Allist(SH:688578) Great Wall Glory Securities·2025-08-28 07:24Investment Rating - The investment rating for the company is "Buy" and the rating has been maintained [1][3][5] Core Views - The company reported strong performance in the first half of 2025, achieving revenue of 2.374 billion yuan, a year-on-year increase of 50.57%, and a net profit attributable to shareholders of 1.051 billion yuan, up 60.22% year-on-year [3][5] - The growth driver for the company's performance is the strong sales of Vomeletin, which generated sales revenue of 2.36 billion yuan in 2021, 7.90 billion yuan in 2022, 19.78 billion yuan in 2023, and is projected to reach 3.506 billion yuan in 2024, with year-on-year growth rates of 235.29%, 150.22%, and 77.27% respectively [3][5] - The company is expanding the indications for Vomeletin, with new treatments expected to be approved as early as next year [3][4] - The commercialization of Golai Reza has begun, which is expected to drive future growth [4][5] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a net profit margin of 44.29%, an increase of 4.10 percentage points from the end of 2024 [4] - The gross profit margin was 96.87%, up 0.9 percentage points from the end of 2024 [4] - Research and development expenses reached 297 million yuan, a 126% increase year-on-year, accounting for 12.50% of revenue [3][4] Future Projections - The company has adjusted its net profit forecasts for 2025-2027 to 2.028 billion yuan, 2.301 billion yuan, and 2.650 billion yuan respectively, with corresponding EPS of 4.51 yuan, 5.11 yuan, and 5.89 yuan [5][9] - The current stock price corresponds to a PE ratio of 25, 22, and 19 for the years 2025, 2026, and 2027 respectively [5][9] Market Position - The company is positioned to leverage its strengths in promoting the RET inhibitor Pralsetinib, alongside the ongoing commercialization of Golai Reza and the rapid growth of Vomeletin [5]