Asymchem(002821)2024-10-10 00:46Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [6]. Core Insights - The company has demonstrated confidence through continuous share buybacks, with a total of 12,300,701 shares repurchased, representing 3.60% of the total A-share capital, at an average price range of 71.65 to 102.00 CNY per share [5][6]. - Excluding the impact of large orders, the small molecule business showed a steady growth with a revenue of 2.49% year-on-year, achieving a gross margin of 47.19% [5]. - New orders have increased significantly, with a year-on-year growth of over 20%, particularly in the European and American markets, leading to a total order backlog of 970 million USD [5]. Financial Summary - As of June 30, 2024, the company reported a net asset value per share of 44.47 CNY and a debt-to-asset ratio of 12.76% [3]. - The projected revenue for 2024 is 6,006 million CNY, with a year-on-year decline of 23.2%, while the net profit is expected to be 1,038 million CNY, reflecting a 54.2% decrease [7]. - The earnings per share (EPS) for 2024 is forecasted at 2.82 CNY, with a projected price-to-earnings (PE) ratio of 29 [7][8].