Core Viewpoint - Guosheng Securities initiates coverage on Weiya Bio (01873) with a "Buy" rating, projecting net profits of 221 million, 264 million, and 344 million yuan for 2025-2027, with growth rates of 32%, 20%, and 30% respectively, and PE ratios of 24X, 20X, and 15X. The company is expected to benefit from the global innovation drug industry's growth through the synergistic development of CRO and CDMO, AI-driven R&D efficiency, and investment incubation ecosystem [1] Group 1: CRO Business - The CRO business has shown signs of a turning point, with revenue growth observed in the second half of 2024, indicating a recovery trend. The company focuses on FIC's Discover business, providing a full-chain service from target identification to candidate compounds [2] - The global biopharmaceutical investment environment is experiencing a mild recovery, with domestic companies expected to gradually rebound in their front-end operations. The company has established a cross-disciplinary team for AI-driven drug discovery, participating in 157 projects, with some AI-enabled projects generating over 10 million USD in revenue [2] Group 2: CDMO Business - The company has entered the CDMO sector through acquisitions, becoming a significant producer of key raw materials. In 2024, the overall revenue from the CDMO business reached 684.9 million yuan, maintaining a stable gross margin of 38.6% [3] - Two key CDMO commercialization projects are entering the PPQ stage, expected to launch commercially in 2026 and 2027, providing new growth momentum for the CDMO segment [3] Group 3: Investment Incubation - The company has realized returns from multiple incubation companies, totaling approximately 76.5 million yuan, with investment income from fair value changes around 52.6 million yuan. As of the first half of 2025, the company has incubated 228 pipelines, with 186 in preclinical and 42 in clinical stages [3] - Eight incubation companies have completed or are nearing completion of new financing rounds, raising a total of 293.6 million USD. The current innovation drug bull market is expected to yield substantial investment returns, with a peak in the investment incubation segment anticipated as potential exit projects come to fruition [3]
国盛证券：首予维亚生物“买入”评级 CDMO与孵化生态协同打开成长空间