DEL恢复显著，研发费用率持续维持高位

Investment Rating - The investment rating for Chengdu XianDao (688222.SH) is "Buy" (maintained) with a market price of 12.19 [1]. Core Views - The report highlights that the company's revenue is expected to grow steadily, primarily driven by the recovery of its core DEL business and the continuous improvement of other technology platforms. However, the decrease in exchange gains and increased tax expenses have impacted the net profit [4][5]. - The company is recognized as a global leader in drug discovery CRO+Biotech, with a rich pipeline of new drug research and development, which is anticipated to enhance performance elasticity [5]. Financial Forecast and Valuation - Revenue projections for 2023, 2024, and 2025 are estimated at 372 million, 435 million, and 502 million respectively, reflecting year-on-year growth rates of 12.74%, 17.03%, and 15.31% [5]. - Net profit forecasts for the same years are 44 million, 50 million, and 60 million, with year-on-year growth rates of 73.92%, 14.00%, and 20.25% [5]. - The report indicates that the company maintained a high R&D investment level, with approximately 80.42 million allocated in 2023, accounting for about 22% of revenue [4]. Business Recovery and Technology Platforms - The DEL business has shown significant recovery, with Q4 2023 revenue reaching 126 million, a year-on-year increase of 12.95%, and a net profit of 25.65 million, up 72.87% [4][10]. - The company has developed multiple technology platforms, including protein degradation and nucleic acid drug development, which are expected to contribute to new revenue streams as they mature [11]. Market Position and Future Outlook - The report emphasizes the company's strong market position and the potential for continued growth through the successful transfer of new drug projects, which are currently in early clinical stages [11]. - The overall financial health of the company is projected to improve, with a focus on enhancing operational efficiency and expanding its market presence [5].