Asymchem(SZ:002821)2023-10-31 09:47Financial Performance - In the first nine months of 2023, the company achieved operating revenue of CNY 6.383 billion, a year-on-year decrease of 18.29% [3] - Net profit attributable to shareholders was CNY 2.210 billion, down 18.77% year-on-year, primarily due to large orders delivered in the same period last year [3] - Excluding the impact of large orders, operating revenue increased by 24.51% year-on-year [3] - Gross margin for the first nine months was 54.1%, an increase of 7.2 percentage points year-on-year, attributed to favorable exchange rates and strict cost control [3] Business Strategy - The company aims to deepen relationships with major clients, expand into small and medium-sized clients, and grow in European and Japanese markets while focusing on cost control and efficiency [3] - The small molecule business, excluding large orders, grew by 25.45% year-on-year, with revenue from multinational pharmaceutical companies increasing by 66.51% [3] Capital Expenditure - Capital expenditure for the first three quarters was CNY 825 million, with an expected total not exceeding CNY 1.5 billion for the year, focusing more on emerging businesses [4] Market Demand and Trends - The company reported a high capacity utilization rate in Q4, indicating a saturated state [4] - Demand from multinational pharmaceutical companies for outsourcing R&D and production remains strong, with orders continuing to materialize [5] - The domestic market's revenue growth has slowed due to capital environment impacts, with no clear turning point observed yet [5] Future Outlook - The company anticipates that gross margins will align with historical averages in the future, supported by operational improvements and cost reduction measures [4] - The company plans to increase solid-phase synthesis capacity to 10,000L in the first half of next year to meet commercial production needs [4] - The company is actively expanding its presence in the U.S. and Japanese markets, with positive developments noted in 2022 [6]