AmoyDx(300685) 国信证券·2024-08-11 13:00Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company demonstrates steady performance growth, with profit growth outpacing revenue growth after excluding the impact of equity incentives [2][4] - The company's diagnostic reagents maintain strong growth, while drug clinical research services are rapidly expanding [2][7] - The company has established a comprehensive companion diagnostic product system from targeted therapy to immunotherapy, positioning itself as a leader in the field of tumor precision diagnosis [2][7] - The company is accelerating its international market expansion, with recent collaborations with global pharmaceutical giants such as Boehringer Ingelheim and Servier [7][8] Financial Performance - In H1 2024, the company achieved revenue of 543 million yuan (+18.4% YoY), net profit attributable to shareholders of 144 million yuan (+13.5% YoY), and non-GAAP net profit of 132 million yuan (+20.7% YoY) [2][4] - Excluding the impact of equity incentive expenses, H1 2024 net profit attributable to shareholders would be 161 million yuan (+26.78% YoY), and non-GAAP net profit would be 149 million yuan (+36.13% YoY) [2][4] - The company's gross margin improved to 85.2% (+1.5pp YoY) in H1 2024, with R&D expenses accounting for 19.6% of revenue [9] - The company's operating cash flow remained healthy, with a net operating cash flow of 139 million yuan in H1 2024, representing 96.7% of net profit attributable to shareholders [10] Business Segments - Diagnostic reagents revenue reached 448 million yuan (+16.8% YoY) in H1 2024, with a gross margin of 90.9% (+0.4pp YoY) [7] - Drug clinical research services revenue surged to 60 million yuan (+136.1% YoY) in H1 2024, with a gross margin of 63.0% (+2.0pp YoY) [7] - Domestic sales accounted for 413 million yuan (+16.0% YoY), while international sales and BD business reached 130 million yuan (+26.5% YoY) in H1 2024 [7] Valuation and Forecast - The report slightly revised down the profit forecast, expecting net profit attributable to shareholders of 319/393/482 million yuan for 2024-2026, representing YoY growth of 21.9%/23.2%/22.7% [10] - The current stock price corresponds to a PE ratio of 23/19/15 times for 2024-2026 [10] - The company's ROE is expected to improve from 16.3% in 2024E to 18.2% in 2026E [1]