AmoyDx(300685) Guolian Securities·2025-05-14 10:05Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company achieved a revenue of 1.109 billion yuan in 2024, representing a year-over-year increase of 6.27%, while the net profit attributable to the parent company was 255 million yuan, down 2.53% year-over-year. In Q1 2025, the company reported a revenue of 272 million yuan, up 16.63% year-over-year, and a net profit of 90 million yuan, up 40.92% year-over-year [5][11] - The company's international market influence is gradually increasing, with overseas revenue growth exceeding 30% in 2024. Domestic revenue was 849 million yuan (up 0.20% year-over-year), while overseas revenue reached 260 million yuan (up 32.48% year-over-year), benefiting from the strong performance of products like PCR-11 and FGFR2 in international markets [12] - The company has a rich R&D pipeline, with a gross margin of 84.75% and a net margin of 22.98% in 2024. R&D expenses amounted to 216 million yuan, reflecting a year-over-year increase of 6.35%. The HRD product received recognition as an "innovative medical device," and the PCR-11 joint detection was approved for market entry in China, which is expected to further open up the domestic market [13] - The investment recommendation remains "Buy" due to anticipated revenue growth driven by changes in domestic medical policies. Projected revenues for 2025-2027 are 1.295 billion yuan, 1.570 billion yuan, and 1.868 billion yuan, representing year-over-year growth rates of 16.81%, 21.23%, and 18.93%, respectively. Net profits are expected to be 310 million yuan, 381 million yuan, and 456 million yuan, with corresponding growth rates of 21.74%, 22.75%, and 19.67% [14] Financial Data Summary - In 2024, the company reported total revenue of 1.109 billion yuan, with a growth rate of 6.27%. The net profit attributable to the parent company was 255 million yuan, with a decline of 2.53% year-over-year. The projected revenues for 2025, 2026, and 2027 are 1.295 billion yuan, 1.570 billion yuan, and 1.868 billion yuan, with respective growth rates of 16.81%, 21.23%, and 18.93% [15] - The company's gross margin for 2024 was 84.75%, while the net margin was 22.98%. The R&D expense ratio was 19.49%, and the company invested 216 million yuan in R&D, reflecting a year-over-year increase of 6.35% [13][15]