CITIC Securities: Rating Crystal International Group (02228.HK) as a "buy", first profitable cooperation with Dove Tree

Intelligent Financial News App learned that Zhongxin Securities released a research report stating that Jingtai Holdings (02228.HK) has achieved profitability for the first time, winning nearly $6 billion in large orders, and the commercialization capability of AI pharmaceuticals has been further validated. In the first half of 2025, benefiting from the cooperation with DoveTree, the company achieved a revenue of 517 million yuan, a year-on-year increase of 403.8%; the adjusted net profit was 141.6 million yuan, achieving profitability for the first time in half a year, and making positive progress in physical intelligence (agile spoon) and Multi-Agent. Considering that the down payment of $51 million for the order cooperating with DoveTree has been received, the profit forecast is raised, and the expected operating income for 2025-2027 is 780 million/820 million/1.3 billion yuan, with a "buy" rating given.