Asymchem(SZ:002821) Huaxin Securities·2024-04-30 07:30Investment Rating - The report initiates coverage with a "Buy" investment rating for the company [2][3]. Core Views - The company's performance in Q1 2024 met expectations, with a revenue of 1.4 billion yuan, a decrease of 37.76% year-on-year, and a net profit attributable to the parent company of 282 million yuan, down 55.27% year-on-year [2]. - Excluding large orders, the company's revenue in Q1 2024 showed a year-on-year growth of 15.2%, with a gross margin of 43.5% [2]. - The small molecule chemical business and overseas operations are developing well, with revenue from European and American market clients increasing by 62.8% year-on-year after excluding last year's large order revenue [2]. - The peptide capacity is continuously expanding, with the company accelerating the construction of peptide commercialization capacity [2]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 1.4 billion yuan, a decrease of 37.76% year-on-year, and a net profit of 282 million yuan, down 55.27% year-on-year [2]. - The company signed new orders mainly from overseas markets and mid-to-late clinical projects, with a gross margin of 43.5% [2]. Business Segments - The small molecule business generated revenue of 1.223 billion yuan, with a year-on-year growth of 26.58% after excluding last year's large orders [2]. - The emerging business segment saw a revenue of 176 million yuan, a decline of 29.3% year-on-year, affected by intense domestic market competition [2]. Profit Forecast - The company forecasts revenues of 6.441 billion yuan, 7.860 billion yuan, and 9.363 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.095 billion yuan, 1.438 billion yuan, and 1.745 billion yuan for the same years [4][5]. - The report anticipates an EPS of 2.96 yuan, 3.89 yuan, and 4.72 yuan for 2024, 2025, and 2026 respectively [4][5]. Market Position - The company is expected to benefit from the recovery of the domestic industry and the acceleration of its peptide commercialization production outsourcing business [2]. - The report highlights the company's strong order growth and the positive outlook for its small molecule and overseas business segments [2].