Asymchem(SZ:002821) Guotou Securities·2024-04-26 02:30Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 85.50 CNY per share over the next six months [4][5]. Core Insights - In Q1 2024, the company reported revenues of 1.4 billion CNY and a net profit attributable to shareholders of 282 million CNY, reflecting year-on-year declines of 37.76% and 55.27%, respectively. However, excluding the impact of large orders from the previous year, revenue showed a robust growth of 15.21% [2][3]. - The company leverages its one-stop service platform to drive steady growth across various business segments. In the small molecule business, revenue grew by 26.58% year-on-year when excluding the previous year's large orders, supported by a project pipeline of 30 commercialized small molecule projects. In the macromolecule segment, the company has taken on 12 new peptide projects and is expanding production capacity, with total solid-phase synthesis capacity expected to reach 14,250L by June 2024 [3]. Financial Projections - The company is projected to achieve net profits of 1.265 billion CNY, 1.431 billion CNY, and 1.630 billion CNY for the years 2024 to 2026, representing year-on-year growth rates of -44.3%, 13.2%, and 13.9%, respectively. The expected EPS for 2024 is 3.42 CNY per share [4][9].