Chemexpress(SH:688131) Ping An Securities·2025-05-06 10:56Investment Rating - The report maintains a "Recommended" rating for the company [9] Core Views - The company's revenue for Q1 2025 reached 606 million yuan, representing a year-on-year increase of 20.05%, with a net profit attributable to shareholders of 62 million yuan, up 272.28% [4] - The front-end business, including molecular building blocks, tool compounds, and biological reagents, achieved revenue of 1.499 billion yuan in 2024, a growth of 32.41%, with a gross margin of 62.21%, reflecting improved revenue structure and profitability due to successful overseas sales and logistics initiatives [4][5] - The back-end business, which includes APIs, intermediates, and formulations, generated revenue of 755 million yuan in 2024, a modest increase of 2.49%, with a gross margin of 20.05%, indicating a more competitive environment [4][5] Financial Performance Summary - The company is projected to achieve revenues of 2.27 billion yuan in 2024, 2.73 billion yuan in 2025, and 3.28 billion yuan in 2026, with year-on-year growth rates of 20.8%, 20.2%, and 20.2% respectively [7] - Net profit is expected to rise from 202 million yuan in 2024 to 244 million yuan in 2025, and further to 333 million yuan in 2026, with corresponding year-on-year growth rates of 58.2%, 21.1%, and 36.4% [7] - The gross margin is anticipated to improve from 48.0% in 2024 to 51.4% by 2027, while the net margin is expected to increase from 8.9% to 11.3% over the same period [11] Capacity and Utilization - The company has seen an increase in utilization rates across its various bases, with several facilities, including the Hefei R&D center and Yantai base, now fully operational [6] - The Chongqing antibody-drug conjugate (ADC) base commenced production in Q1 2025, expanding the company's capabilities across the entire supply chain [6]