亚虹医药：APL-1702数据读出

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focused on developing innovative drugs for urogenital tumors and other major diseases, with a strong emphasis on the product APL-1702, which has shown significant efficacy in clinical trials for treating high-grade squamous intraepithelial lesions (HSIL) [3] - APL-1702 has achieved a response rate improvement of 89.4% compared to the placebo group, indicating substantial therapeutic potential [3] - The company plans to submit a New Drug Application (NDA) for APL-1702 and is actively seeking opportunities for international market development [3] - Revenue projections for the company are estimated at 200 million, 360 million, and 610 million yuan for the years 2024, 2025, and 2026 respectively, reflecting a strong growth trajectory [3] Financial Summary - The company reported a revenue of 0.03 million yuan in 2022, with projections of 13.75 million yuan in 2023 and 200 million yuan in 2024, indicating a revenue growth rate of 470.4% in 2022 and an expected 1354.2% in 2024 [5] - The net profit is projected to be -445.76 million yuan in 2024, with a gradual improvement expected in subsequent years [5] - The company's earnings per share (EPS) is forecasted to be -0.78 yuan in 2024, improving to -0.53 yuan by 2026 [5] - The return on equity (ROE) is expected to decline to -23.23% in 2024, with a slight recovery anticipated in the following years [5]