New anti-AIDS drugs continued to be released, completing the second curve of Nanda Pharmaceutical Holdings, and maintaining the “purchase” rating of 2024Q1-3, the company's revenue of 0.299 billion yuan (-0.89% year on year, not marked as a year on year). Among them, new HIV drugs achieved sales revenue of about 0.134 billion yuan, an increase of 188.51% year on year, and revenue of new 2024Q3HIV drugs was about 52.4859 million yuan, an increase of 284.23% year on year. 2024Q1-3 Company's net profit attributable to mother - -0.061 billion yuan (-87.75%); net profit without deduction - -0.084 billion yuan (-81.37%). The company's 2024Q1-3 gross profit margin was 52.81% (+5.42pct); net margin was -20.65% (-9.89pct). 2024Q1-3 sales expense ratio 30.29% (+5.96pct); R&D expense ratio 21.42% (+7.69pct). The number of AIDS patients based on prescription company products is in the early stages, and the product still needs to be promoted continuously. We lowered the net profit forecast for 2024-2026 to -0.041, -0.025, 0.003 billion yuan (the original forecast was -0.035, 0.01, 0.058 billion yuan), EPS was -0.10, -0.06, and 0.01 yuan/share, respectively. The current stock price corresponding PS is 7.63, 5.12, and 3.58 times, respectively. Gradually increasing the volume of AIDS products sold by superimposing companies, we maintained the company's “buy” rating.

The commercialization of new HIV drugs is showing strong momentum, and clinical research evidence continues to improve 2024Q1-3. The company is firmly advancing the implementation of the marketing idea of “leading medicine, driving the market, and implementing sales”.

Currently, clinical research evidence on HIV products is constantly being improved, and it has appeared 11 times in authoritative academic journals such as The Lancet. Did the company pass the rebond? Analysis of the results of clinical trials and real-world studies summarizes the clinical value of the product: 1. Evidence of efficacy is clear; 2. Safety benefits are obvious; 3. Immune reconstruction friendly; 4. The risk of drug resistance is low; 5.

Compliance is improved, and the incidence of drug resistance is low. The company will continue to promote the coverage and distribution of enoverin-containing solutions.

A number of cores are progressing smoothly in the research pipeline, completing Nanda Pharmaceutical Holdings, and deepening the layout of the human protein business company Innovative Drug Compound. The new adaptation was approved in October 2024, and the approval of the new indications is conducive to expanding medical insurance payment coverage and self-funded people; phase Ib/IIa clinical trial of the integrase inhibitor ACC017 tablets has been officially launched at Beijing Ditan Hospital affiliated to Capital Medical University. The company continues to consolidate its advantages in the field of human protein, realizes substantial progress in the “integration of human protein raw materials and formulations” strategy through the acquisition of control rights from NTU Pharmaceutical, and lays out a second growth curve. The company currently directly holds 51.1256% of Nanda Pharmaceutical's shares and was consolidated in September. In the future, the two sides will give full play to industrial synergy and stabilize the company's position in the human protein industry.

Risk warning: changes in industry policies, risks of sales of new HIV drugs falling short of expectations, and changes in the competitive landscape.