Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of RMB 6.21 billion in 2023, representing a year-on-year growth of 36.2%, while the net loss attributable to shareholders decreased by 52.8% to RMB 1.03 billion [2] - Product revenue grew rapidly, with a 38.4% increase to RMB 5.73 billion, driven by strong sales of PD-1 monoclonal antibodies, particularly the product 达伯舒® (sintilimab injection) [2] - The company launched two innovative drugs in 2023 and received approval for multiple new indications, with four NDA and sNDA applications accepted by NMPA [3] - The company has a robust pipeline with several key products expected to progress in 2024, including the anticipated results from clinical trials for 玛仕度肽 (mazutide) and other significant candidates [3] Financial Summary - The company forecasts revenues of RMB 7.53 billion, RMB 9.53 billion, and RMB 12.23 billion for 2024, 2025, and 2026, respectively, with growth rates of 21.4%, 26.5%, and 28.3% [4] - The net profit attributable to shareholders is projected to improve significantly, with estimates of RMB -331.68 million in 2024, RMB 454.25 million in 2025, and RMB 1.17 billion in 2026, reflecting growth rates of 67.7%, 236.9%, and 158.6% [4] - The earnings per share (EPS) is expected to turn positive by 2025, reaching RMB 0.28, and further increasing to RMB 0.72 by 2026 [4]

智通财经APP获悉，信达生物(01801)早盘反弹逾5%，截至发稿，涨5.28%，报37.9港元，成交额1.52亿港元。 消息面上，信达生物此前公布业绩，2023年度，公司实现总收入为62.06亿元，同比增加36.2%。其中，产品收入达57.28亿元，同比增长38.4%。公司年内亏损同比收窄至10.28亿元人民币，每股亏损0.66元，不派息。 中金同时指出，公司23年收入符合预期，23年净利润低于预期。公司收入加速增长，经营效率显著提升；多款慢性疾病产品取得重要进展，商业化在即；肿瘤领域积极布局ADC产品，IBI363将公布POC数据。里昂则表示，公司近日就心血管及代谢(CVM)业务委任新的商业总监，相信对该业务有利。 ...

8 研究报告Research Report 25 Mar 2024 信达生物 Innovent Biologics (1801 HK) 收入增长符合预期，经营效率持续提升 Revenue Growth is in Line with Expectations, and Operational Efficiency Continues to Improve [观Ta点ble聚_y焦em Ieniv1e]s tment Focus [Table_Info] (Please see APPENDIX 1 for English summary) 维持优于大市Maintain OUTPERFORM 事件 评级 优于大市OUTPERFORM 现价 HK$36.00 信达生物发布 2023 年全年业绩：总收入62.1亿元（+36.2%），其 目标价 HK$59.90 中产品收入 57.3 亿元（+38.4%），授权收入 4.5 亿元。毛利率 81.7%（+2.1pct）；研发开支 22.3 亿元（-22.4%），研发费用率 HTI ESG 3.6-1.4-3.5 35.9%（-27.1pct）；销售费用 31.0 亿元（ ...

股 票 研 究 [Table_industryInfo] 医药 [ Table_Main[信I Tnaf 达bol]e 生_Ti物tle]（ 1801） [评Tab级le_：Inv est] 增持 当前价格（港元）： 38.10 业绩符合预期，高潜力管线提供增长动力 2024.03.23 海 ——信达生物2023 年年报点评 [ 交Ta易bl数e_M据a rket] 外 丁丹(分析师) 甘坛焕(分析师) 52周内股价区间（港元） 28.70-48.45 当前股本（百万股） 1,623 公 0755-23976735 021-38675855 当前市值（百万港元） 61,820 司 dingdan@gtjas.com gantanhuan028803@gtjas.com 证书编号 S0880514030001 S0880523080007 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司商业化产品组合不断丰富，创新产品布局肿瘤、CVM、自免、眼科多领域，打造 信达生物 恒生指数 肿瘤和综合产品线两大增长动力，运营效率不断提升，维持“增持”评级。 香 28% 摘要： 港 17 ...

证券研究报告·海外公司点评·药品及生物科技(HS) 信达生物（01801.HK） 2023 年年报点评：信达生物业绩略超预期， 2024 年 03月 24日 慢病产品进入收获期 证券分析师 朱国广 买入（维持） 执业证书：S0600520070004 zhugg@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 股价走势 营业总收入（百万元） 4,557 6,758 7,256 10,515 15,178 同比 6.73% 48.31% 7.36% 44.91% 44.35% 信达生物 恒生指数 24% 归母净利润（百万元） -2,179.27 -1,027.91 -393.38 165.99 2,211.42 19% 14% 同比 30.55% 52.83% 61.73% 142.19% 1,232.29% 9% 4% -1% EPS-最新摊薄（元/股） -1.34 -0.63 -0.24 0.10 1.36 -6% -11% P/E（现价&最新摊薄） - - - 351.91 26.41 --- 221 616 %%% [ [TT ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 21 日 信 达生物(01801.HK) 证券研究报告 商业化产品不断丰富，多个催化剂值得 药品(HS) 投资评级 买入-A 期待 维持评级 6个月目标价 54.47港元 事件：公司发布 2023年业绩报告，报告期内公司实现营业收入 股价 (2024-03-21) 38.10港元 62.06亿元，同比增长 36.2%；净利润亏损 10.28亿元，较上年同 期亏损减少 11.51亿元。2023年全年产品销售额达 57.28亿元， 交易数据 同比增长 38.4%。 总市值(百万港元) 61,820.41 流通市值(百万港元) 61,820.41 2024 年里程碑事件丰富，多个催化剂值得期待。 总股本(百万股) 1,622.58 数据披露方面；玛仕度肽（GLP-1R/GCGR）减重3期试验数据、匹 流通股本(百万股) 1,622.58 康奇拜单抗(IL-23p19)银屑病3期CLEAR 试验数据、IBI311（IGF- 12个月价格区间 28.7/48.45港元 1R）治疗甲状腺眼病 3 期 RESOTRE-1 试验数据有望于 ...

