Financial Performance - Total revenue for 2023 reached RMB 6,206.1 million, a year-on-year increase of 36.2%, with product revenue at RMB 5,728.3 million, up 38.4%[7] - LBITDA decreased significantly by 73.0% year-on-year to RMB 600.1 million, driven by strong product sales growth and improved cost efficiency[7] - The company's cash and short-term financial assets amounted to approximately RMB 10,969.6 million (over USD 1.5 billion), ensuring a strong financial position[7] - Gross margin increased by 2.0 percentage points, while the ratio of sales and marketing expenses to total revenue decreased by 7.3 percentage points[7] - Total revenue for the year ended December 31, 2023, was RMB 6,206.1 million, a 36.2% increase compared to RMB 4,556.4 million in 2022[15] - Product revenue reached RMB 5,728.3 million in 2023, up 38.4% from RMB 4,139.1 million in 2022[15] - Gross profit margin for 2023 was 81.7%, an increase of 2.1 percentage points from 79.6% in 2022[15] - R&D expenses for 2023 were RMB 2,227.6 million, down from RMB 2,871.2 million in 2022[15] - Sales and marketing expenses for 2023 were RMB 3,100.7 million, accounting for 50.0% of total revenue, compared to 56.9% in 2022[15] - Adjusted LBITDA for 2023 was RMB 600.1 million, a 73.0% decrease from RMB 2,221.5 million in 2022[17] - Adjusted net loss for 2023 was RMB 514.5 million, a 79.1% reduction from RMB 2,461.8 million in 2022[17] - Revenue from customer contracts increased to RMB 6,206.1 million in 2023, up from RMB 4,556.4 million in 2022, driven by growth in pharmaceutical product sales, licensing fees, and R&D service income[95] - Pharmaceutical product sales reached RMB 5,728.3 million in 2023, a significant increase from RMB 4,139.1 million in 2022[95] - Licensing fee income rose to RMB 447.4 million in 2023, compared to RMB 417.1 million in 2022, with a notable one-time licensing fee of RMB 5.1 million recorded in 2023[95] - R&D service income surged to RMB 30.3 million in 2023, up from RMB 0.2 million in 2022[95] - Gross profit improved to RMB 5,069.8 million in 2023, up from RMB 3,625.4 million in 2022, reflecting higher revenue and controlled sales costs[94] - R&D expenses decreased to RMB 2,227.6 million in 2023, down from RMB 2,871.2 million in 2022, as the company optimized its R&D investments[99] - Sales and marketing expenses increased to RMB 3,100.7 million in 2023, up from RMB 2,590.8 million in 2022, as the company expanded its market presence[101] - Other income, primarily from interest and government subsidies, rose to RMB 552.4 million in 2023, up from RMB 279.7 million in 2022[97] - The company recorded a tax credit of RMB 116.5 million in 2023, compared to a tax expense of RMB 8.8 million in 2022, due to a refund of withholding tax on licensing fees[103] - Total comprehensive loss for the year improved to RMB 1,013.8 million in 2023, down from RMB 2,200.6 million in 2022, reflecting better operational performance[94] - Adjusted gross profit for 2023 was RMB 5,141,648 thousand, compared to RMB 3,682,300 thousand in 2022[104] - Adjusted R&D expenses for 2023 were RMB 1,974,933 thousand, a decrease from RMB 2,664,708 thousand in 2022[105] - Adjusted administrative and other expenses for 2023 were RMB 543,759 thousand, down from RMB 641,812 thousand in 2022[105] - Adjusted sales and marketing expenses for 2023 were RMB 3,057,482 thousand, up from RMB 2,578,373 thousand in 2022[105] - Adjusted LBITDA for 2023 was RMB 600,148 thousand, an improvement from RMB 2,221,450 thousand in 2022[107] - Adjusted net loss for 2023 was RMB 514,540 thousand, compared to RMB 2,461,834 thousand in 2022[107] - Total assets increased to RMB 20,627,360 thousand in 2023 from RMB 17,588,845 thousand in 2022[109] - Cash and cash equivalents increased to RMB 10,969.6 million in 2023 from RMB 9,166.0 million in 2022[110] - The company has unused long-term bank loan facilities of approximately RMB 2,620.0 million as of December 31, 2023[110] - The company has pledged assets totaling RMB 1,804.9 million for property, plant, and equipment, RMB 275.6 million for land use rights, and RMB 849.8 million for bank deposits as collateral for loans and bank financing[115] - The company's total revenue from the top five customers accounted for 60.8% of the total revenue in 2023, with the largest customer contributing approximately 53.1%[127] - The company's total procurement from the top five suppliers accounted for 53.2% of the total procurement in 2023, with the largest supplier contributing