AMOYTOP(688278) Huaan Securities·2024-03-31 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in revenue and net profit for the fiscal year 2023, with revenue reaching 2.1 billion yuan, a year-on-year growth of 37.55%, and net profit attributable to shareholders at 555 million yuan, a year-on-year increase of 93.52% [1][2] - The company has shown strong operational efficiency with a gross margin of 93.33%, up by 4.42 percentage points year-on-year, and a net profit margin of 26.4%, which is an increase of 7.6 percentage points compared to the previous year [1] - The company is actively expanding its market share in the hepatitis B treatment sector, particularly with its product Peginterferon, which has been well-received in the market [1][2] Financial Performance Summary - For 2023, the company achieved a revenue of 2.1 billion yuan, with a year-on-year growth of 37.6% [3] - The projected revenues for 2024, 2025, and 2026 are 2.723 billion yuan, 3.537 billion yuan, and 4.379 billion yuan respectively, with expected growth rates of 29.6%, 29.9%, and 23.8% [2][3] - The net profit attributable to shareholders for 2024, 2025, and 2026 is projected to be 768 million yuan, 1.052 billion yuan, and 1.355 billion yuan, reflecting year-on-year growth rates of 38.3%, 37.0%, and 28.8% [2][3] - The company maintains a high gross margin, projected to increase to 94.6% in 2024 and 96.7% in 2026 [3][4] Market Position and Growth Potential - The company is positioned as a pioneer in the hepatitis B treatment market, with ongoing academic promotion plans that are expected to drive long-term growth [1][2] - The company has successfully completed Phase III clinical trials for its product and has submitted a marketing application to the National Medical Products Administration (NMPA) [1] - The expansion of the patient population for its hepatitis B treatment is expected to further enhance the company's market presence [1][2]