AMOYTOP(688278) Huaan Securities·2024-08-23 12:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company is a pioneer in the field of hepatitis B cure, with stable operational performance and continuous improvement in cash flow and operating efficiency [1] - The core product, Pegasys, is a first-line treatment for chronic hepatitis B, showing significant clinical value in both inhibiting viral replication and enhancing immune response [1] - The company is actively conducting large-scale real-world studies to accumulate evidence for hepatitis B cure and liver cancer prevention [1] Financial Performance - For the first half of 2024, the company reported revenue of 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 [1] - The gross profit margin for the company is 93.36%, with a decrease in expense ratio to 61.49% [1] - The company expects revenues of 2.72 billion yuan, 3.54 billion yuan, and 4.38 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 29.6%, 29.9%, and 23.8% [3][4] Profitability Metrics - The net profit margin is projected to be 28.2% in 2024, increasing to 30.8% by 2026 [5] - The company’s return on equity (ROE) is expected to be 31.0% in 2024, maintaining a strong profitability profile [5] - The earnings per share (EPS) is forecasted to grow from 1.37 yuan in 2024 to 3.32 yuan in 2026 [3][5] Market Position - The company is well-positioned in the competitive landscape of hepatitis B treatment, with an expanding applicable population and increasing demand for its products [1][2] - The company is also exploring new therapies such as RNAi for hepatitis B treatment, further solidifying its market position [1]