AMOYTOP(688278) Guoxin Securities·2024-10-31 07:48Investment Rating - The investment rating for the company is "Outperform the Market" [4][10] Core Views - The company has achieved rapid revenue and net profit growth, with a 33.9% increase in revenue to 1.955 billion and a 50.2% increase in net profit to 554 million in the first three quarters of 2024. The core product, Pegasys, continues to gain recognition for its effectiveness in improving clinical cure rates for hepatitis B and significantly reducing the risk of liver cancer [1][5] - The company has announced a stock incentive plan for 2024, reflecting confidence in long-term development, with profit growth targets set at no less than 30%/70%/120% for the years 2024-2026 [2][10] - The company has established multiple external collaborations to enhance its pipeline in the field of liver disease prevention and treatment [2] Financial Performance and Forecast - For the first three quarters of 2024, the company reported a gross margin of 93.4% and a net margin of 28.3%, with a decrease in sales expense ratio to 39.8% [1][8] - The company’s revenue and net profit forecasts for 2024-2026 have been adjusted to 795 million, 1.125 billion, and 1.514 billion respectively, with corresponding P/E ratios of 40, 29, and 21 [2][10] - The company’s revenue is projected to grow from 2.809 billion in 2024 to 4.699 billion in 2026, with a compound annual growth rate of 30% [3][12]