Asymchem(002821) 国泰君安·2025-04-02 07:00Investment Rating - The report maintains an "Accumulate" rating with a target price of 97.16, unchanged from the previous rating [2][12]. Core Views - The report highlights a steady growth in new orders and a recovery in regular business, with a positive outlook for long-term growth potential [3][12]. - The company reported a revenue of 5.805 billion yuan for 2024, a decrease of 25.8%, and a net profit attributable to shareholders of 949 million yuan, down 58.2% [12]. - The fourth quarter of 2024 saw a revenue increase of 15.4% quarter-on-quarter, with a net profit of 240 million yuan, reflecting a significant year-on-year increase of 306.5% [12]. Financial Summary - Revenue and profit forecasts for the upcoming years are as follows: - 2025E Revenue: 6.631 billion yuan (+14.2%) - 2026E Revenue: 7.794 billion yuan (+17.5%) - 2027E Revenue: 9.316 billion yuan (+19.5%) - 2025E Net Profit: 1.092 billion yuan (+15.1%) - 2026E Net Profit: 1.277 billion yuan (+16.9%) - 2027E Net Profit: 1.524 billion yuan (+19.3%) [5][12]. - The company’s earnings per share (EPS) for 2025E is projected at 3.03 yuan, with subsequent years showing growth to 4.23 yuan by 2027E [12]. Market Data - The company has a total market capitalization of 29.226 billion yuan, with a current share price of 81.05 yuan [6][12]. - The stock has traded within a range of 60.13 to 91.55 yuan over the past 52 weeks [6]. Business Development - The company has seen a 20% year-on-year increase in new orders, particularly from clients in Europe and the United States, with a total backlog of orders amounting to 10.52 billion USD [12]. - The establishment of a new research and pilot base in Europe is expected to enhance the company's operational capabilities and order acquisition [12].