Asymchem(002821) Guohai Securities·2024-04-05 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][8] Core Views - The report highlights steady growth in the small molecule CDMO business, with new business capacities accelerating [1][5] - The company achieved a total revenue of 7.825 billion yuan in 2023, a year-on-year decrease of 23.70%, but a 24.37% increase when excluding large orders [2][5] - The net profit attributable to shareholders was 2.269 billion yuan, down 31.28% year-on-year, while the non-recurring net profit was 2.104 billion yuan, down 34.87% [2][5] - The report emphasizes the robust pipeline of clinical projects, with 69 Phase III projects covering popular targets such as GLP-1 and KRAS, ensuring a solid foundation for future commercial orders [5][6] Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 1.442 billion yuan, a decline of 40.99% year-on-year, and a net profit of 59 million yuan, down 89.89% [2][5] - The small molecule CDMO business generated revenue of 6.620 billion yuan, with a year-on-year growth rate of 25.6% when excluding large orders [5][7] - The gross margin improved by 9.53 percentage points to 60.07% due to high-margin large order deliveries and ongoing cost reduction efforts [5][6] New Business Development - The new business segment generated revenue of 1.199 billion yuan in 2023, reflecting a year-on-year growth of 20.42% [5][6] - The chemical macromolecule production workshop has successfully commenced operations, with total capacity for solid-phase peptide synthesis reaching 10,250 liters by the end of March [5][6] - The company plans to expand its commercial production capacity for both small and large molecule APIs in Europe through self-construction or acquisitions [5][6] Future Outlook - Revenue forecasts for 2024, 2025, and 2026 are projected at 6.402 billion yuan, 7.766 billion yuan, and 9.430 billion yuan, respectively, with corresponding net profits of 1.311 billion yuan, 1.633 billion yuan, and 2.053 billion yuan [7][8] - The report maintains a positive outlook on the company's traditional small molecule CDMO business expansion and strategic layout in new business segments [5][6]