas markets and pharmaceutical business [14]. - The performance in Q2 met expectations, with a revenue of 543 million yuan (+18.38%) and a net profit of 144 million yuan (+13.49%) for H1 2024 [14]. - The company continues to enhance its market share in hospitals through compliance products and is developing LDT products in response to market needs [14]. Financial Summary - For H1 2024, the company reported: - Revenue from testing reagents: 448 million yuan (+16.75%), with a gross margin of 90.89% (+0.35 percentage points) - Revenue from testing services: 32 million yuan (-28.01%), with a gross margin of 51.46% (+8.51 percentage points) [14]. - The company’s revenue forecast for 2024-2026 is 1.275 billion yuan, 1.552 billion yuan, and 1.886 billion yuan respectively, with expected growth rates of 22.2%, 21.7%, and 21.5% [15]. - The net profit forecast for 2024-2026 is 291 million yuan, 380 million yuan, and 493 million yuan respectively, with growth rates of 11.3%, 30.8%, and 29.5% [15]. Market Expansion - The international market and pharmaceutical business revenue reached 130 million yuan (+26.51%), with successful establishment of subsidiaries in Singapore and Canada, and a logistics center in the Netherlands [14]. - The company is actively participating in clinical trials for several well-known pharmaceutical companies, which is expected to drive long-term growth [14]. Research and Development - The company invested 106 million yuan in R&D (+15.62%), accounting for 19.56% of revenue, and has a rich pipeline of new products under development [14]. - New products under registration include various gene testing kits and antibody reagents, which are anticipated to become new growth points upon market launch [14].