＃assAuthor＃ 证券研究报告 ＃industryId＃ 化学制剂 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 首次 ） 公 司 点 评 报 告 ＃dyCompany＃ 艾迪药业 （688488.SH） 000009 ＃title＃ 2024Q1 符合预期，抗艾新药放量可期 ＃createTime1＃2024 年 5 月 15 日 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------|-------|------------------------|-------|-------| | ＄ 会计年度 zycwzb\| 主要财务指标＄ | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | | 411 550 862 1138 | | | | 同比增长 | 68.4% | 33.7% | 56.7% | 32.0% | | 归母净利 ...

Investment Rating - The investment rating for the company is "Buy" [11][26]. Core Views - The company's human-derived protein business showed fluctuations, but the acquisition of a 31.161% stake in Nanda Pharmaceutical is expected to enhance revenue [1]. - In 2023, the company achieved a revenue of 411 million yuan, a year-on-year increase of 68.44%, but reported a net loss attributable to shareholders of 76 million yuan [4]. - The HIV innovative drug sales are improving, with a total revenue of approximately 73.58 million yuan in 2023, marking a 119.67% increase [18]. Financial Performance - The company reported a revenue of 4.11 billion yuan in 2023, with a projected revenue of 5.67 billion yuan in 2024, reflecting a growth rate of 37.9% [5][26]. - The net profit attributable to shareholders is expected to improve from a loss of 0.76 billion yuan in 2023 to a loss of 0.35 billion yuan in 2024, and then to a profit of 0.35 billion yuan in 2025 [5][26]. - The earnings per share (EPS) is projected to improve from -0.18 yuan in 2023 to 0.08 yuan in 2025 [5][26]. Market Position - The latest closing price of the company's stock is 16.10 yuan, with a one-year high of 17.40 yuan and a low of 9.63 yuan [3]. - The current price-to-earnings (P/E) ratio is -75.14, and the price-to-book (P/B) ratio is 6.08 [3]. Future Outlook - The company is expected to maintain a quarterly growth trend in HIV drug sales, driven by the successful inclusion of the drug Ainomit in the medical insurance directory [18]. - The revenue from HIV new drugs is projected to continue growing, with a significant increase in new patient numbers and improved medication adherence [18].

Investment Rating - The investment rating for the company is "Buy" [1][2] Core Insights - The company is entering a rapid growth phase with continuous improvement in innovative drug sales, particularly in the HIV segment, which has shown significant revenue growth [4][15] - The company reported a revenue of 411 million yuan in 2023, representing a year-on-year increase of 68.44%, although it still posted a net loss of 76 million yuan [3][5] - The forecast for revenue from 2024 to 2026 is projected to be 567 million yuan, 817 million yuan, and 1.097 billion yuan, with respective growth rates of 37.9%, 44.0%, and 34.4% [2][5] Financial Summary - The company’s earnings per share (EPS) is expected to improve from -0.18 yuan in 2023 to 0.39 yuan by 2026, indicating a turnaround in profitability [5][6] - The projected net profit for 2024 is expected to be -35 million yuan, turning positive to 163 million yuan by 2026, reflecting a significant growth rate of 368.7% [5][6] - The company’s total assets are projected to grow from 1.747 billion yuan in 2023 to 2.275 billion yuan by 2026, indicating a strengthening financial position [6]

