Asymchem(002821) 国海证券·2024-11-02 16:09Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The company has shown a good trend in new orders and is expected to recover its business in Q4 [1] - For the first three quarters of 2024, the company achieved a revenue of 4.14 billion yuan, a year-on-year decrease of 35.14%, but a 4.48% increase when excluding large order impacts [2] - The net profit attributable to shareholders for the same period was 710 million yuan, down 67.86% year-on-year [2] - The small molecule business has improved its gross margin, with a revenue of 3.39 billion yuan in the first three quarters, reflecting a 7.71% year-on-year increase when excluding large orders [3] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 1.44 billion yuan, a year-on-year decrease of 18.09%, but a 12.23% increase when excluding large orders [2] - The net profit for Q3 was 211 million yuan, down 59.68% year-on-year [2] - The small molecule business achieved a revenue of 1.19 billion yuan in Q3, with a year-on-year growth of 18.89% when excluding large orders [3] Business Segments - The small molecule business gross margin was 48.89% for the first three quarters, an increase of 1.19 percentage points year-on-year when excluding large orders [3] - The emerging business segment saw a revenue of 745 million yuan in the first three quarters, a decline of 8.37% year-on-year, but is expected to recover in Q4 [3] Market Position - The company's stock has underperformed relative to the CSI 300 index, with a 12-month performance of -43.0% [3] - The current stock price is 81.20 yuan, with a 52-week price range of 59.55-158.50 yuan [3] Future Outlook - Revenue projections for 2024-2026 are 5.89 billion, 6.99 billion, and 8.29 billion yuan respectively, with net profits expected to be 1.01 billion, 1.26 billion, and 1.51 billion yuan [5][6] - The company is focusing on optimizing its management and accelerating its global layout, with new projects expected to contribute positively in the future [3]