AMOYTOP(SH:688278) Huaan Securities·2025-10-27 10:36Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has received approval for a new indication for its product, Pegbivac, for the treatment of chronic hepatitis B, which is expected to enhance market penetration [6][8] - The company reported a revenue of 2.48 billion yuan for Q3 2025, representing a year-on-year increase of 26.85%, and a net profit of 666 million yuan, up 20.21% year-on-year [5] - The company is focusing on expanding its product portfolio and enhancing its market presence in the hepatitis field, supported by strong clinical evidence for its treatments [10] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 969 million yuan, a year-on-year increase of 26.68%, while the net profit was 238 million yuan, a decrease of 4.63% year-on-year [5] - The overall gross margin for the first three quarters was 92.56%, a decrease of 0.80 percentage points year-on-year, with a period expense ratio of 61.46%, an increase of 2.14 percentage points year-on-year [7] Product Development - Pegbivac has been approved for a new indication for chronic hepatitis B, based on clinical trial results showing a 31.4% clinical cure rate among patients [8] - The long-acting growth hormone, Yipei Sheng, has been approved for use in children with growth hormone deficiency and is expected to enter the national medical insurance directory, enhancing patient accessibility [9] Future Projections - Revenue projections for 2025 to 2027 are 3.66 billion, 4.78 billion, and 6.06 billion yuan, respectively, with year-on-year growth rates of 30.0%, 30.7%, and 26.7% [10] - The net profit projections for the same period are 1.11 billion, 1.56 billion, and 2.05 billion yuan, with growth rates of 34.1%, 40.6%, and 31.5% respectively [10]