AmoyDx(300685) 东方证券·2024-08-08 00:31Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.60 RMB [1][3] Core Views - The company's performance met expectations, with notable profitability after excluding equity incentive expenses In H1 2024, the company achieved revenue of 540 million RMB, a YoY increase of 18.4%, and net profit attributable to shareholders of 140 million RMB, a YoY increase of 13.5% Excluding equity incentive expenses, the net profit attributable to shareholders was 160 million RMB, a YoY increase of 26.8% [1] - Domestic sales revenue reached 410 million RMB, a YoY increase of 16.0%, while international sales and pharmaceutical business revenue reached 130 million RMB, a YoY increase of 26.5% [1] - The company's R&D efforts are efficient, with over 15% of revenue consistently invested in R&D The company has developed and obtained approval for 27 tumor gene detection products in China, and new products such as the real-time fluorescence quantitative PCR analyzer were approved in June 2024 [1] - The company has established partnerships with Boehringer Ingelheim and Servier to develop companion diagnostic products, expanding its innovative business areas [1] - Gross margin improved to 85.2% in H1 2024, a YoY increase of 1.5 percentage points, while sales and R&D expense ratios decreased to 29.5% and 19.6%, respectively [1] Financial Performance and Forecast - Revenue for 2024 is forecasted to be 1,279 million RMB, with a YoY growth of 22.6% Net profit attributable to shareholders is expected to reach 303 million RMB, a YoY increase of 15.9% [2] - Gross margin is projected to remain stable at 86.0% from 2024 to 2026, with net profit margins of 23.7%, 25.1%, and 24.6% for the respective years [2] - The company's ROE is expected to improve from 16.4% in 2024 to 18.0% in 2026 [2] Valuation and Peer Comparison - The company's 2024 PE ratio is estimated at 24.9, with a target price of 26.60 RMB based on a 35x PE multiple [1][3] - Compared to peers, the company's valuation is in line with industry averages, with adjusted average PE ratios of 35 for 2024 and 25 for 2025 [5] Business Segments - Detection reagent revenue accounted for 450 million RMB, a YoY increase of 16.8%, while detection service revenue declined by 28.0% to 30 million RMB Drug clinical research service revenue surged by 136.1% to 60 million RMB [1] Growth and Profitability - The company's revenue growth is expected to remain strong, with projected YoY growth rates of 22.6%, 21.0%, and 21.4% for 2024, 2025, and 2026, respectively [2] - Operating profit is forecasted to grow by 11.8% in 2024, 28.4% in 2025, and 19.0% in 2026 [2]