Allist(SH:688578) China Post Securities·2025-09-03 01:48Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company achieved a record high revenue of 12.8 billion yuan in Q2 2025, driven by the strong competitive edge of its product, Fumetnib, in the first-line NSCLC market [6][7]. - The gross profit margin remained stable at over 96%, with a slight year-on-year increase, while the net profit margin for Q2 was 50.2% [6]. - The marketing team has expanded to over 1,400 members, enhancing the company's commercial capabilities [7]. - The company is progressing steadily with its R&D projects, including the expansion of Fumetnib's indications and the introduction of new products [7]. Financial Performance - For the first half of 2025, the company reported a revenue of 23.7 billion yuan, a 50.6% increase year-on-year, and a net profit of 10.5 billion yuan, up 60.2% [5]. - The company expects revenues of 46.4 billion yuan, 56.6 billion yuan, and 68.3 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 19.1 billion yuan, 22.0 billion yuan, and 26.6 billion yuan [8][10]. - The projected PE ratios for 2025, 2026, and 2027 are 27, 23, and 19, respectively [8].