Core Viewpoint - The report highlights the recovery of profitability for Hongbo Pharmaceutical, driven by stable revenue growth and the launch of the AI-enabled platform DiOrion, leading to an "Accumulate" rating for the company [1][8]. Financial Performance - In 2024, the company achieved revenue of 544 million yuan, a year-on-year increase of 11.18%, while the net profit attributable to shareholders was 17 million yuan, down 54.59% year-on-year [2]. - The first quarter of 2025 saw revenue of 169 million yuan, a year-on-year increase of 29.61%, with net profit attributable to shareholders rising to 12 million yuan, a significant increase of 226.47% [2]. Revenue and Profit Trends - Revenue showed stable growth, with quarterly figures for 2024 being 131 million, 135 million, 126 million, and 153 million yuan, respectively, and further growth in Q1 2025 to 169 million yuan [3]. - The company’s net profit margin improved, with the gross profit margin for Q1 2024 at 20.61% and increasing to 28.39% in Q1 2025 [3]. Business Segments - The drug discovery segment maintained steady growth, generating 317 million yuan in revenue, accounting for 58.14% of total revenue, with a year-on-year growth of 7.97% [4]. - The commercialization segment experienced rapid growth, achieving 165 million yuan in revenue, a year-on-year increase of 51.02% [4]. - The process research and development segment faced challenges, with revenue declining by 38.15% to 48 million yuan [4]. Client and Order Growth - The number of active clients in the CRO/CDMO segment grew significantly, reaching 399, a year-on-year increase of 99.50% [5]. - The company maintained a stable order backlog of 312 million yuan, with a slight year-on-year increase of 1.18% [5]. R&D Investment and AI Development - R&D investment reached 47 million yuan in 2024, a year-on-year increase of 26.58%, representing 8.68% of total revenue [6]. - The AI-enabled platform DiOrion, which integrates various drug discovery processes, has been successfully launched, enhancing the company's competitive edge [6]. Investment Outlook - The company is projected to achieve net profits of 404.2 million, 488.8 million, and 543.7 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.29, 0.35, and 0.39 yuan [7]. - The company’s comprehensive service platform and continuous R&D investment are expected to drive future growth, maintaining an "Accumulate" rating [8].
长城国瑞证券：给予泓博医药增持评级