AMOYTOP(SH:688278) GUOTAI HAITONG SECURITIES·2026-03-31 11:43Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - In 2025, the company achieved a total revenue of 3.696 billion yuan, representing a year-on-year growth of 31.38%, and a net profit attributable to shareholders of 1.031 billion yuan, up 24.61% [11] - The company is expected to continue its growth trajectory with projected revenues of 4.740 billion yuan in 2026 and 5.865 billion yuan in 2027, alongside net profits of 1.314 billion yuan and 1.669 billion yuan respectively [4][11] - The company is focusing on expanding its product portfolio, particularly in the hepatitis B treatment space, with the launch of new products and collaborations aimed at enhancing its market position [11] Financial Summary - Total revenue is projected to grow from 3.696 billion yuan in 2025 to 7.028 billion yuan by 2028, with a compound annual growth rate (CAGR) of approximately 19.8% [4] - Net profit attributable to shareholders is expected to increase from 1.031 billion yuan in 2025 to 2.081 billion yuan in 2028, reflecting a CAGR of around 24.7% [4] - The earnings per share (EPS) is forecasted to rise from 2.53 yuan in 2025 to 5.10 yuan in 2028 [4] Market Data - The target price for the company's stock is set at 80.51 yuan, based on a 25x price-to-earnings (PE) ratio for 2026 [11] - The stock has a current price of 65.24 yuan, with a market capitalization of 26.63 billion yuan [6][11] - The stock has traded within a range of 64.39 to 91.33 yuan over the past 52 weeks [6] Product Development - The company’s antiviral drug, Paigebin, generated revenue of 3.091 billion yuan in 2025, marking a 26.34% increase year-on-year [11] - The company is also advancing its pipeline with new products such as the long-acting growth hormone Yipeisheng, which has been approved and included in medical insurance, expected to drive significant revenue growth [11] - Ongoing research and development efforts are focused on innovative drugs in the fields of immunology and metabolism, with substantial investments planned [11]