凯莱英 (002821.SZ): 3Q26: small molecule CDMO outperformed emerging business

Asymchem reported 9M26 results after market close on 22 October: 9M26 revenue and earnings grew year on year, while 3Q26 sales rose 24% y-y, slightly below the Bloomberg consensus estimate. By segment, the small molecule CDMO business saw sales rebound 27% y-y in 3Q26 after prior declines, whereas emerging businesses recorded an 18% y-y decline; management said newly signed orders maintained double-digit y-y growth in 9M26. On margins, 3Q26 gross and operating margins expanded y-y on improved operating efficiency and lower R&D expense, with small molecule CDMO gross margin up y-y while emerging business gross margin fell. Net profit to shareholders jumped, helped by a fair-value gain on financial assets, and also grew on a recurring basis. Management reiterated its FY26E revenue growth guidance and expects a sharp acceleration in 4Q26E sales on faster order deliveries. The analyst maintains a Buy rating and the DCF-based target price (WACC and terminal growth assumptions unchanged), se