ALMS Latest Report

Financial Performance Review

Based on the provided financial data, Alumis (stock code: ALMS) recorded a revenue of -98622000 yuan in 2024, compared to -40132000 yuan in 2023, indicating a YoY decrease of 146.48%. This change reflects a significant deterioration in the company's revenue, possibly due to declining market demand, poor product sales, or other operational issues.

Key Financial Data

1. Revenue in 2024 was -98622000 yuan, down 146.48% YoY.

2. R&D expenses in 2024 were 87204000 yuan, a significant increase from 34605000 yuan in 2023.

3. The industry as a whole faces challenges, with suppressed market demand and intensified competition.

4. Competitors in the industry performed strongly in 2024, with some companies achieving significant revenue growth.

Peer Comparison

1. Industry-wide analysis: The overall industry may face challenges such as economic slowdown and intensified competition, which could lead to revenue declines for multiple companies. The steel industry is expected to see improved demand in some sectors in 2024, with shipbuilding steel set to maintain stable growth in the next 3-5 years, indicating that some parts of the industry still have opportunities. [Source](https://stock.cfi.cn/p20240820006181.html)

2. Peer evaluation analysis: When compared to other companies in the industry, Alumis' revenue decline is notable. Competitors such as Allist and Tebao Biotech achieved significant revenue growth in 2024, indicating Alumis' relatively weaker market position. Allist's revenue grew by 110.57% YoY, while Tebao Biotech saw a significant increase in revenue from 2019 to 2023, demonstrating its strong market performance. [Source](https://mp.weixin.qq.com/s?__biz=MzA3OTQyNzQ3Mg==&idx=3&mid=2651299678&sn=53f2ea4aaa87530e93945cb91aca520b)

Summary

Based on this analysis, Alumis' revenue decline is primarily affected by factors such as weak market demand, insufficient product competitiveness, and rising operating costs. The increase in R&D investment may also put pressure on short-term revenue. Compared to peers, Alumis is at a disadvantage in the competition, and needs to strengthen its market strategy to improve its performance.

Opportunities

1. With the improvement in some industry demand, Alumis can explore new market opportunities, especially in shipbuilding steel and infrastructure-related sectors.

2. Increasing R&D investment may lead to the launch of new products, enhancing market competitiveness.

3. Learning from competitors' successful experiences, optimizing sales strategies and marketing, and increasing product sales.

Risks

1. Continued weak market demand could lead to further revenue declines.

2. While R&D investment can bring long-term benefits, it may also cause cash flow pressure and a decline in profitability in the short term.

3. Intensified industry competition, if not addressed quickly, could result in the loss of more market share.