AMOYTOP(688278)2024-10-25 09:41Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 1.955 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 33.9%, with a net profit attributable to shareholders of 554 million yuan, up 50.21% year-on-year [1] - The execution of the interferon centralized procurement has led to rapid growth in both revenue and profit, with the product "Paige Bin" accounting for approximately 85% of total revenue in the third quarter [1] - There is a noticeable optimization in the expense side, with a sales expense ratio of 39.8%, a decrease of 1.47 percentage points year-on-year [1] - The company is continuously advancing key research projects, including the approval of clinical trials for new indications [1] - The investment suggestion highlights the company's strong platform for long-acting protein modification technology and a rich product pipeline, projecting net profits of 828 million, 1.123 billion, and 1.460 billion yuan for 2024-2026, with corresponding profit growth rates of 48.99%, 35.66%, and 30.08% [1] Financial Performance Summary - For 2023, the company is projected to have a revenue of 2.10032 billion yuan, with a growth rate of 37.55% [2] - The net profit attributable to shareholders is expected to be 555.45 million yuan, with a profit growth rate of 93.52% [2] - The gross margin is forecasted to be 93.33% in 2023, increasing to 94.40% in 2024 [2] - The projected earnings per share (EPS) for 2024 is 2.03 yuan, with a price-to-earnings (P/E) ratio of 40.41 [2] Financial Forecasts - The company’s total assets are expected to grow from 2.35609 billion yuan in 2023 to 6.04116 billion yuan by 2026 [5] - The total liabilities are projected to increase from 479.69 million yuan in 2023 to 753.43 million yuan in 2026 [5] - The net cash flow from operating activities is expected to rise from 512.10 million yuan in 2023 to 1.43227 billion yuan in 2026 [5]