Chemexpress(SH:688131) KAIYUAN SECURITIES·2025-01-26 00:39Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve operating revenue of 2.1 to 2.3 billion yuan in 2024, representing a year-on-year growth of 11.70% to 22.34% [4] - The forecasted net profit attributable to the parent company is between 185 to 210 million yuan, indicating a year-on-year increase of 45.16% to 64.77% [4] - The company is focusing on improving profitability and cash flow, with a strong growth in its high-margin life science reagent business [5] Financial Summary - In 2024, the company anticipates operating revenue of 2,218 million yuan, with a year-on-year growth of 18.0% [6] - The net profit attributable to the parent company is projected to be 195 million yuan, showing a year-on-year increase of 53.2% [6] - The gross margin is expected to be 47.0% in 2024, with a net margin of 8.8% [6] - The earnings per share (EPS) for 2024 is estimated at 0.93 yuan, with a price-to-earnings (P/E) ratio of 41.4 times [6] Business Performance - The company is expected to see a significant improvement in profitability due to the rapid growth of its front-end high-margin business and operational efficiency improvements [4][5] - The net profit margin for Q4 2024 is projected to be between 8.66% and 9.79% [4] - The company is implementing cost reduction and efficiency enhancement measures to improve overall operational quality [5]