Allist(SH:688578) ZHONGTAI SECURITIES·2025-09-01 07:06Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company achieved a revenue of 2,018 million in 2023, with a year-on-year growth of 155%, and is projected to reach 5,088 million by 2025, reflecting a growth rate of 43% [1] - The net profit attributable to the parent company is expected to grow significantly, from 644 million in 2023 to 1,808 million in 2025, indicating a growth rate of 26% [1] - The report highlights the strong performance of the drug Vomeletin, which is expected to drive revenue growth and profitability [4][5] Financial Performance Summary - The company reported a revenue of 2,374 million in the first half of 2025, a year-on-year increase of 50.57%, and a net profit of 1,051 million, up 60.22% [2] - The earnings per share (EPS) are projected to increase from 3.18 in 2024 to 4.02 in 2025, and further to 4.78 in 2026 [1][5] - The company's gross margin is expected to remain stable at 96% from 2024 to 2027 [5] Pipeline and Product Development - The company is transitioning from a single product operation to a product matrix management phase, with multiple drugs in the pipeline [4] - Vomeletin has shown promising results in clinical trials, particularly for patients with brain metastases, and is expected to expand its indications [4] - The company is collaborating with international partners to accelerate the development of Vomeletin for various NSCLC mutations [4] Market Position and Strategy - The report emphasizes the differentiated advantages of Vomeletin, including its safety profile and efficacy across various mutation types, which are expected to enhance its market value [4] - The company is preparing for the commercialization of other products, such as Pralsetinib, which is anticipated to be launched in 2026 [4] - The overall strategy focuses on leveraging strong clinical evidence to support the long product lifecycle and maintain competitive advantages in the market [4]