Asymchem(002821) 新浪财经·2025-04-03 08:50Core Insights - The company reported a revenue of 5.8 billion yuan for 2024, a year-on-year decrease of 26%, but a 7.4% increase when excluding large order impacts [1] - The net profit attributable to shareholders was 950 million yuan, down 58% year-on-year, while the net profit excluding non-recurring items was 850 million yuan, down 60% [1] - In Q4 alone, the company achieved a revenue of 1.66 billion yuan, a 15% increase year-on-year and quarter-on-quarter, with a net profit of 240 million yuan, up 306% year-on-year and 13% quarter-on-quarter [1] Small Molecule CDMO Business - The small molecule CDMO business generated a revenue of 4.57 billion yuan in 2024, a decrease of 31%, but an 8.9% increase when excluding large order impacts [2] - Revenue from clinical stage projects was 1.77 billion yuan, up 17% year-on-year, with 456 clinical projects delivered, including 73 Phase III projects, an increase of 4 projects year-on-year [2] - Revenue from commercial stage projects was 2.8 billion yuan, down 45%, but up 4.2% when excluding large orders, with 48 commercial projects delivered, an increase of 8 projects year-on-year [2] Emerging Business - The emerging business segment achieved a revenue of 1.23 billion yuan in 2024, reflecting a year-on-year increase of 2.3% [3] Large Molecule Chemistry Business - The large molecule chemistry business saw a year-on-year revenue increase of 13%, with Q4 showing over 200% growth quarter-on-quarter [4] - The company has a backlog of orders that increased by over 130% year-on-year, with overseas orders up by 260% [4] - Expected revenue for this segment is projected to more than double in 2025, with peptide solid-phase synthesis capacity expected to reach 30,000L by the second half of 2025 [4] Formulation Business - The formulation business experienced a slight decline in revenue due to the domestic investment environment and increased market competition [5] Biologics Business - The biologics segment focused on antibody-drug conjugates (ADCs), achieving a revenue increase of 13.9% year-on-year, with 15 new ADC IND projects and 3 BLA projects added [6] - The current backlog includes nearly 60 orders, with over 60% being ADC projects [6] - The company signed new orders that increased by approximately 20% year-on-year, with faster growth in orders from European and American clients [6] Investment Rating - The company maintains an "Accumulate" investment rating, with projected revenues of 6.6 billion, 7.6 billion, and 8.9 billion yuan for 2025-2027, and net profits of 1.08 billion, 1.27 billion, and 1.57 billion yuan respectively, corresponding to PE ratios of 27, 23, and 18 [6][7]