AmoyDx(300685) 银河证券·2025-04-23 14:36Investment Rating - The report maintains a positive investment rating for the company, indicating a favorable outlook for its stock performance [1]. Core Views - The company is projected to experience revenue growth, with estimated revenues increasing from 1,108.95 million yuan in 2024 to 1,672.04 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 14.20% [6][8]. - Net profit is expected to rise significantly, from 254.86 million yuan in 2024 to 476.02 million yuan in 2027, with a notable profit growth rate of 25.58% in 2025 [6][8]. - The gross margin is projected to remain stable, with slight fluctuations, maintaining around 84% over the forecast period [6][8]. - The company's earnings per share (EPS) is anticipated to grow from 0.65 yuan in 2024 to 1.21 yuan in 2027, indicating strong profitability [6][8]. Financial Summary Income Statement - Revenue is forecasted to grow from 1,108.95 million yuan in 2024 to 1,672.04 million yuan in 2027, with a revenue growth rate of 6.27% in 2024 and peaking at 15.05% in 2025 [6][8]. - Operating profit is expected to increase from 292.98 million yuan in 2024 to 546.27 million yuan in 2027, with a significant increase in operating profit margin [8]. - Net profit margin is projected to improve from 22.98% in 2024 to 28.47% in 2027, reflecting enhanced operational efficiency [8]. Balance Sheet - Total assets are expected to grow from 2,064.80 million yuan in 2024 to 2,710.46 million yuan in 2027, indicating a healthy asset growth trajectory [7]. - The company's equity attributable to shareholders is projected to increase from 1,843.26 million yuan in 2024 to 2,470.79 million yuan in 2027, showcasing strong shareholder value creation [7]. Cash Flow Statement - Operating cash flow is forecasted to remain robust, with an expected cash flow of 341.85 million yuan in 2024, decreasing slightly to 321.89 million yuan in 2025, before rising again in subsequent years [7]. - The net increase in cash is projected to be 114.38 million yuan in 2024, growing to 189.01 million yuan by 2027, indicating strong liquidity management [7].