Asymchem(SZ:002821) Minsheng Securities·2024-04-26 02:00Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company reported a Q1 2024 revenue of 1.4 billion yuan, a year-on-year decrease of 37.76%, but a 15.21% increase when excluding the impact of large orders. The net profit attributable to the parent company was 282 million yuan, down 55.27% year-on-year [2]. - Revenue from overseas markets is rapidly increasing, with a 62.80% year-on-year growth when excluding last year's large orders. The company is deepening its services for multinational pharmaceutical companies and overseas clients [2]. - The small molecule CDMO business is growing steadily, with Q1 revenue of 1.22 billion yuan, a 26.58% increase year-on-year when excluding large orders. The gross margin for this segment is 47.34% [2]. - Emerging businesses are accelerating their platform layout and client development, with Q1 revenue of 176 million yuan, a year-on-year decrease of 29.30% [2]. - The company is expected to achieve revenues of 6.462 billion yuan, 7.887 billion yuan, and 9.604 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.164 billion yuan, 1.466 billion yuan, and 1.846 billion yuan [3][7]. Financial Summary - For 2024, the company forecasts a revenue of 6.462 billion yuan, a decrease of 17.4% year-on-year, with a net profit of 1.164 billion yuan, down 48.7% year-on-year [3][7]. - The projected earnings per share for 2024 is 3.15 yuan, with a PE ratio of 24 [3][7]. - The gross margin is expected to be 40.39% in 2024, with a net profit margin of 18.02% [7][8].