AMOYTOP(SH:688278) Orient Securities·2025-08-29 09:05Investment Rating - The report maintains a "Buy" rating for the company [6][3] Core Views - The company is experiencing rapid growth with a rich pipeline of products, particularly focusing on the clinical cure of chronic hepatitis B [9][3] - The core product "Peginterferon" has gained recognition for its effectiveness in improving clinical cure rates and significantly reducing the risk of liver cancer, driving both revenue and profit growth [9][3] - The company has a strong financial outlook, with projected earnings per share of 2.72, 3.66, and 4.58 yuan for 2025, 2026, and 2027 respectively, and a target price of 103.36 yuan based on a 38x PE valuation for 2025 [3][6] Financial Summary - Revenue is projected to grow from 2,100 million yuan in 2023 to 6,232 million yuan in 2027, with a compound annual growth rate (CAGR) of 27.7% [5] - Operating profit is expected to increase from 681 million yuan in 2023 to 2,134 million yuan in 2027, reflecting a CAGR of 24.5% [5] - Net profit attributable to the parent company is forecasted to rise from 555 million yuan in 2023 to 1,862 million yuan in 2027, with a CAGR of 25.1% [5] - The gross margin is expected to remain stable around 93%, while the net margin is projected to peak at 30.5% in 2025 and then slightly decline to 29.9% by 2027 [5] - The return on equity (ROE) is anticipated to be around 37% in the coming years, indicating strong profitability [5] Product Development and Pipeline - The company is increasing its R&D investment, with a research expense ratio of 11.6% in the first half of 2025, up 2.0 percentage points year-on-year [9] - The long-acting growth hormone has been approved for market release, enhancing the product matrix [9] - Multiple projects are in various stages of clinical research, including treatments for chronic hepatitis B and metabolic disorders [9]