Asymchem(002821) 银河证券·2025-03-31 01:33Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company, Kailaiying, reported a revenue of 5.805 billion yuan for 2024, a year-on-year decrease of 25.82%. However, excluding the impact of large orders, revenue grew by 7.40% year-on-year, with a gross margin of 42% [3]. - The decline in revenue is primarily attributed to the high base from large orders delivered in 2023. The revenue from large pharmaceutical companies was 2.691 billion yuan, growing by 4.78% year-on-year after excluding large orders, while revenue from small and medium pharmaceutical companies was 3.114 billion yuan, growing by 9.78% [3]. - The company's small molecule CDMO business achieved a revenue of 4.571 billion yuan, with a year-on-year growth of 8.85% after excluding large orders, and a gross margin of 47.95% [3]. - Emerging businesses generated a revenue of 1.226 billion yuan, with a year-on-year growth of 2.25% and a gross margin of 21.67%, indicating room for improvement [3]. - The company has a total order backlog of 1.052 billion USD, with a year-on-year growth of over 20%, and significant growth in orders from European and American markets [3]. Financial Summary - For 2024, the company reported a net profit attributable to shareholders of 949 million yuan, a decrease of 58.17% year-on-year. The forecast for 2025 estimates a net profit of 1.141 billion yuan, reflecting a growth rate of 20.23% [4][6]. - The projected revenue for 2025 is 6.572 billion yuan, with a growth rate of 13.21% [4][6]. - The gross margin is expected to improve gradually, reaching 43.03% in 2025 and 44.51% by 2027 [4][6]. - The company's earnings per share (EPS) is projected to be 3.16 yuan in 2025, increasing to 4.46 yuan by 2027 [4][6].