AMOYTOP(SH:688278) SINOLINK SECURITIES·2024-03-16 16:00Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company has received acceptance from the National Medical Products Administration for the marketing application of its product, Peginterferon α-2b injection, for the treatment of chronic hepatitis B [2] - The core product, Peginterferon, is expected to see increased application depth in the chronic hepatitis B treatment field due to its status as the first domestically produced pegylated interferon in China [3] - The clinical cure concept for hepatitis B is gaining traction, which is anticipated to drive high growth in sales revenue for Peginterferon [4] Summary by Sections Company Overview - The company reported revenues of RMB 1,132 million in 2021, increasing to RMB 1,527 million in 2022, with projections of RMB 2,101 million for 2023, RMB 2,724 million for 2024, and RMB 3,562 million for 2025 [7] - The net profit attributable to the parent company is expected to grow from RMB 181 million in 2021 to RMB 1,030 million by 2025, reflecting a compound annual growth rate [7] Financial Forecasts - The company is projected to achieve net profits of RMB 554 million (+93%), RMB 774 million (+40%), and RMB 1,030 million (+33%) for the years 2023, 2024, and 2025 respectively [5] - The earnings per share (EPS) are expected to be RMB 1.36, RMB 1.90, and RMB 2.53 for the years 2023, 2024, and 2025 respectively [5] Market Position and Strategy - The company is actively exploring various drug combinations and better treatment regimens for hepatitis B, including collaborations with other pharmaceutical companies to expand its research pipeline [4] - The clinical trial for chronic hepatitis B aimed at achieving clinical cure is the first of its kind in the industry, which is expected to enhance the evidence base for Peginterferon [3]