Core Viewpoint - CrystalTech Holdings has completed the acquisition of Liverpool ChiroChem (LCC), enhancing its capabilities in the exploration of chemical spaces through its "AI + Robotics" intelligent autonomous experimental platform [1] Group 1: Company Overview - CrystalTech is a comprehensive platform company integrating "quantum physics + AI + robotics," utilizing quantum algorithms as its technical foundation [1] - The company has achieved rapid revenue growth, surpassing the commercialization threshold, with projected revenue of 266 million yuan in 2024, representing a year-on-year increase of 52.75% [1] - The client base includes 16 of the top 20 global biotechnology and pharmaceutical companies, establishing long-term partnerships with industry leaders such as Pfizer, Johnson & Johnson, and Merck Group [1] Group 2: Competitive Advantages - The company's core competitive advantages are driven by technological innovation, data barriers, and algorithm superiority [2] - Technological innovation is exemplified by the creation of a "quantum physics + AI + robotics" R&D platform [2] - Data barriers are established through a "high-throughput experiment - high-quality data - high intelligent model" flywheel, with the robotic laboratory operating 24/7 and accumulating over 200,000 reaction process data points monthly [2] - Algorithm superiority is highlighted by the global-leading protein interaction prediction algorithm XtalFold, with commercial licensing agreements with multinational pharmaceutical companies [2] Group 3: Revenue Forecast - As a leader in AI for Science, the company is expected to deepen the application of AI + robotics technology across various fields, with projected revenues of 424 million, 676 million, and 957 million yuan for 2025, 2026, and 2027, respectively [2]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Insights - The company has completed the acquisition of Liverpool ChiroChem (LCC), enhancing its capabilities in the field of chiral molecule research and development [2]. - The company operates as a comprehensive platform integrating quantum physics, AI, and robotics, which forms a complete loop of algorithm simulation and experimental validation [2][3]. - The company has established long-term partnerships with 16 of the top 20 global biotechnology and pharmaceutical companies, including Pfizer and Johnson & Johnson [3]. - The company is recognized as a leader in "AI for Science," with significant revenue growth projected, reaching CNY 266.43 million in 2024, a year-on-year increase of 52.75% [4]. Financial Summary - The company’s revenue is expected to grow significantly, with projections of CNY 424.07 million in 2025, CNY 676.38 million in 2026, and CNY 957.43 million in 2027, reflecting growth rates of 59.16%, 59.50%, and 41.55% respectively [5][10]. - The net profit attributable to the parent company is forecasted to improve from a loss of CNY 1,914.38 million in 2023 to a profit of CNY 60.34 million by 2027 [5][10]. - The company’s earnings per share (EPS) is projected to transition from a loss of CNY 3.96 in 2023 to a profit of CNY 0.02 by 2027 [5][10]. Market Data - As of June 18, 2025, the closing price of the stock was HKD 5.95, with a 12-month price range of HKD 3.26 to HKD 15.60 [6]. - The total market capitalization of the company is approximately HKD 23,917.88 million [6].