HitGen(SH:688222) Minsheng Securities·2025-04-29 05:58Investment Rating - The report maintains a "Recommended" rating for Chengdu Xian Dao (688222.SH) [4][6] Core Views - Chengdu Xian Dao achieved a revenue of 427 million yuan in 2024, representing a year-on-year increase of 14.99%, and a net profit attributable to shareholders of 51 million yuan, up 26.13% year-on-year [1] - In Q1 2025, the company reported a revenue of 107 million yuan, a slight decline of 0.60% year-on-year, while the net profit attributable to shareholders surged by 102.90% to 28 million yuan [1][2] - The gross margin for Q1 2025 improved to 48.13%, an increase of 2.92 percentage points year-on-year and 5.83 percentage points quarter-on-quarter [2] - The company is focusing on enhancing its foundational capabilities through AI integration, which is expected to accelerate drug discovery processes [4] Summary by Sections Financial Performance - In 2024, the revenue breakdown by business segments shows: 1. DEL segment generated 199 million yuan, up 8.55% year-on-year 2. FBDD/SBDD segment achieved 120 million yuan, up 30.99% year-on-year 3. OBT segment reported 48 million yuan, up 39.72% year-on-year [3] - The projected revenues for 2025-2027 are 515 million, 614 million, and 722 million yuan, with growth rates of 20.6%, 19.1%, and 17.7% respectively [4][6] Profitability Metrics - The net profit attributable to shareholders is forecasted to be 65 million, 84 million, and 103 million yuan for 2025, 2026, and 2027, with growth rates of 27.3%, 28.9%, and 22.7% respectively [6][9] - The PE ratios for the same years are projected to be 91, 71, and 58 [6][9] Strategic Initiatives - The company has successfully built a DMTA molecular optimization infrastructure combining DEL and AI, which enhances the efficiency of drug development [4] - The integration of AI is expected to reduce trial and error costs while accelerating the transition from target discovery to clinical candidates [4]