approximately 26.2%[128] - The company's charitable donations for the year ending December 31, 2023, amounted to approximately RMB 154.7 million, compared to RMB 247.2 million in 2022[133] - The company did not issue any bonds during the year ending December 31, 2023[134] - The Board of Directors did not recommend the distribution of a final dividend for the year ending December 31, 2023[135] - The distributable reserve from the share premium account as of December 31, 2023, was RMB 27,324,496,000, compared to RMB 24,705,638,000 in 2022[136] Product Pipeline and R&D - The product pipeline includes 36 high-value candidates, with 10 products already approved for marketing and 3 under NMPA review[3] - Two new innovative products, Fucasso (Igeolonsa Injection) and Xinbile (Tolexizumab Injection), were approved for marketing in China[8] - Tyvyt (Sintilimab Injection) and Byvasda (Bevacizumab Injection) were approved for new indications and included in the NRDL (2023 edition)[8] - The company's product portfolio expanded to 10 commercialized products, with continued addition of new indications and NRDL coverage[8] - R&D efforts focus on oncology, cardiovascular and metabolic diseases, autoimmune disorders, and ophthalmology, with 18 new drug candidates in clinical trials[3] - Orelabrutinib tablets received approval for a second indication, benefiting more CML patients[9] - The company has 3 products under NMPA review, 5 products in Phase 3 or key clinical studies, and 18 molecules in early clinical research[9] - Fuzerex (KRAS G12C) and Taletrectinib (ROS1) are under NDA priority review, expected to be approved in 2024[9] - Sintilimab (Tyvyt®) achieved a new NSCLC indication and submitted an sNDA for EMC treatment in April 2024[9] - IBI362 (Mazdutide) reached primary and key secondary endpoints in the GLORY-1 study, with NDA submission for weight loss in February 2024[11] - IBI311 (anti-IGF-1R) achieved primary endpoints in the RESTORE-1 Phase 3 trial, with NDA submission planned for TED treatment[11] - The company plans to initiate a Phase 1 trial for Mazdutide in obese adolescents in China in 2024[11] - IBI112 (IL-23p19) demonstrated best-in-class long-term efficacy in a 58-week Phase 2 trial, with Phase 3 registration expected to support NDA submission in 2024[12] - The company’s Suzhou facility has 60,000L antibody production capacity, and the Hangzhou facility has 170,000L capacity (80,000L completed, 90,000L planned)[13] - The company's commercial product portfolio expanded to 10 products, with two new innovative products approved in China[18] - Four NDAs and sNDAs are under review by the NMPA, including IBI344, IBI351, and IBI362[18][19] - IBI362 (Mazdutide), a GLP-1R/GCGR dual agonist, is undergoing five Phase 3 clinical trials in China for overweight or obese adults (GLORY-1 and GLORY-2) and T2D patients (DREAMS-1, DREAMS-2, and DREAMS-3). The company expects to read out Phase 3 results for DREAMS-1 and DREAMS-2 in 2024 to support a second NDA submission for T2D treatment[20] - IBI112 (Piconcibart), a recombinant anti-IL-23p19 antibody, completed the first patient dosing in its Phase 3 trial (CLEAR) for moderate-to-severe plaque psoriasis in February 2023. The company expects to read out Phase 3 results in 2024 to support NDA submission[20] - IBI311, a recombinant anti-IGF-1R monoclonal antibody, achieved the primary endpoint in its Phase 3 trial (RESTORE-1) for TED in February 2024, with NDA submission expected in 2024[20] - IBI302 (Efdamrofusp alfa), an anti-VEGF/complement bispecific fusion protein, showed positive PoC results and completed the first patient dosing in its Phase 3 trial (STAR) for nAMD in October 2023[20] - IBI310, a novel anti-CTLA-4 monoclonal antibody, demonstrated positive PoC results and plans to initiate a Phase 3 trial in 2024 for neoadjuvant treatment of resectable MSI-H/dMMR colon cancer in combination with Sintilimab[20] - IBI363 (PD-1/IL-2) showed encouraging preliminary efficacy and safety in IO-resistant or non-responsive tumors, with preclinical results published in Nature Cancer[21][22] - The company advanced eight innovative molecules to the IND preparation stage in 2023, adding long-term momentum for global innovation and sustainable growth[22] - Strategic collaborations were established, including a partnership with Shengxin Biotech to develop SGB-3908, an siRNA candidate targeting AGT for hypertension treatment[22] - The company has 10 commercialized products, with 3 under NMPA review and 5 in