AmoyDx(SZ:300685) Guoxin Securities·2025-05-12 08:36Investment Rating - The investment rating for the company is "Outperform the Market" [6][25]. Core Views - The company achieved a revenue of 1.11 billion (up 6.3%) and a net profit of 255 million (down 2.5%) in 2024, with a strong performance in international business [1][4]. - The company is a leader in the field of precision oncology diagnostics, with a comprehensive product system for companion diagnostics, and is expected to benefit from the era of precision cancer treatment while expanding its international market [4][25]. Financial Performance Summary - In Q1 2025, the company reported a revenue of 272 million (up 16.6%) and a net profit of 90 million (up 40.92%), indicating strong growth and the beginning of high-quality development and refined management results [1][9]. - The gross margin for 2024 was 84.7% (up 0.8 percentage points), while the net profit margin was 23.0% (down 2.1 percentage points) [3][20]. - The company’s operating cash flow for 2024 was 340 million, maintaining a healthy state with a ratio of net profit to operating cash flow at 134.1% [23]. Business Segment Performance - In 2024, the revenue from testing reagents was 877 million (up 2.0%), while drug clinical research services saw a significant increase of 81.4%, reaching 161 million [2][17]. - The company has established a team of over 70 for international business and business development, forming strategic partnerships with over 100 international distributors [2][17]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted to 317 million, 382 million, and 451 million respectively, with expected growth rates of 24.4%, 20.6%, and 17.9% [4][25]. - The current stock price corresponds to a PE ratio of 26 for 2025, 11 for 2026, and 18 for 2027 [4][25].