Aidea Pharma(SH:688488) Capital Securities·2024-05-15 01:07Investment Rating - The investment rating for the company is "Buy" [11][26]. Core Views - The company's human-derived protein business showed fluctuations, but the acquisition of a 31.161% stake in Nanda Pharmaceutical is expected to enhance revenue [1]. - In 2023, the company achieved a revenue of 411 million yuan, a year-on-year increase of 68.44%, but reported a net loss attributable to shareholders of 76 million yuan [4]. - The HIV innovative drug sales are improving, with a total revenue of approximately 73.58 million yuan in 2023, marking a 119.67% increase [18]. Financial Performance - The company reported a revenue of 4.11 billion yuan in 2023, with a projected revenue of 5.67 billion yuan in 2024, reflecting a growth rate of 37.9% [5][26]. - The net profit attributable to shareholders is expected to improve from a loss of 0.76 billion yuan in 2023 to a loss of 0.35 billion yuan in 2024, and then to a profit of 0.35 billion yuan in 2025 [5][26]. - The earnings per share (EPS) is projected to improve from -0.18 yuan in 2023 to 0.08 yuan in 2025 [5][26]. Market Position - The latest closing price of the company's stock is 16.10 yuan, with a one-year high of 17.40 yuan and a low of 9.63 yuan [3]. - The current price-to-earnings (P/E) ratio is -75.14, and the price-to-book (P/B) ratio is 6.08 [3]. Future Outlook - The company is expected to maintain a quarterly growth trend in HIV drug sales, driven by the successful inclusion of the drug Ainomit in the medical insurance directory [18]. - The revenue from HIV new drugs is projected to continue growing, with a significant increase in new patient numbers and improved medication adherence [18].