Allist(688578) 华安证券·2025-04-27 12:10Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in revenue and net profit, with 2024 revenue reaching 35.58 billion yuan, up 76.29% year-on-year, and net profit of 14.30 billion yuan, up 121.97% year-on-year [4][5] - The first quarter of 2025 also showed strong performance, with revenue of 10.98 billion yuan, a 47.86% increase year-on-year, and net profit of 4.10 billion yuan, up 34.13% year-on-year [5] - The company is actively expanding its clinical pipeline for its drug, Vumetini, with multiple clinical trials and approvals in progress, indicating a strong focus on lung cancer treatment [6][8] - The company is enhancing its commercialization efficiency and expanding production capacity, with a new production line for Vumetini expected to support sales growth [7][8] - Revenue projections for 2025 to 2027 are 45.2 billion yuan, 53.8 billion yuan, and 61.2 billion yuan, respectively, with corresponding net profits of 15.9 billion yuan, 19.3 billion yuan, and 21.9 billion yuan [8] Financial Summary - In 2024, the company achieved a gross margin of 95.97% and a net profit margin of 40.2% [5][10] - The projected revenue growth rates for 2025, 2026, and 2027 are 27.0%, 19.0%, and 13.7%, respectively [10] - The expected net profit growth rates for the same period are 11.4%, 20.9%, and 13.5% [10] - The company's return on equity (ROE) is projected to be 27.1% in 2024, decreasing to 22.4% by 2027 [10]