Asymchem(SZ:002821) ZHESHANG SECURITIES·2025-04-11 08:33Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company is expected to see robust growth in its emerging business, with 13 new PPQ projects anticipated in 2025 and a more than 130% year-over-year increase in orders for its macromolecule business in 2024 [1][2] - Despite a decline in revenue and net profit in 2024, the company managed to achieve a 7.40% year-over-year growth in revenue when excluding the impact of large orders from the previous year [1] - The company has a strong order backlog of $10.52 billion, which is over 20% higher than the same period last year, laying a solid foundation for stable growth in 2025 [1] Summary by Sections Financial Performance - In 2024, the company reported revenue of 5.805 billion yuan, a decrease of 25.82% year-over-year, and a net profit of 949 million yuan, down 58.17% year-over-year [1][10] - The fourth quarter of 2024 showed signs of recovery with revenue of 1.664 billion yuan, up 15.41% year-over-year and 15.35% quarter-over-quarter [1] - The overall gross margin for 2024 was 42.36%, a decline of 8.8 percentage points year-over-year, primarily due to the high base effect from large orders in 2023 [2][10] Business Segments - The small molecule CDMO segment achieved revenue of 4.571 billion yuan in 2024, with an 8.85% year-over-year growth when excluding large orders [1] - The emerging business segment generated revenue of 1.226 billion yuan in 2024, reflecting a 2.25% year-over-year increase, with expectations for significant growth in 2025 [1] - The biopharmaceutical CDMO business saw a revenue increase of 13.91% year-over-year, with a strong order pipeline including 15 new ADC IND projects [2] Earnings Forecast and Valuation - The company’s EPS is projected to be 2.90 yuan in 2025, with a corresponding P/E ratio of 22 times based on the closing price on April 10, 2025 [8][10] - The expected revenue for 2025 is 6.629 billion yuan, representing a 14.21% increase from 2024 [10] - The company maintains strong growth potential in its small molecule CDMO and emerging business segments, which are expected to contribute significantly to future earnings [8]