Asymchem(002821) 华泰证券·2025-03-30 04:00Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a revenue of 5.805 billion RMB and a net profit attributable to the parent company of 948.95 million RMB for 2024, reflecting a year-on-year decline of 25.8% and 58.2% respectively. However, excluding the impact of large orders, the revenue for 2024 is expected to grow by 7.4% year-on-year, indicating stable development in its regular business [1][4] - The company has a strong order backlog of 1.052 billion USD, which has increased by over 20% year-on-year, enhancing visibility for future performance [1] - The company is expected to maintain a positive growth trajectory in its core business in 2025, supported by a solid customer base and technological leadership [1] Summary by Sections Small Molecule Business - The revenue for 2024 is projected at 4.571 billion RMB, with a year-on-year growth of 8.9% when excluding large orders. The commercial stage CDMO revenue is expected to be 2.804 billion RMB, growing by 4.2% year-on-year, while clinical stage CDMO revenue is anticipated to reach 1.767 billion RMB, reflecting a year-on-year increase of 17.2% [2] - The number of delivered projects in this segment reached 504, up 18.3% year-on-year, indicating robust project execution capabilities [2] Emerging Business - The revenue for 2024 is expected to be 1.226 billion RMB, with a year-on-year growth of 2.3%. Notably, overseas revenue has increased by 15.4% year-on-year [3] - Various segments within the emerging business have shown positive progress, including significant growth in the biopharmaceutical sector and a strong order backlog [3] Profit Forecast and Valuation - The company is projected to achieve net profits of 1.087 billion RMB, 1.260 billion RMB, and 1.466 billion RMB for 2025, 2026, and 2027 respectively, with adjustments reflecting a decrease of 18.5% and 24.1% for 2025 and 2026 compared to previous estimates [4] - The target price is set at 105.49 RMB for A-shares and 77.45 HKD for H-shares, with corresponding price-to-earnings ratios of 35x and 24x for 2025 [4]