Asymchem(SZ:002821) Ping An Securities·2025-04-24 08:32Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expected stock performance that will exceed the market by more than 20% within the next six months [14]. Core Insights - The company achieved a revenue of 1.541 billion yuan in Q1 2025, reflecting a year-on-year growth of 10.10%. The net profit attributable to shareholders was 327 million yuan, up 15.83% year-on-year, with a non-recurring net profit of 305 million yuan, increasing by 20.14% [5][6]. - The overall gross margin for Q1 2025 was 42.54%, showing a slight decrease of 0.98 percentage points. However, the net profit margin improved to 21.19%, an increase of 1.05 percentage points, indicating better profit growth compared to revenue growth [6]. - The emerging business segment saw a revenue increase of over 80% year-on-year, contributing significantly to the overall revenue growth, particularly from peptide, small nucleic acid, and ADC businesses [7]. Summary by Sections Financial Performance - Q1 2025 revenue was 1.541 billion yuan, with a gross margin of 42.54% and a net profit margin of 21.19% [5][6]. - The company forecasts net profits of 1.126 billion yuan, 1.378 billion yuan, and 1.740 billion yuan for 2025, 2026, and 2027 respectively [7]. Business Segments - Small molecule revenue remained stable compared to the previous year, with a gross margin of 45.17%. The emerging business segment's revenue exceeded 317 million yuan, continuing its strong performance from Q4 2024 [7]. - The report highlights the potential for growth in small molecule business revenue and margins throughout the year due to ongoing projects and production cycles [7]. Future Projections - The company is expected to see a recovery in global innovative drug development, which will positively impact its business performance [7]. - The report maintains profit forecasts for 2025-2027, projecting a gradual increase in revenue and net profit margins over the years [8][12].