【星展银行(香港)】Turning around-250814（13页）.pdf

1、*This Equity Explorer report represents a preliminary assessment of the subject company,and does not represent initiation into DBSs coverageuniverse.As such DBS does not commit to regular updates on an ongoing basis.The rating system is distinct from stocks in our regular coverageuniverse and is exp

2、lained further on the back page of this report.ed-BM/sa-CS/AHPrice Relative Forecasts and Valuation FY FY DecDec (RMBRMB mmn n)20242024A A 20252025F F 20262026F F 20272027F F Turnover1,2851,2871,7612,707 EBITDA(65)122278591 Pre-tax Profit(291)(102)54 366 Net Profit(277)(86)44 296 Net Pft(Pre Ex.)(27

3、7)(86)44 296 EPS(RMB)(0.23)(0.07)0.04 0.24 EPS(HKD)(0.25)(0.08)0.040.26 EPS Gth(%)78.769.4N/A579.5 Diluted EPS(HKD)(0.25)(0.08)0.040.26 DPS(HKD)0.000.000.000.00 BV Per Share(HKD)3.032.983.013.28 PE(X)nmnm134.919.9 P/Cash Flow(X)58.514.4nmnm P/Free CF(X)nm20.4nmnm EV/EBITDA(X)nm58.527.913.4 Net Div Y

4、ield(%)0.0 0.0 0.0 0.0 P/Book Value(X)1.7 1.8 1.7 1.6 Net Debt/Equity(X)0.4 0.3 0.5 0.5 ROAE(%)(7.9)(2.6)1.38.4 Consensus EPS (RMB)0.01 0.63 1.25 Other Broker Recs:B:1S:0H:0 Source of all data on this page:Company,DBS Bank(Hong Kong)Limited(“DBS”),Thomson Reuters Turning around Leading vaccines make

5、r for rabies and pneumococcal withChina market share of c.20%and c.10%(26F)respectivelySuperior efficacy of pneumococcal vaccines vs offerings from Pfizer(PFE US)and less side effects of rabies vaccine vs peersdue to serum-free formulaRe-rating driven by profit turnaround in 2026FOur estimated fair

6、value of HKD8.3 implies upside of 59%Niche market leadership in pneumonia and rabies vaccines.AIM produces vaccines for rabies,pneumonia,hepatitis A&B,influenza,mumps,and meningitis.We expect AIM to achieve profitability in 2026F,due to a significant 39%reduction in R&D costs in 2025F as major clini