【盈立证券】Deeply Engaged in AI-driven drug R&D revolution, Viva Starts a New Era of Globalized CRDMO Businesses-250423（43页）.pdf

1、 See important disclosures at the end Equity Research Company Research Biotech CRO RECOMMENDATION(BUY)Viva Biotech(1873.HK)April 23,2025 Deeply Engaged in AI-driven drug R&D revolution,Viva Starts a New Era of Globalized CRDMO Businesses Hang Seng Index 22,072.62 Hang Seng Composite Index 3,279.04 H

2、ang Seng Healthcare Index 2,923.57 Target Price(HKD)3.5 Upside/Downside(%)133%Market Consensus Price(HKD)2.61 Market Data Current Price(HKD)1.5 52-Week High/Low(HKD)2.12/0.41 Market Cap（HKDbn）3.20 Free-float Market Cap（HKDbn）3.20 Price Performance Up/Down%1m 3m 6m Absolute-16.7%89.9%61.29%Relative-9

3、.8%78.3%53.6%Source：Wind、uSMART Securities Yu Cai BTG755 Mail:jack.caiusmart.hk Coverage Initiated on Viva Biotech(1873.HK),with a BUY rating and target price of 3.5 HKD.Our viewpoints are as follows.Investment Thesis In this report,we provide an in-depth and differentiated analysis of Viva Biotech

4、as a leader in Chinas structure-based drug discovery(SBDD)CRDMO segment,highlighting its three core investment merits:Viva is a global leader in SBDD with integrated CRO+CDMO capabilities.SBDD is a mainstream technology in modern drug development.The basis of SBDD technology is to understand the int

5、eraction between drugs and targets at the molecular level,i.e.observing the inteprimaryraction between drug molecules and target proteins by analyzing their complex structure,to carry out rational drug design and improve drug R&D efficiency.The company has built the largest research platform on prot

6、ein structures in the world and expanded into the realm of CDMO through the acquisition of Langhua Pharma in 2020,establishing an integrated drug R&D and manufacturing platform.Since Q2 2024,the companys new CRO order intake has shown gradual recovery,while cost optimization measures have helped mai