泓博医药：盈利能力修复向好，AI赋能平台DiOrion上线运行-20250513

Investment Rating - The investment rating for the company is "Accumulate" [4][9] Core Views - The company has shown stable revenue growth, with a reported revenue of 544.47 million yuan in 2024, representing an 11.18% year-on-year increase. The first quarter of 2025 saw a revenue increase to 169 million yuan, a 29.61% year-on-year growth [4][5] - The company's profitability is on a recovery trend, with a significant increase in net profit for the first quarter of 2025, reaching 12 million yuan, a 226.47% year-on-year increase [4][5] - The drug discovery segment continues to grow steadily, while the commercialization segment has experienced rapid expansion, contributing significantly to revenue growth [5][6] - The company has successfully launched its AI-enabled platform DiOrion, which is expected to enhance drug discovery efficiency and innovation capabilities [7][8] Financial Performance Summary - In 2024, the company achieved a total revenue of 544.47 million yuan, with a projected revenue of 727.57 million yuan for 2025, indicating a growth rate of 33.63% [11] - The net profit for 2024 was 17.08 million yuan, with projections of 40.42 million yuan for 2025, reflecting a substantial growth rate of 136.61% [11] - The earnings per share (EPS) are expected to increase from 0.12 yuan in 2024 to 0.29 yuan in 2025 [11] Business Segments Overview - The drug discovery segment generated 317 million yuan in revenue in 2024, accounting for 58.14% of total revenue, with a year-on-year growth of 7.97% [5] - The commercialization segment achieved a revenue of 165 million yuan, growing by 51.02% year-on-year, indicating its role as a key driver of revenue growth [5] - The CRO/CDMO active client base grew to 399, a 99.50% increase year-on-year, showcasing effective client expansion efforts [6] R&D and Technological Advancements - The company invested 47 million yuan in R&D in 2024, a 26.58% increase from the previous year, with R&D expenses accounting for 8.68% of total revenue [7] - The DiOrion platform, which integrates generative AI capabilities, is expected to significantly enhance the company's drug discovery processes [7][8]