Investment Rating - The report assigns a "Buy" rating to the company with a current price of HKD 1.50 and a fair value of HKD 2.41 [2]. Core Views - The company has a comprehensive AIDD technology platform that enhances its operational efficiency and competitive edge, with a significant recovery in its CRO business expected due to cost reduction and industry recovery [7]. - The introduction of strategic investors has helped the company address its debt crisis and improve governance and management [7]. - The company's revenue is projected to grow significantly, with expected main revenues of RMB 2,053 million in 2024, RMB 2,393 million in 2025, and RMB 2,823 million in 2026 [7]. Summary by Sections 1. Strategic Investment and AIDD Technology Platform - The company has introduced strategic investors to alleviate its debt crisis and has restructured its operations to enhance efficiency [7][30]. - The transition from SBDD/FBDD/ASMS platforms to a full-process AIDD technology platform has been pivotal, leveraging AI to improve drug discovery processes [7][34]. 2. Industry Recovery and Project Advancement - The CRO business is gradually recovering, with new orders increasing post-2024 Q2, supported by AI applications and cost efficiency measures [7][60]. - The company has expanded its client base to over 2,350, indicating a robust demand for its services [7][56]. 3. Financial Projections and Investment Recommendations - The company is expected to see a turnaround in profitability, with adjusted net profits projected to reach RMB 257 million in 2024 and RMB 323 million in 2025 [7]. - The report anticipates a PE ratio of 15x for 2025, leading to a fair value estimate of HKD 2.41 per share [7].
维亚生物：全流程技术平台核心优势，经营拐点已现-20250313