Asymchem(002821) 民生证券·2024-10-30 21:00Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 4.14 billion yuan for the first three quarters of 2024, a year-on-year decrease of 35.14%, but a 4.48% increase when excluding large orders. The net profit attributable to the parent company was 710 million yuan, down 67.86% year-on-year [2]. - The small molecule CDMO business showed continuous improvement in gross margin, with a revenue of 3.39 billion yuan for the first three quarters, reflecting a 7.71% increase when excluding large orders. The gross margin was 48.89%, up 1.19 percentage points when excluding large orders [2]. - Emerging businesses faced challenges, with a revenue of 745 million yuan for the first three quarters, down 8.37% year-on-year. However, the company expects a recovery in growth in Q4 due to increased project deliveries [2]. Financial Performance Summary - Revenue for 2024 is projected to be 5.95 billion yuan, with a year-on-year decline of 23.98%. The net profit is expected to be 1.02 billion yuan, down 54.68% [5]. - The company anticipates revenue growth of 14.0% in 2025 and 2026, with net profit expected to reach 1.18 billion yuan and 1.40 billion yuan respectively [5]. - The gross margin is projected to improve slightly from 42.98% in 2024 to 44.49% in 2026 [5]. Business Outlook - The small molecule CDMO and emerging businesses are expected to drive growth, with a focus on expanding overseas production capacity [2]. - The company has established its first R&D and pilot base in Europe, which is now operational and beginning to take orders [2]. - The peptide industry remains robust, with multiple projects entering the delivery phase, and the company has secured several clinical projects from multinational pharmaceutical companies [2].