Phase 3 or pivotal clinical studies, along with 18 molecules in early clinical research[31] - Two innovative products, Fucasso (Igeocel Injection) and Xinbile (Tolexizumab Injection), were approved in China in 2023[27] - The company expects to receive approval for two innovative products, Fuzerex (KRAS G12C) and Taletrectinib (ROS1), in 2024 for NSCLC treatment[28] - The company submitted an sNDA for Tyvyt (Sintilimab Injection) combined with Fruquintinib for 2L EMC treatment, which was accepted by NMPA with priority review status in April 2024[31] - The company initiated a Phase 3 trial for IBI310 (CTLA-4) combined with Sintilimab for colon cancer neoadjuvant therapy in March 2024[31] - IBI363 (PD-1/IL-2) and IBI389 (CLDN18.2/CD3) are advancing in early clinical studies, with early clinical data expected to be released at medical conferences in 2024[32] - IBI362 (Mazdutide) achieved primary and key secondary endpoints in the GLORY-1 study, and the company submitted the first NDA for weight loss in February 2024, with plans to submit a second NDA for T2D treatment based on DREAMS-1 and DREAMS-2 results[33] - IBI311, the first domestic anti-IGF-1R monoclonal antibody for TED, reached the primary endpoint in the RESTORE-1 Phase 3 trial in February 2024, with plans to submit an NDA and release full results at medical conferences in 2024[34] - IBI112 (Piconcibai, IL-23p19) is in Phase 3 registration clinical studies for psoriasis, expected to be completed in 2024 to support NDA submission, showing best-in-class long-term efficacy and extended dosing intervals[35] - IBI343 (CLDN18.2 ADC) demonstrated best-in-class potential in MRCT Phase 1b studies for 3L GC, with preparations underway for MRCT Phase 3 trials[36] - The company has 10 products on the market, 3 under NDA review, 5 in Phase 3 or key clinical trials, and 18 molecules in early clinical stages[37] - IBI362 (Mazdutide) is in five Phase 3 clinical trials for obesity and T2D, with GLORY-1 results to be presented at medical conferences in 2024[33] - IBI128, a potential best-in-class XOI, is undergoing overseas Phase 3 clinical studies for hyperuricemia in gout patients, with plans to initiate Phase 1 and 2 trials in China in 2024[34] - The company is advancing a diverse pipeline of innovative drugs in CVM, with plans to enter clinical stages in 2024, aiming to strengthen its strategic position in the field[34] - IBI112 (Piconcibai, IL-23p19) demonstrated superior long-term efficacy and extended dosing intervals in a 58-week Phase 2 trial, supporting its advancement in autoimmune diseases[35] - The company's commercialized product portfolio has expanded to 10 products, including Tyvyt (sintilimab injection), Bevacizumab injection, Suliximab (adalimumab injection), Rituximab injection, Pemigatinib tablets, Olverembatinib tablets, Ramucirumab injection, Selpercatinib, Igeocel injection, and Tolezumab injection[40] - Tyvyt (sintilimab injection) has been approved for seven indications in China, including lung cancer, liver cancer, gastric cancer, esophageal cancer, and classical Hodgkin lymphoma[41] - In May 2023, the NMPA approved the seventh indication for Tyvyt (sintilimab injection) for the treatment of EGFR-mutated non-squamous NSCLC patients who failed EGFR-TKI therapy[42] - In February 2024, Tyvyt (sintilimab injection) was approved for marketing in Macau by the Macau Drug Administration[42] - In April 2024, the company submitted an sNDA for Tyvyt (sintilimab injection) combined with fruquintinib for the treatment of 2L EMC, which was accepted by the NMPA[42] - In January 2023, two new indications for Tyvyt (sintilimab injection) for 1L GC and 1L ESCC were included in the 2022 NRDL, making it the first and only PD-1 inhibitor for GC included in the NRDL[43] - In December 2023, the seventh indication for Tyvyt (sintilimab injection) for EGFR-mutated non-squamous NSCLC patients who failed EGFR-TKI therapy was included in the 2023 NRDL[43] - In June 2023, the NMPA approved the eighth indication for Bevacizumab injection, combined with Tyvyt (sintilimab injection) and chemotherapy for the treatment of EGFR-mutated non-squamous NSCLC patients who failed EGFR-TKI therapy[46] - In January 2023, seven indications for Bevacizumab injection were included in the 2022 NRDL, including three new indications for epithelial ovarian cancer, fallopian tube cancer, primary peritoneal cancer, and cervical cancer[47] - In December 2023, the eighth indication for Bevacizumab injection was included in