AMOYTOP(SH:688278) Guotou Securities·2024-03-30 16:00Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of 65.90 CNY per share, based on a PE ratio of 35 times for 2024 [2][3]. Core Insights - The company achieved a revenue of 2.1 billion CNY in 2023, representing a year-on-year growth of 37.55%, and a net profit of 555 million CNY, up 93.52% year-on-year [1]. - The long-acting interferon product, Paigebin, generated sales of 1.79 billion CNY, a 54.2% increase, accounting for 85.2% of total revenue [1]. - The long-acting white blood cell enhancer, Peijin, was approved for listing in June 2023 and included in the national medical insurance directory in December 2023, expected to become a new growth driver for the company [1]. - The company invested 280 million CNY in R&D in 2023, a 34.96% increase, and is actively pursuing multiple research projects and collaborations [1]. Financial Performance Summary - Revenue is projected to grow at rates of 35.0%, 34.9%, and 23.5% from 2024 to 2026, with net profit growth rates of 37.9%, 38.9%, and 25.9% respectively [2][8]. - Earnings per share (EPS) are expected to be 1.88 CNY, 2.56 CNY, and 3.22 CNY for the years 2024, 2025, and 2026 [2][10]. - The company’s total market capitalization is approximately 25.2 billion CNY, with a total share count of 406.8 million shares [3][9].