Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Insights - The company has successfully turned a profit in 2024, achieving a net profit of 220 million yuan, compared to a loss in the previous year, with an adjusted net profit of 310 million yuan, reflecting a year-on-year increase of 50.6% [1][7]. - The company's revenue for 2024 was 1.99 billion yuan, a decrease of 7.8% year-on-year, but the second half of 2024 showed signs of recovery with a revenue of 1.01 billion yuan, only down 0.8% year-on-year [1][7]. - The CRO (Contract Research Organization) business is showing recovery with a revenue of 810 million yuan in 2024, down 4.0% year-on-year, but the second half of 2024 saw a revenue increase of 5.8% year-on-year [7]. - The CDMO (Contract Development and Manufacturing Organization) business reported a revenue of 1.18 billion yuan in 2024, down 10.3% year-on-year, with two significant projects nearing commercialization [7]. - The investment incubation business is entering a harvest phase, with 93 startups incubated and 15 having achieved full or partial exits by the end of 2024 [7]. - The company is transitioning its drug discovery platform from "AI-assisted" to "AI-driven," with 157 projects involving AI and over 10 million USD in revenue from AI-enabled projects [7]. - Revenue projections for 2025-2027 are estimated at 2.28 billion, 2.63 billion, and 3.10 billion yuan, with adjusted net profits of 350 million, 400 million, and 480 million yuan respectively [7]. Financial Data Summary - Total revenue for 2023 was 2.159 billion yuan, with a projected increase to 2.278 billion yuan in 2025, reflecting a year-on-year growth of 15% [2][9]. - Adjusted net profit is expected to grow from 315 million yuan in 2024 to 477 million yuan in 2027, with corresponding PE ratios decreasing from 11.2 to 7.4 [2][10]. - The company’s total assets are projected to increase from 7.051 billion yuan in 2024 to 8.336 billion yuan in 2027 [8].
维亚生物（01873）：完美收官，扭亏为盈步入新征程