艾迪药业：公司简评报告：创新药快速放量，人源蛋白业务波动影响表观业绩

Investment Rating - The investment rating for the company is "Buy" [2][8] Core Insights - The company reported a 24.16% decrease in revenue for the first half of 2024, totaling 181 million yuan, with a net loss attributable to shareholders of 45.43 million yuan [3] - The sales revenue from HIV innovative drugs reached approximately 81.63 million yuan in the first half of 2024, representing a year-on-year growth of 148.68%, primarily due to the inclusion of the drug Aino Mite in the medical insurance directory [3] - The company is experiencing fluctuations in its human protein business, with a revenue decrease of 98.30 million yuan compared to the same period last year, largely attributed to price reductions in urokinase preparations [3] - The company is expected to achieve revenue growth of 11.5%, 71.5%, and 36.5% for the years 2024, 2025, and 2026, respectively, with projected revenues of 459 million yuan, 787 million yuan, and 1.074 billion yuan [3] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 181 million yuan, down 24.16% year-on-year, and a net loss of 45.43 million yuan [3] - The company’s total market capitalization is 3.349 billion yuan, with a current price-to-earnings ratio of -29.93 and a price-to-book ratio of 3.09 [2] Revenue Forecast - The revenue forecast for 2024 to 2026 is set at 459 million yuan, 787 million yuan, and 1.074 billion yuan, with corresponding growth rates of 11.5%, 71.5%, and 36.5% [3] - The net profit forecast for the same period is projected to be -64 million yuan, 11 million yuan, and 91 million yuan, indicating a significant turnaround by 2026 [3] Product Pipeline - The company is advancing its HIV drug pipeline, with the ACC017 integrase inhibitor completing Phase I clinical trials and the Phase Ib/IIa trials set to begin soon [3] - The company aims to integrate its human protein supply chain, which is expected to become a new growth point for performance [3]