Asymchem(002821) 国盛证券·2024-11-15 00:32Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a revenue of 4.14 billion yuan for the first nine months of 2024, a year-on-year decline of approximately 35%, with a net profit attributable to shareholders of 710 million yuan [1] - In Q3 2024, the company achieved a revenue of 1.44 billion yuan, showing a year-on-year growth of 12.23% after excluding the impact of large orders, and a quarter-on-quarter increase of 11.21% [1] - The gross profit margin remained stable at 43.60% for the first nine months of 2024, with effective cost control measures mitigating resource consumption from large orders [1] - The small molecule business showed strong growth, with revenue reaching 1.19 billion yuan in Q3, reflecting an 18.89% year-on-year increase after excluding large orders [1] - The emerging business faced challenges, with revenue of 245 million yuan in Q3, a year-on-year decline of 13.26% [1] - The company is accelerating its global layout, with the first R&D and pilot base in Europe now operational, supporting the global supply chain [1] - New orders continued to grow, particularly from multinational pharmaceutical companies, indicating a strong market position in key areas [1] - The company expects net profits for 2024-2026 to be 1.064 billion yuan, 1.289 billion yuan, and 1.596 billion yuan, with growth rates of -53.1%, 21.1%, and 23.9% respectively [1] Financial Summary - For 2024, the company is projected to have a revenue of 5.954 billion yuan, a year-on-year decline of 23.9% [2] - The net profit attributable to shareholders for 2024 is estimated at 1.064 billion yuan, reflecting a year-on-year decrease of 53.1% [2] - The earnings per share (EPS) for 2024 is expected to be 2.89 yuan [2] - The price-to-earnings (P/E) ratio for 2024 is projected to be 29.6 times [2] - The return on equity (ROE) is expected to be 5.9% in 2024 [2]