AmoyDx(300685) 国泰君安·2024-10-24 06:08Investment Rating - The report maintains a "Buy" rating for the company [4][9]. Core Views - The company has shown steady growth in Q3, with performance meeting expectations. Rapid growth in overseas markets and pharmaceutical business is noted, alongside successful progress in innovative products [2][4]. - The target price has been raised to 31.16 CNY, up from the previous forecast of 24.61 CNY, reflecting significant improvements in cost reduction and efficiency [4][9]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 848 million CNY, representing a year-on-year increase of 19.84%. The net profit attributable to shareholders was 227 million CNY, up 30.82% [9]. - The gross margin for Q1-3 2024 was 84.74%, an increase of 1.14 percentage points. The net profit margin improved to 26.80%, up 2.25 percentage points [9]. - The company’s EPS forecasts for 2024, 2025, and 2026 have been adjusted to 0.82 CNY, 1.03 CNY, and 1.28 CNY respectively, up from previous estimates [9][10]. Innovation and Product Development - The company has made significant strides in innovation, with several products receiving regulatory approval. Notably, a gene testing kit for FGFR2 was approved in Japan, and a PCR11 gene product for lung cancer was approved domestically [9]. - The company has also entered the special review process for an HRD testing kit, which is expected to enhance its competitive edge in the oncology diagnostics market [9]. Market Position and Valuation - The company’s market capitalization is approximately 10.05 billion CNY, with a current share price of 25.22 CNY [5]. - The company’s price-to-earnings ratio is projected to be 38 times for 2024, indicating a strong valuation compared to peers [11].