AmoyDx(300685) 国信证券·2024-10-31 10:02Investment Rating - The investment rating for the company is "Outperform the Market" [3][9]. Core Views - The company demonstrated strong resilience in growth, achieving a revenue of 848 million yuan in the first three quarters of 2024, representing a year-on-year increase of 19.84%. The net profit attributable to the parent company reached 227 million yuan, up 30.82% year-on-year [1][9]. - The gross profit margin improved to 84.7%, reflecting economies of scale, while the net profit margin increased to 26.8% [1][9]. - The company has successfully launched innovative diagnostic products, including a lung cancer PCR gene test approved in multiple regions, which is expected to enhance its business lines [1][9]. Financial Performance Summary - Revenue for 2024 is projected to be 1.275 billion yuan, with a year-on-year growth of 22.2% [2][11]. - The net profit for 2024 is estimated at 319 million yuan, reflecting a growth of 21.9% [2][11]. - The company’s earnings per share (EPS) is expected to increase from 0.66 yuan in 2023 to 0.80 yuan in 2024 [2][11]. Profitability Metrics - The EBIT margin is projected to improve from 26.3% in 2023 to 27.5% in 2024 [2][11]. - The return on equity (ROE) is expected to be 16.3% in 2024, up from 15.4% in 2023 [2][11]. - The price-to-earnings (PE) ratio is forecasted to decrease from 36.9 in 2023 to 30.3 in 2024 [2][11]. Market Position and Growth Potential - The company is positioned as a leader in the field of tumor precision diagnostics, with a comprehensive product system that spans targeted therapy to immunotherapy [1][9]. - The successful international expansion of its products is anticipated to accelerate growth in the mid to long term [1][9].