AMOYTOP(SH:688278) Guoxin Securities·2025-04-02 07:41Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][18]. Core Insights - The company is expected to achieve a 49% year-on-year growth in net profit attributable to shareholders, reaching 828 million yuan in 2024, alongside a revenue increase of 34.1% to 2.817 billion yuan [1][8]. - The core product, Pegbivac, is recognized as a first-line antiviral treatment for chronic hepatitis B, with increasing acceptance among experts and patients, leading to sustained sales growth [1][2]. - The company has established multiple external collaborations to enhance its pipeline in the liver disease prevention and treatment sector [2][18]. Financial Performance - In 2024, the company reported a gross margin of 93.5% and a net margin of 29.4%, with a decrease in sales expense ratio to 39.5% [1][9]. - The revenue breakdown shows that antiviral drugs generated 2.447 billion yuan (+36.7%) with a gross margin of 96.2%, while blood/tumor drugs contributed 363 million yuan (+19.7%) with a gross margin of 75.4% [1][4]. - The company’s earnings per share are projected to increase from 2.03 yuan in 2024 to 5.33 yuan in 2027 [4][17]. Future Projections - The report adjusts profit forecasts, estimating net profits of 1.071 billion yuan in 2025 and 1.538 billion yuan in 2026, with a new projection of 2.170 billion yuan for 2027 [2][18]. - The price-to-earnings (PE) ratios are projected to be 30x for 2025, 21x for 2026, and 15x for 2027, indicating a favorable valuation trend [2][18].