Asymchem(SZ:002821) Shenwan Hongyuan Securities·2025-03-31 13:42Investment Rating - The report maintains an "Outperform" rating for the company [2][8] Core Insights - The company reported a revenue of 5.805 billion yuan for 2024, a year-on-year decline of 25.82%. However, excluding the impact of large orders from the previous year, revenue grew by 7.40%. The net profit attributable to the parent company was 949 million yuan, down 58.17% year-on-year. In Q4 alone, revenue reached 1.664 billion yuan, marking a year-on-year increase of 15.41% and a quarter-on-quarter increase of 15.35% [5][8] - The core business of small molecule CDMO showed steady growth, with revenue of 4.571 billion yuan, and a year-on-year growth of 8.85% when excluding large orders. The gross margin for this segment was 47.95% [8] - The company has seen a rapid recovery in its order backlog, with new orders increasing by approximately 20% year-on-year, resulting in a total backlog of 1.052 billion USD, which is over 20% higher than the same period last year [8] Financial Data and Profit Forecast - The total revenue forecast for the company is as follows: - 2023: 7.825 billion yuan - 2024: 5.805 billion yuan - 2025E: 6.468 billion yuan - 2026E: 7.407 billion yuan - 2027E: 8.481 billion yuan - The net profit attributable to the parent company is projected to be: - 2023: 2.269 billion yuan - 2024: 949 million yuan - 2025E: 1.071 billion yuan - 2026E: 1.234 billion yuan - 2027E: 1.424 billion yuan [7][10]