前沿生物(688221)：前瞻布局小核酸打开成长空间 HIV用药稳增长

Group 1 - The company, established in 2013 and listed on the Shanghai Stock Exchange in 2020, has developed a core self-researched HIV drug, Aikening (Aibowei Tai), which was approved in 2018, marking a significant milestone in its development [1] - The company is focusing on an innovative pipeline that combines innovative drugs and high-end generics, covering long-acting HIV drugs, small nucleic acid drugs, high-end generics, and medical devices, enhancing its core competitiveness [1] - The company anticipates steady growth in sales of HIV medications and potential growth from its small nucleic acid innovation pipeline, projecting net profits of -176 million, -171 million, and -164 million yuan for 2025-2027, with corresponding EPS of -0.47, -0.46, and -0.44 yuan, and a current PE ratio of -31.6, -32.6, and -33.8 times [1] Group 2 - The company is advancing in the small nucleic acid field, focusing on chronic disease treatment with self-researched ACORDE delivery carrier siRNA drugs, targeting diseases such as IgA nephropathy and dyslipidemia, with selected targets showing First-in-Class (FIC) or Best-in-Class (BIC) potential [2] - In the IgA nephropathy area, the company has three siRNA drugs targeting complement mechanisms, with FB7013 (single target MASP-2) expected to submit an IND application by the end of 2025, and FB7011 (dual targets MASP-2 and CFB) showing promising preclinical results [2] - The company has developed an innovative siRNA delivery carrier, ACORDE, and is exploring kidney and central nervous system delivery, which may further open growth opportunities [2] Group 3 - Aikening (injection form of Aibowei Tai) is the core product for long-acting HIV treatment, approved in 2018 as the first long-acting HIV fusion inhibitor globally, with potential for expanded market coverage and penetration into lower-tier markets [3] - The company is actively advancing the research and development of new long-acting HIV formulations and is assembling a complete long-acting treatment regimen [3] - The strategic layout of high-end generics and medical devices is expected to continuously contribute to the company's revenue growth [3]