Allist(688578) Zhongyuan Securities·2024-11-01 08:01Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [11]. Core Views - The company's performance growth is driven by both internal and external factors, particularly the sales expansion of its core product, Furmetin [1][2]. - The company has successfully maintained its market share and expanded its patient base due to the inclusion of Furmetin in the national medical insurance reimbursement list [1][2]. - The company is actively pursuing international clinical trials for Furmetin in collaboration with ArriVent, which is expected to enhance its global market presence [2][3]. Financial Performance - For the first three quarters of 2024, the company reported total revenue of 2.533 billion yuan, a year-on-year increase of 87.97%, and a net profit attributable to shareholders of 1.063 billion yuan, up 158.99% [1]. - The gross margin for the first three quarters of 2024 was 95.80%, slightly down by 0.37 percentage points from the previous year, while the net profit margin improved by 11.51 percentage points to 41.96% [1][5]. - The company forecasts earnings per share (EPS) of 3.03 yuan, 3.72 yuan, and 4.32 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 17.16, 13.98, and 12.04 [5][6]. Pipeline and R&D - The company is pursuing a dual strategy of internal research and business development (BD) to expand its pipeline, including a KRAS G12D selective inhibitor currently in Phase I clinical trials [3][4]. - The company has also signed a strategic cooperation agreement to commercialize a RET inhibitor in China, further diversifying its oncology portfolio [4][5]. Market Outlook - The company is expected to continue its strong performance with projected revenue growth rates of 67.33% in 2024, followed by 24.99% in both 2025 and 2026 [6][9]. - The ongoing expansion of Furmetin's indications and the successful execution of international clinical trials are anticipated to contribute positively to the company's future revenue streams [2][3].