AMOYTOP(SH:688278) Haitong Securities·2024-04-10 16:00Investment Rating - The investment rating for the company is "Outperform the Market" [2][7] Core Views - The company, TeBao Bio, has experienced rapid revenue growth driven by the continuous increase in sales of its core product, Pegasys, which generated revenue of 1.79 billion yuan in 2023, accounting for 85% of total revenue [5][6] - The company's net profit for 2023 reached 555 million yuan, reflecting a year-on-year increase of 93.5%, with a net profit margin of 26.5% [6][14] - The market for chronic hepatitis B treatment is expanding, with Pegasys being the only long-acting interferon drug available in China, indicating significant growth potential [6][9] Summary by Sections Financial Performance - In 2023, the company achieved an operating revenue of 2.1 billion yuan, a 37.6% increase from the previous year [8][14] - The gross profit margin improved to 93.3%, primarily due to the expiration of patent fees related to a partnership with JianKai Technology [6][14] - The company forecasts net profits of 751 million yuan, 1.05 billion yuan, and 1.44 billion yuan for 2024, 2025, and 2026, respectively [7][14] Product Pipeline - Pegasys is projected to continue its growth, with expected revenue increases of 38% annually from 2024 to 2026 [9][10] - Other long-acting recombinant protein products, including long-acting G-CSF and growth hormone, are entering the market, contributing to a second growth curve for the company [6][10] - The long-acting EPO product is expected to launch in 2025, with initial revenue projections of 20 million yuan [11][12] Market Position - The penetration rate of Pegasys among eligible chronic hepatitis B patients is currently only 6-10%, indicating substantial room for growth [9][10] - The company is well-positioned to benefit from favorable policies and industry trends aimed at increasing hepatitis B diagnosis and treatment rates in China [6][9]