Aidea Pharma(SH:688488) Shenwan Hongyuan Securities·2025-11-04 07:48Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company reported a significant improvement in its operational performance for the first three quarters of 2025, driven primarily by the accelerated commercialization of HIV new drugs and the synergistic effects of asset integration. Revenue reached 552 million yuan, a year-on-year increase of 84.83%, with HIV new drug revenue contributing approximately 76.61 million yuan to this growth [6] - The company's net loss narrowed significantly to 6.84 million yuan from 60.94 million yuan in the same period last year, mainly due to an increase in gross profit of 206 million yuan and a reduction in credit and asset impairment losses [6] - The company has made notable progress in its research pipeline, including the initiation of Phase III clinical trials for the integrase inhibitor ACC017 and the approval of clinical trials for the integrase ADC118 combination formulation [6] Financial Data and Profit Forecast - Total revenue is projected to reach 806 million yuan in 2025, with a year-on-year growth rate of 92.8% [2] - The company expects to achieve a net profit of 7 million yuan in 2025, with a significant increase in subsequent years, reaching 166 million yuan by 2027 [2] - The gross profit margin is anticipated to improve from 63.2% in 2025 to 75.2% in 2027 [2] Market Data - As of November 3, 2025, the closing price of the company's stock was 15.41 yuan, with a market capitalization of 6,484 million yuan [3] - The stock has experienced a price range of 18.45 yuan (highest) to 7.02 yuan (lowest) over the past year [3] Research Progress - The company is diversifying its product pipeline in the HIV innovative drug sector, covering various research directions from antiviral treatment to pre-exposure prophylaxis [6] - The approval of the raw material for the drug Mofetil Sodium enhances the supply chain autonomy of core products, while the clinical trial approval for ADB116 expands the company's innovative drug portfolio [6]