M N 22 Mar 2024 CMB International Global Markets | Equity Research | Company Update Innovent Biologics (1801 HK) More than obesity  Strong product sales in FY23. In FY23, Innovent recorded total revenue of Target Price HK$55.00 RMB6.21bn, including RMB5.73bn product sales revenue (+38.4% YoY), in line with (Previous TP HK$57.35) our expectation. Innovent had a strong 2H23, with product sales +33.1% HoH vs the Up/Downside 44.4% first half. As per Eli Lilly, total sales of sintilimab in FY23 reached US$393.3 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [2][3][15] Core Views - The company reported a larger-than-expected loss in 2023, but its main product sales revenue grew rapidly, with total revenue increasing by 36.2% year-on-year to 6.21 billion RMB [2][5] - The company is expected to maintain strong revenue growth, with a projected CAGR of 22.1% from 2023 to 2026 [2][5] - The target price has been adjusted to 46.00 HKD based on a revised DCF model [2][11] Summary by Sections Financial Performance - In 2023, the company's revenue reached 6.21 billion RMB, with a gross profit of 5.07 billion RMB, reflecting a gross margin increase of 39.8% year-on-year [2][5] - The net loss attributable to shareholders decreased by 52.8% to 1.03 billion RMB [2][5] - The company’s revenue forecast for 2024-25 has been slightly raised by 0.05% and 0.3% respectively, with expected revenues of 8.31 billion RMB and 9.90 billion RMB [2][5] Product Pipeline and Growth Drivers - The main product, 达伯舒 (Daboshu), is expected to see steady growth, with sales projected to increase from approximately 2.83 billion RMB in 2023 to 4.20 billion RMB in 2025 [2][5] - Other products have also shown rapid sales growth, with their contribution to total revenue rising from 26.6% in 2021 to 50.65% in 2023 [2][5] - Several products are expected to achieve significant milestones in 2024, including new drug applications and clinical trial advancements [2][7] Adjustments and Projections - The sales and marketing expenses forecast for 2024-25 has been increased due to management's commitment to promoting new products [2][5] - The net loss forecast for 2024 has been adjusted from 230 million RMB to 620 million RMB, while the net profit forecast for 2025 has been revised down from 550 million RMB to 180 million RMB [2][5] - The company’s financial metrics indicate a recovery path, with expectations of turning profitable by 2025 [2][5]

浦银国际研究 公司研究 | 医药行业 信达生物（1801.HK）：运营效率提升 阳景 浦 推动净亏损好于预期 首席医药分析师 银 Jing_yang@spdbi.com 国 (852) 2808 6434 信达生物 2H23 收入符合我们预期，由于经营效率的提高，净亏损好 际 于我们预期。我们预计 2024年收入同比增速约为 25%。公司将心血管 胡泽宇 CFA 代谢、自身免疫、眼科三大业务合并为综合产品线，且新任的心血管 医药分析师 代谢商业化负责人之前有着丰富的中国市场 GLP-1 推广经验，显示出 ryan_hu@spdbi.com 公司正在稳步推进其非肿瘤业务商业化进程。受益于收入和运营效率 (852) 2808 6446 的进一步提升，我们认为公司目前正有条不紊地走在其之前设立的盈 利目标轨迹上（2025年实现 non-IFRS EBITDA 盈亏平衡）。重申我们的 2024年3月21日 “买入”评级和首选股票推荐，上调目标价至 60港元。 公 司  2H23 收入符合预期，净亏损好于我们预期：2H23 公司实现总收入 评级 研 人民币 35 亿元 （51.3% YoY/29.7% HoH），其中 ...

[Table_Page]公 告点评|制药、生物科技与生命科学 证券研究报告 [【Table_T广itle] 发 医 药 & 海 外 】 信 达 生 物 [公Tab司le_I评nves级t] 买入 当前价格 38.10港元 （01801.HK） 合理价值 58.45港元 前次评级 买入 商业化表现强劲，创新兑现驱动新增长 报告日期 2024-03-21 [ 核Tabl 心e_Su 观mm 点ary] ： 相[Ta对ble市_Pi场cQu表ote现] ⚫ 公司发布2023年年度业绩公告：公司23年实现收入62.06亿元，同 19% 比增长 36.2%；净亏损 10.28 亿元，同比大幅减亏 11.51 亿元。公司 9% 加强费用管理，持续提升研发和营销效率，23年研发开支22.28亿元 -1% 03/23 05/23 07/23 09/23 11/23 01/24 03/24 (yoy -22.4%)、行政费用7.50亿元(yoy -10.2%)、销售费用31.01亿元 -10% (yoy +19.7%)，销售费用占产品收入比例为54.1%(yoy -8.5pct)。 -20% ⚫ 商业化品种不断丰富，创新驱动业 ...