Asymchem(002821) 西南证券·2025-04-02 09:55Investment Rating - The report maintains a "Buy" rating for the company with a target price of 97.92 CNY over the next six months, while the current price is 81.05 CNY [1]. Core Insights - The company experienced a revenue decline of 25.8% in 2024, but excluding the impact of a large order from the previous year, there was a 7.4% year-on-year growth. The net profit attributable to the parent company fell by 58.2% [7]. - The small molecule CDMO (Contract Development and Manufacturing Organization) business is steadily growing, with a revenue of 45.7 billion CNY in 2024, showing an 8.9% increase when excluding large orders. The company has a robust order reserve for commercialized projects [7]. - Emerging businesses, particularly in chemical and biological macromolecules, are accelerating growth, with a 13.3% increase in revenue for the chemical macromolecule segment in 2024. The company expects significant growth in this area in 2025 [7][8]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 58.0 billion CNY, with a projected revenue of 66.7 billion CNY in 2025, reflecting a growth rate of 14.9%. The net profit is expected to rise to 11.1 billion CNY, marking a 16.4% increase [12]. - The earnings per share (EPS) for 2025 is projected at 3.06 CNY, with corresponding price-to-earnings (PE) ratios of 26, 23, and 20 for the years 2025, 2026, and 2027 respectively [12][10]. Business Segments - The small molecule CDMO segment is expected to see revenue growth of 10.7% in 2025, with a gross margin of 48.5%. The emerging business segment is projected to grow by 31.4% in 2025, with a gross margin of 26.7% [8][10]. - The company is focusing on expanding its capabilities in the production of GLP-1 peptide projects, with significant increases in production capacity expected in 2025 [7]. Valuation - The report compares the company to peers such as WuXi AppTec and Kanglong Chemical, noting that the average PE for comparable companies is 23, slightly lower than the company's valuation. The company is considered a leader in the small molecule CDMO space, justifying a premium valuation [12].