Asymchem(002821) 信达证券·2025-03-31 00:23Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong performance relative to the benchmark index [16]. Core Insights - The company's Q4 performance showed significant recovery, with a notable increase in revenue and net profit, indicating that the impact of large order declines has been largely absorbed [2][3]. - The small molecule CDMO business remains a stable growth driver, with substantial commercial potential and a robust project pipeline expected to enhance profitability [4][5]. - Emerging businesses, particularly in chemical and biological macromolecules, are showing promising growth, with expectations for improved profitability as capacity utilization increases [6][7]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 5.805 billion, a year-on-year decline of 25.82%, but a 7.40% increase when excluding the impact of large orders from the previous year [1]. - The net profit attributable to shareholders was 949 million, down 58.17% year-on-year, with a non-recurring net profit of 850 million, a decline of 59.63% [1]. - Q4 revenue reached 16.64 billion, a year-on-year increase of 15.41% and a quarter-on-quarter increase of 15.35%, with net profit soaring by 306.48% year-on-year [2]. Business Segmentation - The small molecule CDMO business generated 4.571 billion in revenue, with an 8.55% increase when excluding large orders. Clinical stage CDMO solutions contributed 1.767 billion, up 17.23% year-on-year [2][3]. - Emerging businesses achieved 1.226 billion in revenue, reflecting a 2.25% year-on-year growth [2]. Regional Performance - Revenue from the US market reached 3.371 billion, with an 18.41% increase when excluding large orders. Domestic market revenue was 1.520 billion, up 2.63%, while European market revenue surged by 101.33% to 735 million [3]. Customer Segmentation - Revenue from large pharmaceutical companies was 2.691 billion, a 4.78% increase when excluding large orders, while revenue from small and medium-sized pharmaceutical companies was 3.114 billion, up 9.78% [3]. Future Projections - The company anticipates a 20% year-on-year increase in new orders for 2024, with a total order backlog of 1.052 billion USD expected to drive stable growth in 2025 [3]. - Revenue projections for 2025-2027 are estimated at 6.621 billion, 7.554 billion, and 8.619 billion respectively, with net profits expected to rise to 1.098 billion, 1.269 billion, and 1.472 billion [9].