AmoyDx(SZ:300685) EBSCN·2025-11-02 06:26Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [4][6]. Core Insights - The company reported a revenue of 866 million yuan for the first three quarters of 2025, a year-on-year increase of 2.08%. However, Q3 revenue declined by 6.12% to 286 million yuan, with a net profit of 73 million yuan, down 11.92% year-on-year [1][2]. - The decline in revenue is attributed to the impact of VAT rate adjustments on domestic sales and a decrease in project milestones for drug clinical research services [2]. - R&D expenses decreased by 28.03% year-on-year to 41.85 million yuan, accounting for 14.62% of revenue. The company is actively involved in multiple product registrations, including gene detection kits [3]. - The Southeast Asian market shows good growth, with strategic expansions in countries like Singapore, Vietnam, Malaysia, and Indonesia [3]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 286 million yuan, a decrease of 6.12% year-on-year. The net profit for the same period was 73 million yuan, down 11.92% year-on-year. The first three quarters of 2025 saw a total revenue of 866 million yuan, with a net profit of 263 million yuan, reflecting a 15.50% increase year-on-year [1][2]. R&D and Product Development - R&D expenses for Q3 2025 were 41.85 million yuan, a decline of 28.03% year-on-year. The company is involved in a Phase II clinical trial and has several products in the registration phase, including gene mutation detection kits [3]. Market Expansion - The company has established a strategic presence in the Southeast Asian market, which is experiencing good growth. Key markets include Singapore, Vietnam, Malaysia, and Indonesia, with a focus on building channels through partnerships with distributors and major pharmaceutical companies [3]. Profit Forecast and Valuation - The company is projected to maintain rapid growth, with net profit estimates of 342 million yuan, 379 million yuan, and 425 million yuan for 2025, 2026, and 2027, respectively. The current price corresponds to a PE ratio of 26 for 2025, 24 for 2026, and 21 for 2027 [4][5].