Group 1 - The core viewpoint of the report is that Via Biotechnology (01873) is rated as "Buy" with projected net profits of 221 million, 264 million, and 344 million yuan for 2025-2027, reflecting growth rates of 32%, 20%, and 30% respectively, with PE ratios of 24X, 20X, and 15X [1] - 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 improvements, and investment incubation ecosystem construction [1] - The CRO business is identified as the company's core competitive advantage, showing signs of recovery with year-on-year and month-on-month growth in orders, indicating a positive trend for the future [1][2] Group 2 - The CDMO segment is entering a commercialization phase with two key projects in the PPQ stage, expected to launch commercially in 2026 and 2027, providing new growth momentum for the CDMO sector [3] - The company has established a comprehensive platform in the CDMO field through acquisitions, becoming a significant producer of key raw materials, with CDMO revenue reaching 684.9 million yuan and a stable gross margin of 38.6% [3] - The investment incubation efforts have yielded nearly 76.5 million yuan in returns, with 228 projects in the pipeline, indicating a potential peak in investment returns as several projects approach exit [3]
国盛证券：首予维亚生物(01873)“买入”评级 CDMO与孵化生态协同打开成长空间