Asymchem(002821) 天风证券·2025-04-28 07:05Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 74.47 CNY [7][5]. Core Insights - The company reported a revenue of 1.541 billion CNY for Q1 2025, representing a year-on-year growth of 10.1%, and a net profit of 327 million CNY, up 15.8% year-on-year [1]. - The gross profit margin and net profit margin for Q1 2025 were 42.5% and 21.2%, respectively [1]. - The company has implemented cost reduction and efficiency improvement measures, resulting in a net profit growth rate that outpaced revenue growth by 5.7 percentage points in Q1 2025 [2]. - The small molecule CDMO business showed stable performance with a gross margin of 45.17%, while emerging businesses saw revenue growth exceeding 80% and a gross margin of 33.05% [3]. - A stock incentive plan was introduced, granting 4.896 million shares at a price of 37.52 CNY per share, aimed at enhancing employee motivation and company cohesion [4]. Financial Projections - Revenue projections for 2025-2027 are estimated at 6.617 billion CNY, 7.617 billion CNY, and 8.782 billion CNY, respectively [5]. - The expected net profit for the same period is projected to be 1.114 billion CNY, 1.310 billion CNY, and 1.532 billion CNY [5]. - The report anticipates a consistent increase in revenue and net profit margins over the forecast period [5].