Allist(SH:688578) KAIYUAN SECURITIES·2025-04-25 10:14Investment Rating - The investment rating for the company is "Buy" (maintained) [2][15] Core Views - The company has shown strong revenue and profit growth, with Q1 2025 revenue exceeding 1 billion yuan. In 2024, the company achieved a revenue of 3.558 billion yuan, a year-on-year increase of 76.29%, and a net profit attributable to shareholders of 1.430 billion yuan, up 121.97% year-on-year [7][10] - The core product, Fumetnib, has seen robust sales growth, with 2024 sales reaching 3.506 billion yuan, a 77.27% increase year-on-year. Multiple new indications are in the registration clinical phase, which is expected to sustain future growth [8][9] Financial Performance Summary - In Q1 2025, the company reported revenue of 1.098 billion yuan, a year-on-year increase of 47.86% and a quarter-on-quarter increase of 7.22%. The net profit attributable to shareholders was 410 million yuan, up 34.13% year-on-year and 11.88% quarter-on-quarter [7] - The company has revised its profit forecasts for 2025-2026 and added a new forecast for 2027, expecting net profits of 1.843 billion yuan, 2.152 billion yuan, and 2.389 billion yuan for 2025, 2026, and 2027 respectively [7] Product Development and Pipeline - Fumetnib's clinical trials for new indications are progressing well, with approvals for several trials expected to enhance the product's market potential. The NDA for a new indication is anticipated to be submitted in 2025, with approval expected in early 2026 [8][9] - The company is also advancing multiple new products, including Goleirese for KRAS G12C mutation in non-small cell lung cancer, which is expected to receive approval soon [9]