关于参加 2023 年度科创板制药专场集体业绩说明会暨 2024 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 证券代码：688488 证券简称：艾迪药业 公告编号：2024-020 江苏艾迪药业股份有限公司 （三） 视频和线上文字互动平台：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） （四）投资者可于 2024 年 5 月 17 日(星期五)16：00 前通过邮件、电话等形 式将需要了解和关注的问题提前提供给公司。公司将在文字互动环节对投资者普遍 关注的问题进行回答。 http://roadshow.sseinfo.com/） 投资者可于 2024 年 5 月 17 日(星期五)16：00 前通过邮件、电话等形式将 需要了解和关注的问题提前提供给公司。公司将在文字互动环节对投资者普遍关注 的问题进行回答。 江苏艾迪药业股份有限公司（以下简称"公司"）已分别于 2024 年 4 月 16 日 及 2024 年 4 月 26 日发 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥92,893,957, representing a decrease of 17.52% compared to the same period last year[3]. - The net profit attributable to shareholders was -¥13,606,889.35, indicating a significant loss[3]. - Total operating revenue for Q1 2024 was ¥92,893,957, a decrease of 17.6% compared to ¥112,621,308.59 in Q1 2023[19]. - Net loss for Q1 2024 was ¥13,606,889.35, compared to a net profit of ¥486,169.74 in Q1 2023, indicating a significant decline in profitability[20]. - Basic and diluted earnings per share for Q1 2024 were both -¥0.03, compared to ¥0.0012 in Q1 2023[21]. Research and Development - Research and development expenses totaled ¥20,314,126.77, an increase of 31.16% year-over-year, accounting for 21.87% of operating revenue, up by 8.12 percentage points[3][6]. - The company continues to focus on new product development, which has led to increased R&D investments despite the decline in revenue[6]. - Research and development expenses surged to ¥17,748,750.48 in Q1 2024, up 80.5% from ¥9,828,619.27 in Q1 2023[20]. Assets and Liabilities - The total assets at the end of Q1 2024 were ¥1,752,515,683.14, a slight increase of 0.34% from the end of the previous year[4]. - The company's total liabilities increased to ¥569.06 million from ¥491.57 million, representing a rise of approximately 16%[16]. - The company's total liabilities amounted to ¥638,693,728.75 in Q1 2024, an increase from ¥621,027,157.38 in Q1 2023[17]. - The total equity attributable to shareholders decreased to ¥1,113,821,954.39 in Q1 2024 from ¥1,125,538,212.91 in Q1 2023, a decline of 1.0%[17]. Cash Flow - The net cash flow from operating activities was -¥70,322,344.42, indicating a negative cash flow situation[3]. - Cash inflow from operating activities was ¥72,666,436.67 in Q1 2024, compared to ¥67,546,626.96 in Q1 2023, reflecting a growth of 7.3%[22]. - The net cash flow from operating activities was -$70.32 million, compared to -$56.42 million in the previous year, indicating a decline in operational cash generation[23]. - Cash inflow from investment activities totaled $246.55 million, down from $423.24 million year-over-year, with a net cash flow from investment activities of $46.03 million compared to $101.65 million previously[23]. - Cash inflow from financing activities was $140.30 million, significantly higher than $52.40 million in the prior year, resulting in a net cash flow from financing activities of $35.86 million, up from $17.89 million[23]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 8,237[8]. - The largest shareholder, Guangzhou Weimei Investment Co., Ltd., holds 22.46% of the shares, totaling 94,500,000 shares[8]. Market and Product Development - In Q1 2024, the sales revenue of HIV new drugs reached RMB 35.71 million, representing a year-on-year growth of 76.52%[10]. - The company has established a commercial operation system for HIV new drugs, focusing on patients with lipid and weight issues who demand a high quality of life[10]. - The company is actively advancing its overseas market strategy, which is expected to create new growth points for its HIV innovative drug business[11]. - The clinical trial for the drug Ainomi Tablets has shown positive results in its 96-week Phase III study[11]. - The clinical trial results for the drug Anomiravir (复邦德®) showed a viral suppression rate of 96.6% (<50 copies/mL) after 96 weeks, outperforming historical data of similar imported products[12]. - The real-world study of the Anovelin regimen demonstrated comparable efficacy to the Efavirenz regimen, with a significant reduction in adverse effects related to lipid metabolism and central nervous system issues[13]. - The Phase I clinical trial of the new integrase inhibitor ACC017 has shown good safety across all dosage groups, with no severe adverse events reported[13]. - The company plans to present its Phase III clinical research results at the upcoming AIDS 2024 conference in Germany, enhancing its international academic presence[13]. - The company aims to leverage academic publications to promote its core products on the international stage, indicating a strategic focus on global market expansion[13]. Other Financial Metrics - The company reported non-recurring gains of ¥3,772,815.54 for the period, primarily from government subsidies and financial asset disposals[6]. - The company's cash and cash equivalents increased to ¥256.84 million from ¥225.36 million at the end of 2023, reflecting a growth of approximately 14%[15]. - The accounts receivable rose to ¥210.49 million, up from ¥182.42 million, indicating a growth of about 15%[15]. - The long-term equity investments increased to ¥97.88 million from ¥91.87 million, showing a growth of about 6.5%[16]. - The company reported an investment income of ¥7,573,963.00 in Q1 2024, up from ¥4,079,688.68 in Q1 2023, marking an increase of 85.1%[20]. - Deferred income tax liabilities rose to ¥6,474,799.56 in Q1 2024 from ¥6,278,458.48 in Q1 2023, an increase of 3.1%[17]. - The company paid $35.99 million to employees, an increase from $35.41 million year-over-year, reflecting a rise in employee compensation[23]. - Tax payments increased to $5.17 million from $2.23 million, indicating a higher tax burden on the company[23]. - Cash outflow for other operating activities was $30.78 million, slightly down from $32.02 million, showing a minor reduction in operational expenses[23]. - The company reported cash outflow for investment activities of $200.52 million, down from $321.59 million, indicating a reduction in capital expenditures[23]. - The impact of exchange rate changes on cash and cash equivalents was a positive $9,368, contrasting with a negative impact of -$271,524 in the previous year[23]. - The company did not adopt new accounting standards for the current reporting period, maintaining consistency in financial reporting[24].

