Aidea Pharma(SH:688488) Tianfeng Securities·2025-05-02 11:27Investment Rating - The investment rating for the company is "Buy" and it is maintained [5][16]. Core Views - The company reported a steady growth in HIV revenue, with a first-quarter revenue of 198 million yuan in 2025, representing a year-on-year increase of 113% [1]. - The company’s HIV product, AINOMITE tablets, has advantages in convenience and is expected to continue to grow in sales in 2025, with first-quarter revenue of 62.72 million yuan, a 76% increase year-on-year [2]. - The company has a deep layout in the HIV drug field, with two key products under development, including the integrase inhibitor ACC017, which is expected to enter Phase III clinical trials this year [3]. Financial Performance - In 2024, the company achieved an operating income of 418 million yuan, a year-on-year increase of 1.57%, while the net profit attributable to the parent company was -141 million yuan, a year-on-year increase in loss of 85.63% [1]. - The expected operating income for 2025 has been revised down from 808 million yuan to 732 million yuan, with projected revenues of 1.022 billion yuan and 1.235 billion yuan for 2026 and 2027, respectively [4]. - The net profit attributable to the parent company for 2025-2026 has been adjusted from 16 million yuan and 84 million yuan to -10 million yuan and 37 million yuan, respectively, with an expected net profit of 79 million yuan in 2027 [4]. Market Position - The company’s AINOMITE tablets are the first domestic three-in-one single-tablet combination with independent intellectual property rights, showing better cardiovascular safety compared to competitors [2]. - The company is positioned in a competitive market for HIV treatments, with ongoing research and development efforts aimed at innovative long-acting drugs [3].