[Table_Title] 证券研究报告 / 港股公司报告 AI+机器人赋能"生物制药+新材料开发" [Table_Summary] 事件：根据公司公告，晶泰控股子公司收购四维医学 90%的股权，交易 对价为 2.5 亿元，且以现金方式结清。 点评 2024 年营收突破商业化门槛，亏损持续收窄，现金流储备充足 2024 年，公司实现营收 2.66 亿元（同比+52.8%），主要系智能机器人解 决方案收入同比增长 87.8%和药物发现解决方案收入同比增长 18.2%。 同时，公司已提前达成联交所对已商业化公司的收入门槛要求（2.5 亿港 元），标志着在公司步入商业化发展的新阶段。2024 年，公司实现经调整 净亏损 4.57 亿元（同比收窄 12.5%），未来随着公司营收规模持续增长， 公司有望实现扭亏为盈；截至 2024 年 12 月 31 日，公司现金储备达 31.23 亿元，如计入 2025 年 Q1 的两次配售募集所得款项净额 29.68 亿元，预 计可支持未来 10 年运营，为研发投入和业务拓展提供坚实保障。 AI+机器人赋能生命科学，合作管线实现里程碑跨越 2024 年，公司药物发现解决方案实现收入 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Viewpoints - The company is positioned as a rare asset in the AI for Science sector, aiming to disrupt traditional R&D paradigms and unlock significant market potential [1][14]. - The company has achieved a revenue milestone that qualifies it as a commercial entity under Hong Kong Stock Exchange rules, with a notable reduction in net losses [8][14]. - The integration of dry and wet lab experiments creates a data barrier that strengthens the company's competitive moat [8][14]. - The company is making progress in its collaborative drug pipeline and expanding its client base in new materials and other sectors [8][14]. - Short-term growth is driven by policy incentives, while long-term growth is supported by customer retention and successful project incubation [8][14]. Summary by Sections 1. AI for Science as a Rare Asset - The company, founded in 2015, leverages quantum physics and AI to provide innovative R&D solutions across pharmaceuticals and materials science [14]. - The founding team consists of MIT-trained scientists, enhancing the company's R&D capabilities [8][14]. - The company has raised approximately $732 million from global investors, establishing itself as a leader in AI-enabled drug discovery [17][19]. 2. AI Solutions and Automation Industry - The AI solutions market is expected to grow significantly, particularly in healthcare and materials science [26][30]. - The global automation market is rapidly expanding, with laboratory automation penetration projected to increase from 3.7% in 2022 to 23.2% by 2030 [27][30]. - The convergence of data growth, labor cost increases, and technological integration is driving the growth of AI solutions and automation [34]. 3. Revenue and Profitability Forecast - The company forecasts revenues of RMB 4.26 billion, RMB 6.83 billion, and RMB 10.95 billion for 2025, 2026, and 2027, respectively, with a projected return to profitability by 2027 [1][8]. - The adjusted net loss is expected to narrow significantly over the forecast period, indicating improving financial health [1][8]. 4. Market Trends and Opportunities - The AI drug discovery market is anticipated to grow from RMB 2.76 billion in 2022 to RMB 67.7 billion by 2025, driven by advancements in technology and increased collaboration [41][42]. - The solid-state R&D services market is projected to grow at a CAGR of 27.7%, reaching $20.9 billion by 2030 [52].