AmoyDx(SZ:300685) Guoxin Securities·2024-03-04 16:00Investment Rating - The report maintains a "Buy" rating for the company [14][45]. Core Insights - The company achieved a revenue of 1.044 billion yuan in 2023, marking a year-on-year increase of 23.91%, while the net profit attributable to shareholders was 256 million yuan, a decrease of 2.84% due to non-recurring gains from a technology transfer in 2022 [3][14]. - The company reported a strong performance in Q4 2023, with a revenue of 336 million yuan (+38.31%) and a net profit of 83 million yuan (+108.45%), indicating robust growth momentum [3][14]. - The company has successfully expanded its hospital market presence and accelerated international market development, solidifying its position as an industry leader [3][14]. Financial Forecasts and Metrics - Revenue projections for 2023-2025 are 1.044 billion yuan, 1.286 billion yuan, and 1.564 billion yuan, respectively, with growth rates of 23.9%, 23.2%, and 21.6% [1][14]. - The net profit forecasts for the same period are 256 million yuan, 319 million yuan, and 396 million yuan, with growth rates of -2.8%, 24.6%, and 24.2% [1][14]. - The company's earnings per share (EPS) are projected to be 0.64 yuan, 0.80 yuan, and 1.00 yuan for 2023, 2024, and 2025, respectively [1][14]. Product Development and Market Position - The company received approval for its MSI testing kit, which is the first of its kind in China for immune therapy companion diagnostics, enhancing its product portfolio in the oncology precision diagnosis field [4][14]. - The PD-L1 testing kit has been recommended in authoritative guidelines, which is expected to accelerate hospital access and improve clinical penetration [18][19][14]. Share Buyback Initiative - The company announced a share buyback plan of 100 million to 200 million yuan, aiming to boost market confidence, with an estimated repurchase of approximately 714,290 shares [7][14].