Aidea Pharma(SH:688488) Huaan Securities·2024-10-31 03:43Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The report highlights the rapid advancement of new HIV drugs and new indications, along with the consolidation of Nanda Pharmaceutical [1] - The company achieved a revenue of 299 million yuan in Q3 2024, a year-on-year decrease of 0.89%, with innovative HIV drug revenue at 134 million yuan [1] - The overall gross margin for the first three quarters was 52.81%, an increase of 5.42 percentage points year-on-year [1] - The report anticipates a significant sales increase in the first year of medical insurance coverage for the new drug [2] Financial Summary - Revenue projections for 2024, 2025, and 2026 are 440 million, 770 million, and 1.05 billion yuan respectively, with year-on-year growth rates of 6.7%, 74.2%, and 36.7% [2][3] - The net profit attributable to the parent company is projected to be -70 million, -10 million, and 110 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 13.5%, 116.5%, and 868.4% [2][3] - The gross margin is expected to improve from 52.8% in 2024 to 61.2% in 2026 [3][6] Operational Highlights - The company has received approval for the marketing application of its HIV treatment, which shows a 96.6% virological suppression rate over 96 weeks [1] - The clinical trial for the self-developed integrase inhibitor ACC017 has commenced, indicating progress in the company's research pipeline [1][2] - The report notes an increase in sales expenses due to the expansion of market access for the new drug [1]