艾迪药业（688488）：公司信息更新报告：期权激励助力新药放量，HIV治疗+预防全面布局

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has launched a stock option incentive plan aimed at boosting the sales of its HIV drugs, with specific performance targets set for different groups of employees. The plan is designed to be comprehensive and operationally feasible [4] - The sales of HIV drugs have shown significant growth, with Q1 2025 sales reaching 62 million yuan, a year-on-year increase of 75.64%, marking a historical high for the company [5] - The company is expected to achieve a turnaround in profitability, with projected net profits for 2025-2027 revised to -0.02 billion, 0.44 billion, and 0.88 billion yuan respectively [4] Financial Summary and Valuation Indicators - Revenue is projected to grow from 411.4 million yuan in 2023 to 1,237 million yuan in 2027, with a year-on-year growth rate of 76.4% in 2025 [7] - The gross margin is expected to improve significantly, reaching 72.9% in 2025 and 81.2% by 2027 [7] - The company's price-to-sales (P/S) ratio is projected to decrease from 15.1 in 2023 to 5.0 in 2027, indicating an improving valuation as revenues grow [7]