AmoyDx(SZ:300685) EBSCN·2024-04-23 09:02Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its long-term development [3][7]. Core Insights - The company achieved a revenue of 233 million yuan in Q1 2024, representing a year-on-year growth of 19.53%. The net profit attributable to the parent company was 64 million yuan, up 12.01% year-on-year, while the net profit excluding non-recurring items reached 57 million yuan, marking a 26.44% increase [1][14]. - The company continues to invest in research and development, with R&D expenses reaching 48 million yuan in Q1 2024, a 30.75% increase year-on-year. The company has also added two new invention patents and is advancing multiple products through the NMPA approval process [2][14]. - The company is recognized as a leader in the domestic tumor companion diagnosis industry, benefiting from technological barriers and product advantages. The forecasted net profits for 2024-2026 are 315 million, 379 million, and 454 million yuan, respectively, with corresponding P/E ratios of 28, 23, and 19 times [3][14]. Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 233 million yuan, a 19.53% increase from the previous year. The net profit attributable to the parent company was 64 million yuan, reflecting a 12.01% year-on-year growth, while the net profit excluding non-recurring items was 57 million yuan, up 26.44% [1][14]. - The company’s revenue is projected to grow from 1,259 million yuan in 2024 to 1,835 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 20.66% [4]. Research and Development - R&D expenses in Q1 2024 reached 48 million yuan, a 30.75% increase year-on-year. The company has filed for multiple product approvals, including PCR-11 gene and HRD products, which are expected to enhance its product line and competitiveness [2][14]. Profit Forecast and Valuation - The company’s net profit forecasts for 2024, 2025, and 2026 are 315 million, 379 million, and 454 million yuan, respectively. The current price corresponds to P/E ratios of 28, 23, and 19 times for the respective years, indicating a favorable valuation given its market position [3][4].