Asymchem(002821) 国海证券·2025-04-25 15:37Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights significant achievements in cost reduction and efficiency improvement, with a notable increase in net profit margin quarter-on-quarter [6] - Emerging businesses have shown a strong recovery with over 80% year-on-year revenue growth [6] - The company maintains its profit forecast, expecting revenue and net profit growth for the years 2025 to 2027 [6] Financial Performance Summary - For Q1 2025, the company achieved total operating revenue of 1.541 billion yuan, a year-on-year increase of 10.10%, and a net profit attributable to shareholders of 327 million yuan, up 15.83% year-on-year [5] - The gross profit margin for Q1 2025 was 42.54%, a decrease of 0.98 percentage points year-on-year, while the net profit margin recovered to 21.06%, an increase of 1.09 percentage points year-on-year and 6.91 percentage points quarter-on-quarter [6] - The company’s small molecule business maintained stable development, with revenue remaining flat and a gross margin of 45.17% [6] Profit Forecast and Valuation - The company’s projected operating revenue for 2025, 2026, and 2027 is 6.5 billion, 7.3 billion, and 8.2 billion yuan respectively, with net profits of 1.164 billion, 1.410 billion, and 1.673 billion yuan respectively [8][9] - Corresponding P/E ratios are expected to be 23x, 19x, and 16x for the years 2025, 2026, and 2027 [6][9]