AMOYTOP(SH:688278) Donghai Securities·2024-08-23 10:02Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's performance has exceeded expectations, with strong revenue growth and profitability enhancement [8][9] - The core product, Pegbivac, continues to expand its market presence and is gaining new indications, which is expected to drive demand [8] - The company has a robust pipeline of projects and is actively pursuing new product developments [8] - A stock incentive plan has been introduced, reflecting the company's confidence in long-term growth [9] - Revenue and profit forecasts for 2024-2026 indicate significant growth potential [9] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 1.19 billion (up 31.68%) and a net profit of 304 million (up 50.53%) [8] - Q2 alone contributed revenue of 645 million (up 33.09%) and a net profit of 176 million (up 48.75%) [8] - The gross margin reached 93.36% (up 0.42 percentage points), and the net profit margin was 25.58% (up 3.2 percentage points) [8] Product Development - Pegbivac is being utilized in clinical studies for hepatitis B cure and reducing liver cancer risk, with increasing evidence supporting its efficacy [8] - The company has received priority review for new indications of Pegbivac and has gained approval for new indications in primary thrombocythemia [8] Research and Development - R&D investment in H1 2024 was 136 million (down 18.64%), with several projects progressing well [8] - The company is preparing for the market launch of long-acting recombinant human growth hormone and is conducting Phase III clinical research for recombinant human erythropoietin [8] Stock Incentive Plan - The company announced a stock incentive plan to grant 6 million restricted shares, representing 1.47% of total equity, with ambitious performance targets for the next three years [9] Revenue and Profit Forecasts - Expected revenues for 2024, 2025, and 2026 are 2.84 billion, 3.80 billion, and 4.99 billion respectively, with net profits of 772 million, 1.05 billion, and 1.39 billion [9][10]