AMOYTOP(688278)2024-08-22 12:30Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved significant growth in the first half of 2024, with revenue reaching 1.19 billion yuan, a year-on-year increase of 31.68%, and a net profit attributable to shareholders of 304 million yuan, up 50.53% year-on-year [2][3]. - The company has launched a stock incentive plan targeting a net profit growth rate of no less than 30%, 70%, and 120% for the years 2024 to 2026, respectively, based on the 2023 net profit [9][3]. - The core product, Paigebin, continues to see rapid growth, contributing over 80% of the revenue in Q2 2024, which amounted to 645 million yuan, reflecting a year-on-year growth of 33.09% [2][3]. Financial Performance - In Q2 2024, the company reported a net profit of 176 million yuan, a year-on-year increase of 48.75% and a quarter-on-quarter increase of 36.28% [2]. - The company’s R&D investment in the first half of 2024 was 136 million yuan, with 114 million yuan being expensed and 22 million yuan capitalized [2]. - The projected net profits for 2024, 2025, and 2026 are estimated at 775 million yuan, 1.04 billion yuan, and 1.31 billion yuan, respectively, with growth rates of 39%, 34%, and 27% [9][10]. Research and Development - The company is actively advancing multiple R&D projects, including the completion of Phase III clinical trials for Yipeisheng (growth hormone) and the initiation of Phase III preparations for YPEG-EPO [2]. - A new clinical trial collaboration with Aligos for Paigebin in treating chronic hepatitis B patients has been established [3]. - The company is expanding its R&D capabilities with a new protein drug production and R&D center, which will enhance its overall research strength [2].