人工智能驱动的创新解锁广阔的商业前景

XtalPi (2228 HK) AI-driven innovation unlocks expansivecommercial prospects Target PriceHK$7.57(Previous TPHK$7.57)Up/Downside30.6%Current PriceHK$5.80 XtalPi’s revenue increased by 52.8%YoYto RMB266mn in FY24, drivenby stronggrowthinits intelligentrobotics solutions segment,whichroseby87.8%toRMB163mn. This was largelydueto robust demandofXtalPi R&D solutions,including traditional Chinese medicine (TCM) and electrolyte robotics offerings, aswell as increased revenue from automated chemical synthesis services.During theperiod,revenuefromdrugdiscoverysolutionsalsogrewby18.2%YoYtoRMB104mn, supported by an expanded customer base and a higher numberofrevenue-generating programs.In FY24,XtalPi’sadjustednet loss(excluding impactfrom share-based compensation, fair value loss of convertible preferred shares andlisting expenses) reduced by 12.5%YoYto RMB457mn.R&D expenses declinedby 13.0%YoYto RMB418m,inwhichSG&A expenses increasedby 36%YoYtoRMB489mn,mainly due to higher share-based compensation andlisting-relatedexpenses.Contract fulfillment costs increased by 13.3%YoYto RMB143mn, in linewith expanded service delivery.As ofend-2024,XtalPihad RMB3.1bn cashbalance.Thecompanyfurther strengthened its financial position by completing twofundraising placement inearly2025, raising HK$3.2bn to enhance its cash reservesand fund future growth initiatives. China Healthcare Jill WU, CFA(852) 3900 0842jillwu@cmbi.com.hk Andy WANG(852) 3657 6288andywang@cmbi.com.hk Stock Data AI platform powering dual-core growth. XtalPi leverages its proprietary AI-powered R&D platform to deliver stable and accelerating revenue growth acrosstwo core business areas: drug discovery and intelligentrobotics.Fordrugdiscovery, the company offers end-to-end modular solutions and has builtstrategic collaborations with leading global and domestic pharma companies,including Eli Lilly, J&J,UCB,Zhuhai United Lab,Signet Therapeutics,METABiopharmaand N1 Life.Notably, a drug candidate co-developed with Signet forthe treatment of diffuse gastric cancer has entered Ph1 clinical trials inChinaand the US, while another candidate developed in collaboration with META,targeting primary hyperoxaluria, has progressed to the IND stage. Strategic partnerships across industries.Beyond healthcare, XtalPi hasextendeditsreachintomaterialsscience,agriculture,consumer,AIinfrastructure, and other emerging verticals through extensive collaborations.These cross-industry partnerships highlight XtalPi’sability to deliver scalable,AI-enabled solutions with broad applicability.For instance, in the energy sector,XtalPicollaborates with GCL Group to accelerate the development of newmaterials for the green transition. It also deployed a high-throughput synthesisand catalyst pre-treatment solution for Sinopec’s Research Institute.In the high-tech arena, XtalPi works with Microsoft China on innovations inbiomedicine andnew materials.XtalPi’s expanding ecosystem of partnerships reflects its strongcommercialization potential across AI and robotics-enabled industries. Source: FactSet MaintainBUY.With broad collaborations and cross-industry applications,XtalPi is well-positioned to create long-term valueacross multiple sectors.Wederive our target price of HK$7.57based on a DCF model (WACC:9.45%,terminal growth rate:4.0%). Risks:PotentialdelaysinpartneredR&Dpipelines,uncertaintyincommercializationsustainability, and possiblesell-offfollowing lock-up expiry.Earnings Summary Disclosures& Disclaimers Analyst CertificationThe research analyst who is primary responsible for the content of this research report, in whole or in part, certifies that with respect to the securities or issuerthat the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directlyor indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to the date ofissue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3) serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report.CMBIGM or its affiliate(s) have investment banking relationship with the issuers covered in this report in preceding 12 months. CMBIGM RatingsBUY : Stock with potential return of over 15% over next 12 monthsHOLD: Stock with potential return of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM :I