Aidea Pharma(SH:688488) Tianfeng Securities·2024-06-07 04:02Investment Rating - The report assigns a "Buy" rating for the company with a target price of 20.82 CNY, indicating an expected upside of over 20% within the next six months [10][27]. Core Insights - The company is deeply engaged in the HIV treatment sector, with its innovative drug, AINOMI tablets, successfully included in the medical insurance directory, which is expected to lead to significant sales growth [5][24]. - The company has two marketed HIV drugs and several in the pipeline, with a strong focus on addressing the growing domestic demand for HIV treatments [7][43]. - The financial outlook is positive, with projected revenues increasing significantly from 4.11 billion CNY in 2023 to 10.22 billion CNY by 2026, alongside a narrowing of net losses [9][27]. Summary by Sections Company Overview - The company, established in 2009, focuses on drug research, production, and sales, particularly in the fields of HIV, inflammation, and stroke [58]. - It has achieved significant milestones, including the successful launch of AINOMI tablets, which are a first-of-its-kind in China with proprietary intellectual property [6][55]. Financial Performance - In 2023, the company reported a revenue of 4.11 billion CNY, a year-on-year increase of 68.44%, driven by strong sales of its HIV drugs [7][9]. - The core business of human protein products also saw substantial growth, contributing to the overall revenue increase [7][65]. - The net profit attributable to the parent company is projected to improve from a loss of 760 million CNY in 2023 to a profit of 844 million CNY by 2026 [9][27]. Product Pipeline - The company has a robust pipeline with 18 projects under development, including 8 first-class new drugs and 4 second-class new drugs, focusing on major diseases [7][45]. - The AINOMI tablets have shown superior efficacy and safety compared to imported alternatives, with a 98.2% success rate in viral suppression at 48 weeks [55][56]. Market Dynamics - The domestic HIV treatment market is primarily composed of generic drugs, with limited competition from innovative products, providing a significant opportunity for the company [6][47]. - The increasing number of HIV patients in China and the shift towards insurance-covered treatments are expected to expand the market for the company's products [6][65].