Investment Rating - The report initiates coverage with a Buy rating for AIM Vaccine, supported by its robust pipeline, technological leadership, and international growth potential [1][5][29]. Core Insights - AIM Vaccine is positioned as a leading full-industry-chain vaccine company in China, with strong R&D, manufacturing, and commercialization capabilities. The company has a diverse portfolio, including five advanced vaccine technology platforms and eight commercialized products, with a pipeline of 22 vaccine candidates targeting 13 disease areas [1][3][12]. - The expected revenue CAGR from 2024 to 2027 is projected at 47%, with a breakeven anticipated in 2025 and a net profit of RMB 1.52 billion expected by 2027 [1][5][25]. - The target price for AIM Vaccine is set at HK$11.0, reflecting a 97.7% upside from the closing price on January 20, 2025 [1][25]. Summary by Sections Investment Thesis - The Chinese vaccine market is evolving towards consolidation, favoring companies with competitive technology and diverse product portfolios. AIM Vaccine is uniquely positioned to lead domestically and expand internationally [3][10][12]. - AIM Vaccine's product portfolio includes high-value rabies and pneumococcal vaccines, with a focus on transitioning to advanced vaccine platforms to enhance market share and profitability [3][12][15]. Financial Analysis - Revenue projections indicate a recovery from the negative impacts of COVID-19, with significant growth expected from 2025 onwards due to the launch of high-value products [24][25]. - Financial metrics for 2032 project risk-adjusted revenue of RMB 9.949 billion and net profit attributable to the parent company of RMB 3.939 billion [27][25]. Market Position and Competitive Advantage - AIM Vaccine operates five advanced vaccine technology platforms, ensuring continuous innovation and high-quality production through GMP-certified facilities [4][17]. - The company has an expansive distribution network across all 31 provinces in China and is actively expanding into international markets, enhancing its global reach [18][19]. Pipeline and Growth Drivers - AIM Vaccine's pipeline includes several key products expected to launch in the coming years, including next-generation rabies vaccines and pneumococcal vaccines, which are anticipated to drive substantial revenue growth [16][22][24]. - The company is strategically positioned to capture significant market share in the rabies vaccine segment, projected to grow to RMB 14.8 billion by 2030 [15][16].