Northeast Securities Pharma [Fu] Focus on Hualan Biological Engineering. The Company is at a Critical Stage of Traditional Pharmaceutical Packaging Main Business Recovery and AI Pharmaceutical Platform Entering Commercialization Validation.

English summary

The traditional pharmaceutical packaging business was affected in Q1 by factors such as share-based payments, suspension of shipments due to relocation of major customers, and exchange losses, but actual operations were better than the financial statements. As major customers resume shipments, performance in H2 is expected to improve significantly; cartridge stoppers are entering a ramp-up phase, benefiting from the growth in insulin and GLP-1 demand. It is estimated that the traditional business will generate revenue of 7.39 and 8.32 billion yuan in 2026-2027, providing a stable base. In AI pharmaceuticals, the company has laid out target discovery, antibody design, small molecule design, knowledge graphs, and clinical prediction, relying on more than 1,300 pharmaceutical enterprise clients. Among them, the Kemai platform has more than 1,000 registered users, and production capacity for 9 non-standard projects is fully booked, with expected revenue of 2.30 and 5.44 billion yuan in 2026-2027. Other platforms are gradually entering commercialization: Yaotu Intelligence demo has been trialed by pharmaceutical companies and MNCs, with expected revenue of 0.30 billion yuan in 2027; Fanyu Zhituo is expected to officially take orders in 2027 and generate revenue of 2.50 billion yuan in 2028; the Natural Constant Liver Model is expected to be commercialized in 2027, with expected revenue of 2.40 billion and 12 billion yuan in 2027-2028; ...