Aidea Pharma(SH:688488) Shenwan Hongyuan Securities·2026-01-14 06:05Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Insights - The company plans to raise up to 185 million yuan through a simplified procedure for issuing A-shares, with funds allocated for acquiring a 22.2324% stake in Nanda Pharmaceutical and for supplementing working capital [6]. - The acquisition of Nanda Pharmaceutical is expected to enhance the company's integrated strategy of "raw materials + formulations," increasing its direct stake to 73.358% [6]. - The company has a robust pipeline of human-derived protein products, including new drugs AD010, AD108, and ADB116, with AD108 and ADB116 receiving clinical approval in 2025 [6]. - The company showcased its third-generation integrase product ACC017 at the J.P. Morgan conference, highlighting its competitive edge in the HIV treatment market [6]. Financial Data and Profit Forecast - Total revenue is projected to grow from 418 million yuan in 2024 to 1.263 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 26.7% [5]. - The net profit is expected to turn positive in 2025, reaching 7 million yuan, and further increasing to 166 million yuan by 2027, reflecting a significant growth trajectory [5]. - The gross margin is forecasted to improve from 54.9% in 2024 to 75.2% in 2027, indicating enhanced operational efficiency [5]. - The return on equity (ROE) is anticipated to rise from -14.4% in 2024 to 13.4% in 2027, suggesting a recovery in profitability [5].