Allist(688578) 兴业证券·2024-02-25 16:00Investment Rating - The report maintains an "Add" rating for the company [2][4][9] Core Insights - The company reported a significant increase in revenue and profit for 2023, achieving an operating income of 2.012 billion yuan (up 154% year-on-year) and a net profit attributable to shareholders of 645 million yuan (up 394% year-on-year) [3][6][7] - The sales of the drug Vomeletin have accelerated following its inclusion in the national medical insurance directory, leading to a substantial increase in both revenue and profit [4][7] - The company has established a strategic partnership for the commercialization of the RET inhibitor, which is expected to enhance its market presence in lung cancer treatments [8][9] Financial Summary - For 2023, the company achieved a quarterly revenue of 665 million yuan in Q4, representing a 143% year-on-year increase and an 11% quarter-on-quarter increase [7] - The earnings per share (EPS) are projected to be 1.43 yuan, 1.72 yuan, and 2.14 yuan for 2023, 2024, and 2025 respectively, with corresponding price-to-earnings ratios of 28.4X, 23.6X, and 19.0X based on the closing price on February 23, 2024 [4][9] - The gross profit margin is expected to remain stable at around 96% for the next few years, with a return on equity (ROE) projected to increase to 17.3% by 2025 [5][10]