AmoyDx(300685) 国金证券·2024-10-22 06:03Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved revenue of RMB 848 million in the first three quarters of 2024, a year-on-year increase of 20% [1] - Net profit attributable to the parent company was RMB 227 million, up 31% year-on-year [1] - In Q3 2024, revenue reached RMB 305 million, a 23% increase year-on-year, with net profit attributable to the parent company surging 78% to RMB 83.41 million [1] - The company's gross margin in Q3 2024 was 84.0%, up 0.4 percentage points year-on-year, while the net profit margin increased by 8.5 percentage points to 27.4% [1] - The company has 27 self-developed tumor gene detection products approved in China, with several being the only approved products in the domestic market [1] - R&D expenses in the first three quarters of 2024 were RMB 164 million, a 9.03% increase year-on-year [1] Financial Performance - The company's revenue is expected to grow from RMB 1.244 billion in 2024E to RMB 1.836 billion in 2026E, with a compound annual growth rate of 20.89% [4] - Net profit attributable to the parent company is projected to increase from RMB 321 million in 2024E to RMB 486 million in 2026E, with a growth rate of 22.33% [4] - The company's ROE is expected to rise from 16.45% in 2024E to 18.35% in 2026E [4] - The P/E ratio is forecasted to decrease from 29.52 in 2024E to 19.50 in 2026E, indicating potential undervaluation [4] Product and Market Position - The company's products have gained recognition in international markets, with ROS1 and PCR-11 gene detection products approved in Japan and included in local medical insurance [1] - The company has established dual R&D centers in Xiamen and Shanghai, focusing on PCR, NGS, IHC, and FISH technology platforms [1] - The company's products have consistently demonstrated high accuracy and usage rates in both domestic and international quality evaluations [1] Analyst Consensus - The company has received 18 "Buy" ratings and 14 "Overweight" ratings in the past six months, indicating strong market confidence [6] - The average market rating score is 1.67, which falls within the "Overweight" range [6]