Allist(SH:688578) ZHONGTAI SECURITIES·2024-10-27 08:15Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported Q3 revenue and profit that exceeded expectations, with significant growth in both metrics. Q3 revenue reached 957 million, up 59.73% year-on-year, while net profit attributable to shareholders was 407 million, reflecting a 101% increase year-on-year [1] - The company is expected to continue its strong growth trajectory, with projected revenues of 3,383 million in 2024, representing a 68% year-on-year increase, and net profit expected to reach 1,293 million, a 101% increase [1] - The company is advancing its overseas clinical trials, with key products expected to gain market share as they are included in medical insurance [1] Financial Performance Summary - Revenue (in million) for 2022A was 791, 2023A was 2,018, with projections of 3,383 for 2024E, 4,358 for 2025E, and 5,264 for 2026E, indicating a growth rate of 49% in 2022A, 155% in 2023A, and 68% in 2024E [1] - Net profit (in million) for 2022A was 131, 2023A was 644, with projections of 1,293 for 2024E, 1,652 for 2025E, and 1,977 for 2026E, showing a growth rate of 614% in 2022A, 394% in 2023A, and 101% in 2024E [1] - Earnings per share (in yuan) for 2022A was 0.29, 2023A was 1.43, with projections of 2.87 for 2024E, 3.67 for 2025E, and 4.39 for 2026E [1] Market Position and Future Outlook - The company is focusing on expanding its product pipeline, particularly in the oncology sector, with ongoing clinical trials for its lead product, furmonertinib, which is expected to be a first-line treatment for specific types of lung cancer [1] - The company has a strong gross margin of 95.8% and a net margin of 42.0% for the first three quarters of 2024, indicating efficient cost management and profitability [1] - The company is also expected to benefit from a reduction in financial expenses and an increase in dividends to shareholders, enhancing its attractiveness to investors [1]