Aidea Pharma(SH:688488) Tianfeng Securities·2025-05-03 03:23Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][16]. Core Insights - The company reported a steady growth in HIV revenue, with a first-quarter revenue of 198 million yuan in 2025, representing a 113% year-on-year increase, and a net profit of 16 million yuan, marking a turnaround from losses [1][4]. - The company's product, AINOMITE tablets, has advantages in convenience and is expected to continue gaining market share, with first-quarter revenue of 62.72 million yuan in 2025, a 76% increase year-on-year [2][4]. - The company is deeply engaged in the HIV treatment sector, with two key products in development, including the integrase inhibitor ACC017, which is expected to enter Phase III clinical trials this year [3][4]. Financial Performance - The company achieved a revenue of 418 million yuan in 2024, a 1.57% increase year-on-year, but reported a net loss of 141 million yuan, an increase in losses by 85.63% [1][4]. - The projected revenue for 2025 has been revised down from 808 million yuan to 732 million yuan, with expected revenues of 1.022 billion yuan and 1.235 billion yuan for 2026 and 2027, respectively [4][9]. - The forecasted net profit for 2025 and 2026 has been adjusted to -10 million yuan and 37 million yuan, respectively, with an anticipated net profit of 79 million yuan in 2027 [4][9]. Market Position - The company is positioned as a significant player in the HIV treatment market, with its AINOMITE tablets being the first domestic three-in-one single tablet formulation with independent intellectual property rights [2][3]. - The competitive landscape is noted to be intense, which may impact the company's market performance [4].