Chemexpress(SH:688131) KAIYUAN SECURITIES·2025-03-30 14:15Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve strong revenue growth in 2024, with a projected revenue of 2.27 billion yuan, representing a year-on-year increase of 20.75%. The net profit attributable to shareholders is expected to reach 202 million yuan, a year-on-year increase of 58.17% [3][4] - The company has actively expanded its market presence, leading to significant growth in its high-margin business segments, particularly in life science reagents, which saw a revenue increase of 32.41% in 2024 [4][5] - The company has revised its profit forecasts for 2025-2027, now expecting net profits of 276 million yuan, 373 million yuan, and 475 million yuan respectively, with corresponding EPS of 1.31, 1.77, and 2.25 yuan [3][6] Financial Performance Summary - In 2024, the company achieved a total revenue of 2.27 billion yuan, with a gross profit margin of 48.0% and a net profit margin of 8.9% [6][8] - The company's life science reagent business accounted for 66.0% of total revenue, with a total income of 1.499 billion yuan [4] - The company’s backend business, including APIs and intermediates, generated 755 million yuan in revenue, with a gross margin of 20.05% [5][6] Future Outlook - The company is expected to continue its growth trajectory, with revenue projections of 2.71 billion yuan in 2025 and 3.21 billion yuan in 2026, reflecting year-on-year growth rates of 19.4% and 18.5% respectively [6][8] - The company’s order backlog is expected to contribute positively to profit margins as these orders are converted into revenue [5][6]