QUANTUMPHARM(2228.HK):ADVANCED QUANTUM PHYSICS-BASED AI-POWERED AND ROBOTICSDRIVEN COMPANY TO ACCELERATE DRUG AND MATERIAL DISCOVERY
QUANTUMPHARM(2228.HK):ADVANCED QUANTUM PHYSICS-BASED AI-POWERED AND ROBOTICSDRIVEN COMPANY TO ACCELERATE DRUG AND MATERIAL DISCOVERY
Accelerating the design and discovery of novel drugs and materials leveraging quantum physics, AI and robotic automation. Founded by three MIT-trained physicists, QuantumPharm Inc. is a globally leading, quantum physics-based, AI-powered, and robotics-driven, innovative R&D platform in terms of technological advantages, aiming to accelerate the design and discovery of novel drugs and materials. The Company adopts a combination of quantum physics-based first-principles calculation, advanced AI, high- performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&D solutions and services to global conglomerates and innovative companies in the pharma and material science industries and beyond.
利用量子物理、人工智能和機器人自動化加速新藥和材料的設計和發現。QuantumPharm Inc由三名麻省理工學院訓練過的物理學家創立，是一家全球領先的基於量子物理、以人工智能爲動力和以機器人驅動的創新研發平台，在技術優勢方面處於領先地位，旨在加速新藥和材料的設計和發現。該公司採用基於量子物理學的第一原理計算、高級人工智能、高性能雲計算和可擴展和標準化的機器人自動化相結合，爲藥物和材料科學研發提供解決方案和全球企業集團、醫藥和材料科學行業以及其他創新公司的服務。
Well-formatted AI-enabled businesses components. Leveraging its advanced technologies, the Company's business primarily comprises (i) drug discovery solutions providing modular solutions spanning the full spectrum of the drug discovery and research process, and (ii) intelligent automation solutions consisting of solid-state R&D services and automated chemical synthesis services. QuantumPharm expects to have diverse revenue streams, including (i) transaction-based upfront, milestone, contingent payments, and/or royalties from drug discovery collaborations, (ii) transaction-based service fees from drug discovery solutions and solid-state R&D services, and (iii) subscription-based service fees from automated chemical synthesis services.
格式良好的人工智能業務組件。藉助其先進技術，該公司的業務主要包括(i)提供跨足藥物發現研究的模塊化解決方案，以及 (ii)由固態R&D服務和自動化化學合成服務組成的智能自動化解決方案。QuantumPharm預計將擁有多樣化的營業收入，其中包括(i)從藥物發現合作中的交易性前期、里程碑、有條件支付和/或版稅收入，(ii)從藥物發現解決方案和固態R&D服務的交易性服務費，以及(iii)從自動化化合物合成服務的訂閱性服務費。
Significant collaborations and investments as endorsements to the Company's solutions. With significant value to customers and collaborators and synergies within the Company's ecosystem, QuantumPharm has a suite of elite customers and collaborators. As of 13 May 2024, the Company served more than 100 global biotechnology and pharmaceutical companies and research institutions, including 16 of the top 20 global biotechnology and pharmaceutical companies ranked by revenue in 2022. The Company's advanced technologies have attracted both private equity and strategic investors, many of which are globally leading investors, such as HongShan, Mirae Asset, Google, Tencent, China Life, and 5Y Capital.
重要的合作和投資爲公司的解決方案背書。QuantumPharm在公司生態系統內擁有多重價值，針對客戶和合作夥伴提供了一系列的精英客戶和合作夥伴。截至2024年5月13日，該公司爲100多家全球生物技術和製藥公司以及研究機構提供服務，包括2022年營業收入排名前20的全球生物技術和製藥公司中的16家。該公司的先進技術吸引了股權投資和戰略投資者，其中許多是全球領先的投資者，如鴻山、美麗信資產、谷歌、tencent n6006、中國人壽和五嶽資本。
Initiate at BUY with TP of HK$7.25. We expect QuantumPharm's total revenue to reach RMB306mn/ 562mn/ 911mn with attributable net loss of RMB660/ 281mn/ 23mn in FY24E/ 25E/ 26E. We derive our target price of HK$7.25 based on a DCF model (WACC: 9.79%, terminal growth rate: 4.0%).
買入，目標價港元7.25元。我們預計QuantumPharm的營業收入總額將在FY24E/25E/26E達到3.06億/5.62億/9.11億元，歸屬淨虧損分別爲6,600萬元/2,810萬元/230萬元。我們根據DCF模型推導出目標價港元7.25元(WACC:9.79%,終端增長率:4.0%)。
Risks: Risks relating to 1) research and development, 2) commercialization of its solutions and services, and 3) operations.
風險：與1)研究和開發、2)解決方案和服務的商業化以及3)運營相關的風險。
譯文內容由第三人軟體翻譯。