江苏艾迪药业股份有限公司 2024 年度"提质增效重回报"行动方案 为推动持续优化经营、规范治理和积极回报投资者，坚持把高质量发展作为 首要任务，大力发展新质生产力，增强投资者信心，维护全体股东利益，促进公 司高质量、可持续发展，江苏艾迪药业股份有限公司（以下简称"公司"或"艾 迪药业"）结合公司自身发展战略、经营情况和财务情况，特制定2024年度"提 质增效重回报"行动方案，并于2024年4月25日经公司第二届董事会第二十二次会 议审议通过。具体如下： 江苏艾迪药业股份有限公司是一家致力于探索、研发和销售创新性化学药物 以及人源蛋白产品的创新型制药企业。面对2023年经营发展过程中的机遇与挑战， 公司始终以提升核心竞争力为前进方向，以积极推进主营业务健康发展为落脚点， 研发管线纵深布局推进，商业化格局逐渐打开，产能建设有序推进，自身造血能 力逐步增强。 2024年，公司将围绕专注领域深度布局，推进产品研发进展和商业化，主要 包括以下几个方面： （一）加速推动抗艾滋病在研管线项目 在抗HIV病毒领域，公司紧跟药物研发国际发展趋势，深度开发抗艾滋病在 研管线，不断完善产品架构，打造系列抗艾产品，为HIV感染者提 ...

30 日日均成交量/成交额（百万） 4.31/66.98 [Table_Summary] 核心观点： 当前价格 15.38 元 总股本/流通股本（百万股） 420.78/420.78 近 3 个月/6 个月涨跌幅（%） 28.70/27.21 证券研究报告 报告日期 2024-04-24 一年内最高/最低（元） 16.73/9.73 [Table_ 相关研究： DocReport] [Table_Title] 艾迪药业（688488.SH） ⚫ 深耕 HIV 治疗领域，创新转型步入收获期。艾迪药业是一家聚焦 HIV 治疗和人源蛋白领域的制药公司。公司成立于 2009 年，以人源蛋白业 务起步；2014 年开始转型布局创新药物研发，深耕 HIV 治疗领域；公 司两款治疗 HIV 新药艾诺韦林和艾诺米替分别于 21 年 6 月和 22 年 12 月在国内获批上市，创新投入进入收获期。 ⚫ 盈利预测与投资建议。我们预计公司 24-26 年收入分别为 5.01、8.52 和 11.54 亿元。我们看好公司 HIV 新药快速放量，采取风险调整 DCF 法得到公司合理价值为 20.11 元/股，首次覆盖，给予"买入"评级 ...

