Investment Rating - The report initiates coverage with a "Strong Buy" rating for the company [1][53]. Core Insights - The company has successfully cleared its convertible bonds and is positioned for growth in 2024, leveraging its CRO and CDMO businesses to capitalize on the recovering industry [1][53]. - The CRO business is a leader in protein analysis, with a global market share of approximately 70%, and has begun to see a recovery in new orders since Q2 2024 [8][24]. - The CDMO segment, through the acquisition of Langhua Pharmaceutical, has strengthened its production capabilities and is experiencing improved operational efficiency [37][41]. - The investment incubation arm, VBI, has invested in 93 biotech startups, with several projects nearing clinical stages, indicating a potential for future returns [43][49]. Financial Data and Valuation - Total revenue is projected to decline from 2,382 million in 2022 to 1,966 million in 2024, before recovering to 2,597 million by 2026, with a CAGR of 15% from 2024 to 2026 [3][54]. - Adjusted net profit is expected to grow from 209 million in 2023 to 408 million by 2026, reflecting a strong recovery trajectory [3][54]. - The company’s PE ratio is projected to decrease from 15.5 in 2023 to 7.9 by 2026, indicating increasing valuation attractiveness [3][54]. Business Segments CRO Business - The CRO segment focuses on first-in-class drug development and has seen a 15% decline in revenue in the first half of 2024, primarily due to a cooling global investment environment [20][24]. - The company has established a unique AI-enabled SBDD platform, enhancing its drug discovery capabilities [31][32]. CDMO Business - The CDMO segment, through Langhua Pharmaceutical, has a solid customer base with a revenue contribution of approximately 57% from CDMO services in the first half of 2024 [37][41]. - The company is expanding its production capacity, with new facilities expected to be operational by Q4 2025 [41][42]. Investment Incubation - VBI has a diverse portfolio of 200+ drug pipelines, with several projects in advanced clinical stages, indicating a robust pipeline for future growth [43][49]. - The investment strategy has already yielded returns, with approximately 144 million in cash inflows from successful exits in the first half of 2024 [43][49].
维亚生物（01873）：AI驱动FIC药物研发，轻装上阵开启新局面