Asymchem(002821) Southwest Securities·2024-04-01 16:00Investment Rating - The report maintains a "Buy" rating for the company [1][11]. Core Views - The company reported a revenue of 7.83 billion yuan in 2023, a decrease of 23.7% year-on-year, and a net profit attributable to shareholders of 2.27 billion yuan, down 31.3% year-on-year [2][4]. - Excluding large orders, the core business showed steady growth, with the small molecule CDMO business generating 6.62 billion yuan in revenue, which is a 25.6% increase when excluding large orders [2]. - Emerging business segments accelerated their layout, achieving 1.2 billion yuan in revenue, a growth of 20.4% [3]. Summary by Sections Financial Performance - Revenue for 2023 was 7.83 billion yuan, down 23.7% from the previous year [4]. - Net profit attributable to shareholders was 2.27 billion yuan, a decrease of 31.3% year-on-year [4]. - The company expects EPS for 2024-2026 to be 3.76 yuan, 4.59 yuan, and 5.74 yuan, respectively, with corresponding PE ratios of 23, 19, and 15 [11]. Business Segments - The small molecule CDMO business achieved a revenue of 6.62 billion yuan, with a 25.6% increase when excluding large orders [2]. - The clinical project segment generated 1.51 billion yuan, with a slight decline of 9.6% year-on-year, but remained stable when excluding specific antiviral project impacts [2]. - Emerging business segments, including chemical macromolecules and formulation businesses, showed growth rates of 8.8% and 18.4%, respectively [3]. Market Position and Outlook - The company is positioned as a leading technology-driven CDMO globally, with expectations for continued market share growth [8]. - The report highlights a strong project pipeline, with 69 clinical phase III projects covering popular targets, which supports future commercialization orders [2][3]. - The company anticipates a 15%-25% growth in non-COVID revenue for 2024, supported by a backlog of 874 million USD in orders [3].