华泰联合证券有限责任公司 关于江苏艾迪药业股份有限公司 2023年度持续督导跟踪报告 | 保荐机构名称：华泰联合证券有限责任公司 | 被保荐公司简称：艾迪药业 | | --- | --- | | 保荐代表人姓名：季李华 | 联系电话：025-83387680 | | 保荐代表人姓名：高元 | 联系电话：025-83387686 | 根据《证券法》《证券发行上市保荐业务管理办法》和《上海证券交易所科 创板股票上市规则》等有关法律、法规的规定，华泰联合证券有限责任公司（以 下简称"华泰联合证券"或"保荐机构"）作为江苏艾迪药业股份有限公司（以下简 称"艾迪药业"、"公司"或"发行人"）首次公开发行股票的保荐机构，对艾迪药业 进行持续督导，并出具本持续督导跟踪报告： 一、保荐机构和保荐代表人发现的问题及整改情况 1、2023年度，公司实现营业收入41,136.38万元，同比增长68.44%，HIV创新 药销售、尿激酶及普药销售收入较同期实现较快增长；2023年度，公司实现归属 于上市公司股东的净利润为-7,606.95万元，较上年同期减少亏损38.70%。根据《上 海证券交易所科创板股票上市规则》等有关法律、法规的 ...

华泰联合证券有限责任公司 华泰联合证券针对艾迪药业实际情况制订了 2023 年度现场检查工作计划。 为顺利实施本次现场工作，提高现场工作效率，切实履行持续督导工作，华泰联 合证券以邮件方式将现场检查事宜通知公司，并要求公司提前准备现场检查工作 所需的相关文件和资料。 2024 年 4 月 11 日-4 月 12 日，华泰联合证券保荐代表人及项目组团队采取 与公司相关人员进行沟通和询问、查看公司生产经营场所及其他相关资料等形式， 对包括公司治理和内部控制情况、三会运作情况、信息披露情况、独立性以及与 控股股东、实际控制人及其他关联方资金往来情况、募集资金使用情况、关联交 易、对外担保、重大对外投资情况以及经营状况在内的事项进行了现场检查。 二、对现场检查事项逐项发表的意见 （一）公司治理和内部控制情况 1 关于江苏艾迪药业股份有限公司 2023 年度持续督导工作现场检查报告 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"） 作为江苏艾迪药业股份有限公司（以下简称"艾迪药业"或"公司"）首次公开 发行股票并在科创板上市项目的保荐机构，根据《证券发行上市保荐业务管理办 法》《上海证券交易所科创板股 ...

华泰联合证券有限责任公司 关于江苏艾迪药业股份有限公司 首次公开发行股票并在科创板上市 之保荐总结报告书 | 保荐机构名称 | 华泰联合证券有限责任公司 | | --- | --- | | 保荐机构编号 | Z26774000 | 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）、上海证券交易所对保荐总结报告书相关事项进行的任何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 情况 | 内容 | | | --- | --- | --- | | 保荐机构名称 | 华泰联合证券有限责任公司 | | | 注册地址 | 深圳市前海深港合作区南山街道桂湾五路 128 | 号前海深港基金 | | | 小镇 B7 栋 401 | | | 主要办公地址 | 江苏省南京市建邺区江东中路 228 号华泰证券广场 1 | 号楼 4 层 | ...