AmoyDx(300685) 光大证券·2024-07-31 08:31Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.77 yuan [3][5] Core Viewpoints - The company, as a leading player in the domestic tumor companion diagnostics industry, continues to show strong growth in performance driven by innovation and partnerships [3] - The company's R&D investment has increased significantly, with a 15.62% YoY growth in H1 2024, accounting for 19.56% of total revenue [2] - The company has expanded its strategic partnerships, including collaborations with Boehringer Ingelheim and Servier, to advance innovation in companion diagnostics [13] Financial Performance - Revenue for H1 2024 reached 543 million yuan, up 18.38% YoY, with domestic revenue at 413 million yuan (up 16.02% YoY) and international revenue at 130 million yuan (up 26.51% YoY) [12] - Net profit attributable to shareholders in H1 2024 was 144 million yuan, up 13.49% YoY, while adjusted net profit grew 20.72% YoY [12] - Revenue from drug clinical research services surged 136.07% YoY, contributing significantly to overall growth [12] R&D and Innovation - The company's R&D investment in H1 2024 was 106.212 million yuan, up 15.62% YoY, with 27 Class III medical device registrations and 65 patents (59 invention patents and 6 utility model patents) [2] - A real-time fluorescent quantitative PCR analyzer obtained Class III medical device registration in June 2024, enhancing the company's tumor precision detection solutions [2] Valuation and Forecast - The report forecasts net profit attributable to shareholders for 2024-2026 at 315 million yuan, 379 million yuan, and 454 million yuan, respectively, with corresponding P/E ratios of 22x, 19x, and 16x [3] - Revenue is expected to grow steadily, with projected revenue for 2024-2026 at 1.519 billion yuan, 1.835 billion yuan, and 2.166 billion yuan, respectively [4] - EPS is forecasted to increase from 0.79 yuan in 2024 to 1.14 yuan in 2026 [4] Strategic Partnerships - In May 2024, the company signed a new companion diagnostics collaboration with Boehringer Ingelheim to identify non-small cell lung cancer patients likely to benefit from targeted therapy [13] - In June 2024, the company announced a strategic partnership with Servier to develop a companion diagnostic reagent for detecting IDH1 and IDH2 gene mutations [13]