Asymchem(002821) 国投证券·2024-10-30 05:23Investment Rating - The investment rating for the company is "Buy-A" with a target price of 94.80 CNY per share, maintaining the rating [1][7]. Core Views - The company has shown a good trend in new orders, indicating potential marginal improvement in operations despite a decline in revenue and net profit due to high base effects from previous large orders [2][4]. - Excluding the impact of large orders, the company's revenue has shown a year-on-year growth of 4.48% in the first three quarters of 2024, with a significant increase of 12.23% year-on-year in Q3 2024 [3][4]. - The peptide business is expanding rapidly, with multiple clinical projects secured from multinational pharmaceutical companies and commercial orders signed for GLP-1 peptides [4]. Summary by Sections Trading Data - Total market capitalization is approximately 30,983.93 million CNY, with a circulating market capitalization of 27,692.31 million CNY [1]. - The stock price as of October 29, 2024, is 84.26 CNY, with a 12-month price range of 60.13 to 164.0 CNY [1]. Financial Performance - For the first three quarters of 2024, the company reported revenue of 4.14 billion CNY and a net profit of 710 million CNY, reflecting a year-on-year decline of 35.14% and 67.86%, respectively [2][3]. - The gross profit margin for the small molecule business improved to approximately 48.83%, while the emerging business's gross margin decreased to about 19.97% due to capacity ramp-up and a sluggish domestic market [6]. Future Projections - The projected net profits for 2024 to 2026 are 988.9 million CNY, 1.16 billion CNY, and 1.33 billion CNY, with year-on-year growth rates of -56.4%, 17.4%, and 14.8%, respectively [7][9]. - The expected earnings per share (EPS) for 2025 is 3.16 CNY, with a price-to-earnings (PE) ratio of 30 times, leading to the target price of 94.80 CNY per share [7].