新股报告：QUANTUMPH-P

Investment Rating - The report assigns a "Neutral" rating to the company with a score of 65 [6][13]. Core Insights - The company is the first in the Hong Kong market to focus on medical AI, providing a unique advantage. It has established partnerships with major pharmaceutical companies such as Pfizer, Johnson & Johnson, and Merck, indicating recognition of its service quality. The involvement of notable investors further supports the company's long-term prospects. However, the high historical price-to-sales ratio raises concerns about the company's ability to quickly increase revenue through new orders [6][15]. Company Operations - The company was founded in 2015 by three postdoctoral scientists from MIT and is headquartered in Shenzhen. It leverages cutting-edge technologies such as quantum physics, AI, and cloud computing to provide R&D solutions for various industries, including biomedicine and materials science [13]. - The company's revenue sources are primarily from two segments: drug discovery solutions and intelligent automation solutions, which accounted for 50.3% and 49.7% of revenue in 2023, respectively. The drug discovery segment has seen revenue growth from 39.35 million RMB in 2021 to 87.73 million RMB in 2023, with a CAGR of 49.3%. The intelligent automation solutions segment grew from 23.45 million RMB to 86.69 million RMB, achieving a CAGR of 92.3% [14]. Valuation - The company's IPO price corresponds to a historical price-to-sales ratio of 91.1 to 109.2, which is higher than its peers, including global AI leader NVIDIA [15]. Market Atmosphere - The report notes a positive market atmosphere, with 43 out of 65 companies listed in the past year experiencing first-day gains. Among the 17 companies listed in the last three months, 13 had first-day increases, indicating a favorable market sentiment [6].