Asymchem(002821) 银河证券·2025-04-24 14:53Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [2]. Core Insights - The company has shown a strong performance in Q1 2025, with revenue reaching 1.541 billion yuan, a year-on-year increase of 10.10%, and a net profit of 327 million yuan, up 15.83% year-on-year [1][4]. - Emerging business segments have experienced significant growth, with revenues from these segments increasing over 80% year-on-year [4]. - The company is positioned as a leader in the small molecule CDMO sector, with advanced technology creating a competitive advantage [4]. Financial Performance Summary - For Q1 2025, the small molecule business generated approximately 1.22 billion yuan in revenue, remaining stable year-on-year, while the emerging business segment contributed around 320 million yuan [4]. - The company’s gross margin for Q1 2025 was reported at 42.5%, with a net profit margin of 21.2% [1]. - The total order backlog as of the end of 2024 was 1.052 billion USD, reflecting a year-on-year growth of over 20% [4]. Revenue and Profit Forecast - Revenue projections for 2025-2027 are estimated at 6.572 billion yuan, 7.402 billion yuan, and 8.342 billion yuan, respectively, with a consistent growth rate of approximately 13% [5][7]. - Net profit forecasts for the same period are 1.142 billion yuan, 1.358 billion yuan, and 1.607 billion yuan, with growth rates of 20%, 19%, and 18% respectively [5][7]. - The company’s PE ratios are projected to be 23, 20, and 17 for the years 2025, 2026, and 2027 [5][7]. Business Development and Strategy - The company has initiated a stock incentive plan aimed at enhancing employee motivation and aligning interests, with performance targets set for revenue growth from 2025 to 2028 [4]. - The expansion of production capacity, particularly in peptide solid-phase synthesis, is expected to support revenue growth significantly in the coming years [4]. - The company is actively pursuing international market opportunities, with a notable increase in orders from European and American clients [4].