Asymchem(SZ:002821) Guotou Securities·2024-05-21 23:30Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 102.60 CNY per share over the next six months [6]. Core Views - The acquisition of the former Pfizer UK Sandwich Site marks the establishment of the company's first R&D and production base in Europe, enhancing its overseas CDMO supply capabilities [3]. - The macro and micro fundamentals are showing marginal improvement, indicating a positive outlook for the company's steady development. Global and U.S. venture capital and private equity funding for innovative drugs increased by 2.86% and 8.54% year-on-year in Q1 2024, respectively [4]. - The company’s revenue growth, excluding large orders, was 24.37% and 15.21% year-on-year for 2023 and Q1 2024, respectively, suggesting robust growth in its regular business [4]. Summary by Sections Company Overview - The company has successfully acquired the API Pilot Plant and R&D Laboratory at the Sandwich Site, which is expected to strengthen its overseas CDMO business from laboratory to commercial supply [3]. Financial Projections - The projected net profits for the company from 2024 to 2026 are 1.265 billion CNY, 1.514 billion CNY, and 1.789 billion CNY, reflecting year-on-year growth rates of -44.3%, 19.7%, and 18.2%, respectively [5]. - The expected EPS for 2024 is 3.42 CNY per share, with a PE ratio of 30 times [5]. Market Performance - As of May 21, 2024, the company's stock price was 81.02 CNY, with a total market capitalization of approximately 29.93 billion CNY [6]. - The stock has experienced a significant decline of 43% over the past year compared to the Shanghai and Shenzhen 300 index [7]. Valuation Metrics - The company’s revenue for 2024 is estimated at 6.477 billion CNY, with a projected net profit margin of 19.5% [10]. - The PE ratio is expected to be 23.7 for 2024, decreasing to 16.7 by 2026, indicating a potential improvement in valuation over time [11].