Investment Rating - The investment rating for Chengdu Xian Dao (688222.SH) is "Outperform the Market" [5][3]. Core Views - The company achieved significant revenue and profit growth in the first three quarters of 2025, with revenue reaching 370 million yuan (+23.98%) and net profit attributable to shareholders at 93 million yuan (+208.34%) [8][3]. - The core business and self-developed pipeline are progressing smoothly, with clinical trials for HG146 targeting solid tumors advancing well [19][3]. - The "DEL+AI+Automation" platform has shown promising results, enhancing drug discovery and optimization processes [20][3]. Summary by Sections Financial Performance - In the first three quarters of 2025, the company reported revenue of 370 million yuan, a year-on-year increase of 23.98%, and a net profit of 93 million yuan, up 208.34% [8][3]. - The third quarter alone saw revenue of 143 million yuan (+37.89%) and net profit of 43 million yuan (+114.98%) [8][3]. - The overall gross margin for the first three quarters was 54.9%, an increase of 5.5 percentage points, and the net profit margin was 25.1%, up 15 percentage points [13][3]. Business Development - The core business has seen continuous growth, with an increase in commercial projects and successful collaborations with global partners [19][3]. - The DEL and FBDD/SBDD segments have achieved milestone payments from various projects [23][3]. - The company has initiated two new self-developed projects, leveraging the "DEL+AI+Automation" platform for drug discovery [20][3]. Future Outlook - The revenue forecasts for 2025-2027 are projected at 505 million yuan, 608 million yuan, and 744 million yuan, representing year-on-year growth rates of 18.3%, 20.5%, and 22.3% respectively [3][4]. - The net profit forecasts for the same period are 103 million yuan, 124 million yuan, and 152 million yuan, with growth rates of 99.7%, 20.5%, and 22.6% respectively [3][4]. - The current price-to-earnings ratios are projected at 94.4, 78.3, and 63.9 for 2025, 2026, and 2027 respectively [3][4].