AmoyDx(SZ:300685) EBSCN·2024-04-18 06:32Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding 15% over the next 6-12 months [6][14]. Core Insights - The company achieved a revenue of 1.044 billion yuan in 2023, representing a year-on-year growth of 23.91%. The domestic market contributed 785 million yuan, growing by 23.65%, while the international market generated 258 million yuan, with a growth of 24.68%. The net profit attributable to shareholders was 261 million yuan, a slight decrease of 0.86%, but the net profit excluding non-recurring items increased by 52.21% to 239 million yuan [2][22]. - The company has accelerated its global expansion, establishing subsidiaries in Hong Kong, Singapore, and Canada, and forming partnerships with over 100 international distributors. It has localized teams in key overseas markets, enhancing its global footprint [8]. - The company has invested significantly in R&D, with 503 personnel and an R&D expenditure of approximately 203.22 million yuan, accounting for 19.47% of its revenue. It has obtained 26 Class III medical device registrations and 59 invention patents, showcasing its commitment to innovation [24]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 1.044 billion yuan, a 23.91% increase from the previous year. The domestic revenue was 785 million yuan, up 23.65%, while international revenue reached 258 million yuan, growing by 24.68%. The net profit attributable to shareholders was 261 million yuan, down 0.86%, but the net profit excluding non-recurring items rose by 52.21% to 239 million yuan [2][22]. Global Expansion - As of the end of 2023, the company has nearly 70 personnel in its international business and BD teams, collaborating with over 100 international distributors. It has established wholly-owned subsidiaries in Hong Kong, Singapore, and Canada, and a European logistics center in the Netherlands, while forming localized teams in Southeast Asia, the Middle East, Africa, and Latin America [8]. R&D and Innovation - The company has a strong focus on R&D, with 503 employees dedicated to this area and an investment of 203.22 million yuan, which is a 16.44% increase year-on-year. This investment represents 19.47% of its total revenue. The company has launched significant products, including the ADx-SEQ200 Plus high-throughput gene sequencer and the MSI test kit, which is the first pan-cancer immunotherapy companion diagnostic product approved in China [24].