Asieris(SH:688176) CAITONG SECURITIES·2024-09-05 00:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 80.49 million yuan for H1 2024, with a net profit attributable to shareholders of -184 million yuan [2] - APL-1702 has submitted its NDA and is actively seeking international market opportunities, with plans to submit a pre-application to EMA in Q4 2024 [2] - APL-1401 is progressing with subject recruitment for its Phase Ib clinical trial, with expectations to complete observations by 2025 [2] - The company is focused on the field of urogenital tumors and other major diseases, with projected revenues of 200 million yuan in 2024, 360 million yuan in 2025, and 610 million yuan in 2026 [2] Financial Performance and Forecast - Revenue growth is projected at 470.4% for 2023, 1354.19% for 2024, 80% for 2025, and 69.44% for 2026 [3] - The company expects to incur net losses of -440 million yuan in 2024, -400 million yuan in 2025, and -274 million yuan in 2026 [3] - The EPS is forecasted to be -0.77 yuan in 2024, -0.70 yuan in 2025, and -0.48 yuan in 2026 [3] - The company’s ROE is projected to decline to -22.84% in 2024 and -21.88% in 2026 [3] Financial Indicators - The company’s total assets are expected to be 2.704 billion yuan in 2024, increasing to 2.984 billion yuan by 2026 [4] - The net profit margin is projected to improve from -944,804.6% in 2023 to -44.9% in 2026 [4] - The company’s cash flow from operating activities is expected to be -516.69 million yuan in 2024, improving to -199.48 million yuan in 2026 [4]