AmoyDx(300685) 光大证券·2024-10-29 10:43Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company achieved significant revenue and profit growth in Q3 2024, with operating income reaching 305 million yuan, a year-on-year increase of 22.53%, and net profit attributable to shareholders of 83 million yuan, up 77.58% year-on-year [2][3]. - The substantial increase in net profit is attributed to revenue growth and effective cost control measures [2]. - The company has seen a steady increase in R&D investment, with R&D expenses reaching 164 million yuan in the first three quarters of 2024, a year-on-year increase of 9.03% [2]. - Multiple products received approval in Japan, expanding the application of companion diagnostic products [3]. Summary by Sections Financial Performance - In Q3 2024, the company reported operating income of 305 million yuan, a 22.53% increase year-on-year, and a net profit of 83 million yuan, reflecting a 77.58% increase year-on-year [2]. - The net profit growth, excluding stock incentive expenses, was 44.62% year-on-year [2]. - The company forecasts net profits of 315 million yuan, 379 million yuan, and 454 million yuan for 2024, 2025, and 2026, respectively [3]. R&D and Product Approvals - The company’s R&D expenses for the first three quarters of 2024 were 164 million yuan, a 9.03% increase year-on-year [2]. - Several products received NMPA approval, including the PCR-11 gene product for lung cancer and companion diagnostic kits for targeted therapies [2][3]. Market Position and Future Outlook - The company is positioned as a leader in the domestic tumor companion diagnostic industry, with continuous growth expected due to ongoing collaborations and innovations [3]. - The report projects a price-to-earnings ratio (PE) of 32, 27, and 22 for 2024, 2025, and 2026, respectively, indicating a favorable valuation [3].