Aidea Pharma(688488) 华创证券·2025-03-03 08:25Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [7][23]. Core Insights - The company reported total revenue of 419 million yuan for 2024, a year-on-year increase of 1.92%. However, the net profit attributable to shareholders was -130 million yuan, a decrease of 70.79% compared to the previous year, primarily due to increased sales and R&D expenses, as well as an increase in asset impairment provisions [1][3]. - The approval of the new indication for the HIV drug AINOMITE is expected to significantly enhance the company's market presence and sales in the HIV treatment sector [7]. - The company has successfully integrated its acquisition of Nanda Pharmaceutical, which will strengthen its position in the human protein market and enhance its competitive edge [7]. Financial Summary - Total revenue projections for 2024, 2025, and 2026 are 419 million yuan, 723 million yuan, and 1,009 million yuan, respectively, with growth rates of 1.9%, 72.4%, and 39.7% [3][8]. - The net profit forecast for the same years is -130 million yuan, -23 million yuan, and 47 million yuan, reflecting a significant turnaround expected by 2026 [3][8]. - The company's gross margin is projected to improve from 46.2% in 2024 to 63.9% by 2026, indicating better cost management and pricing strategies [8].