Asymchem(002821) 平安证券·2025-03-31 09:05Investment Rating - The investment rating for the company is "Strong Buy" with an expectation that the stock will outperform the market by over 20% within the next six months [12]. Core Views - The company has shown resilient growth by excluding large orders, with profitability returning to a higher level. The revenue for 2024 was reported at 5.805 billion yuan, a year-over-year decrease of 25.82%, while the net profit was 949 million yuan, down 58.17% year-over-year. The company has proposed a dividend of 11 yuan per 10 shares [3][4]. - The company has a strong order backlog, with a total order amount of 1.052 billion USD, representing a year-over-year growth of over 20%, which is expected to significantly cover revenue for 2025 [6][8]. - The company is expanding its global footprint to mitigate geopolitical risks, with the Sandwich base in the UK operational since August 2024, and a Boston R&D center in progress. This strategy aims to attract clients who prefer not to outsource offshore while maintaining competitive cost levels [8][6]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 5.805 billion yuan, with a year-over-year decline of 25.82%. The net profit was 949 million yuan, down 58.17% year-over-year. The company expects a revenue increase to 6.7 billion yuan in 2025, representing a growth of 15.4% [3][10]. - The gross margin for 2024 was reported at 42.4%, with expectations for a slight recovery to 43.7% in 2025 [10]. Business Segments - The small molecule chemistry segment generated revenue of 4.571 billion yuan in 2024, with an 8.85% year-over-year growth when excluding large orders. The segment's gross margin was 47.95% [6][8]. - Emerging businesses achieved revenue of 1.226 billion yuan in 2024, with a year-over-year growth of 2.25%. The gross margin for this segment was 21.67% [8]. Future Projections - The company forecasts a net profit of 1.126 billion yuan for 2025, with a growth rate of 18.7%. The projected net profit for 2026 and 2027 is 1.378 billion yuan and 1.740 billion yuan, respectively, indicating a continued upward trend [10][11]. - The company is expected to maintain a strong cash flow from operating activities, projected at 1.980 billion yuan for 2025 [11].