AMOYTOP(688278) Huaan Securities·2024-10-28 06:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.955 billion yuan for Q3 2024, representing a year-on-year increase of 33.90%, and a net profit attributable to shareholders of 554 million yuan, up 50.21% year-on-year [1] - The core product, Pegbivac, is maturing, and the company is expanding its presence in the hepatitis field with new therapies [1] - The company has established an equity incentive plan to enhance team cohesion [1] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 765 million yuan, a year-on-year increase of 37.52%, and a net profit of 250 million yuan, up 49.83% year-on-year [1] - The overall gross margin for the company was 93.35%, a decrease of 0.23 percentage points year-on-year, while the expense ratio was 59.32%, down 1.96 percentage points year-on-year [1] - The company expects revenues of 2.723 billion yuan in 2024, 3.537 billion yuan in 2025, and 4.379 billion yuan in 2026, with respective year-on-year growth rates of 29.6%, 29.9%, and 23.8% [3][4] Earnings Forecast - The forecasted net profit attributable to shareholders is 768 million yuan in 2024, 1.048 billion yuan in 2025, and 1.351 billion yuan in 2026, with year-on-year growth rates of 38.3%, 36.5%, and 28.8% respectively [3][4] - The company’s earnings per share (EPS) are projected to be 1.89 yuan in 2024, 2.58 yuan in 2025, and 3.32 yuan in 2026 [3][4] Market Position and Strategy - The company is a pioneer in the hepatitis cure field, with its core product Pegbivac showing significant clinical value in treating chronic hepatitis B [1] - The company is actively pursuing new indications and collaborations to enhance its product offerings in the liver disease sector [1]