According to the Huayuan Securities Research Report, Yakshi Technology's molecular blocks are integrated into CRDMO, and moving the pipeline backwards is expected to drive revenue growth. The company's business originates from novel, unique and forward-looking molecular blocks, which play a key role in advancing drug discovery; with deep accumulation and customer trust in the field of molecular blocks, it continues to expand chemical research and development services, as well as process development and production of intermediates, APIs and formulations in the pre-clinical, clinical development and commercialization stages, forming an end-to-end CRDMO layout from molecular blocks. Innovative drug financing is picking up, CXO demand is expected to recover, and the molecular block industry has broad space. The molecular block is positioned at the front end, and the backward movement of the pipeline is expected to drive revenue release, and the front-end diversion effect is evident. The share of MNC revenue among various customer types has increased, and production capacity expansion and new molecular platforms are expected to help restore gross margin. Haoyuan Pharmaceutical/Bide Pharmaceutical/Aladdin were selected as comparable companies. Given that the company's backward pipeline is expected to drive revenue growth, it was covered for the first time and gave it a “buy” rating.

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