the 2023 NRDL[47] - Dabao Hua (Rituximab Injection) had all approved indications included in the 2022 NRDL, including two new indications for maintenance therapy of previously untreated follicular lymphoma and treatment of chronic lymphocytic leukemia[48] - Sulixin (Adalimumab Injection) was approved for eight indications in China, including rheumatoid arthritis, ankylosing spondylitis, psoriasis, uveitis, polyarticular juvenile idiopathic arthritis, pediatric plaque psoriasis, Crohn's disease, and pediatric Crohn's disease[49] - Sulixin (Adalimumab Injection) had eight indications included in the 2022 NRDL, including two new indications for Crohn's disease and pediatric Crohn's disease[50] - Dabotan (Pemigatinib Tablets) was included in Taiwan's health insurance reimbursement for the treatment of adult patients with locally advanced or metastatic CCA who have received at least one systemic therapy and have confirmed FGFR2 fusion or rearrangement[51] - Olverembatinib Tablets were approved by NMPA for the treatment of CML-CP patients resistant and/or intolerant to first- and second-generation TKIs[53] - Olverembatinib Tablets were included in the 2022 NRDL for the treatment of adult patients with CML-CP and CML-AP with T315I mutation[53] - Cyramza (Ramucirumab) was approved for two indications in mainland China, including second-line treatment for advanced or metastatic gastric or gastroesophageal junction (GEJ) adenocarcinoma and treatment for hepatocellular carcinoma patients with AFP ≥400 ng/mL who have previously received sorafenib treatment[55] - Retsevmo (Selpercatinib) was conditionally approved in mainland China for the treatment of adult patients with RET gene fusion-positive locally advanced or metastatic NSCLC and adult and pediatric patients 12 years and older with advanced or metastatic MTC

Investment Rating - The report assigns a "Buy" rating to Innovent Biologics (01801 HK) with a target price of HKD 56, compared to the current price of HKD 36 [1][2] Core Views - Innovent Biologics has demonstrated strong operational efficiency and leading positioning in large therapeutic areas, with 10 commercialized products and rapid revenue growth of 39% YoY in 2023 [1] - The company has established a robust R&D pipeline through both in-house development and strategic collaborations, aiming to commercialize around 20 products by 2027 with estimated sales of RMB 20 billion [1] - Innovent has leading products in four major therapeutic areas: oncology, metabolism, autoimmune diseases, and ophthalmology, with several products in advanced clinical stages [1] Financial Performance - Innovent's product sales revenue exceeded RMB 5 7 billion in 2023, representing a YoY growth of over 39% [1] - The company's EBITDA loss narrowed significantly to RMB 600 million in 2023, down 73% from RMB 2 221 billion in 2022 [1] - Revenue is projected to grow to RMB 7 308 billion, RMB 9 466 billion, and RMB 12 378 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of 8 1%, 29 5%, and 30 8% [2][3] R&D and Pipeline - Innovent has a 1500+ member R&D team and collaborates with global partners like Eli Lilly, Roche, and Sanofi, with 30 strategic collaborations in place [1] - The company has 10 commercialized products, with 8 in oncology, 1 in autoimmune diseases, and 1 in metabolic diseases [12] - Key pipeline highlights include IBI343 (CLDN18 2 ADC) in Phase III for gastric cancer, IBI351 (KRAS G12C inhibitor) with NDA submitted, and IBI363 (PD-1 IL-2 bispecific antibody) in Phase II [22][30][35] Commercialization and Market Potential - Innovent has built a 3000+ member commercial team covering over 300 cities, 5000+ hospitals, and 1000+ pharmacies in China [16] - The company's sales and marketing expenses as a percentage of product revenue decreased to 49 3% in 2023, down 7 3 percentage points YoY [16] - In the metabolic disease area, Innovent has Masdutide (GLP-1R GCGR dual agonist) in Phase III for obesity and type 2 diabetes, with NDA submitted for obesity indication [42][43]

智通财经APP获悉，3月29日，中国国家药监局药品审评中心(CDE)官网公示，信达生物(01801)IBI310(一款抗CTLA-4单抗)及信迪利单抗(IBI308，抗PD-1单抗)两款产品拟纳入突破性治疗品种，针对适应症为IBI310联合信迪利单抗用于可切除的高微卫星不稳定性(MSI-H)或错配修复基因缺陷型(dMMR)结肠癌的新辅助治疗。 根据信达生物近日发布的新闻稿，IBI310联合信迪利单抗新辅助治疗可切除的MSI-H/dMMR结肠癌(cT4或cN+期)患者的随机、对照、多中心3期临床研究(Neoshot)，已经于今年3月完成中国首例受试者给药。 据悉，IBI310是信达生物自主研发的重组全人源抗CTLA-4单克隆抗体注射液。该产品能特异性结合CTLA-4，从而阻断CTLA-4介导的T细胞抑制，促进T细胞的激活和增殖，提高肿瘤免疫反应，达到抗肿瘤的效果。信迪利单抗是信达生物和礼来(Eli Lilly and Company)公司共同合作研发的抗PD-1单抗，已经在中国获批七项适应症，涵盖经典型霍奇金淋巴瘤、非小细胞肺癌、肝细胞癌、食管鳞癌、胃癌等。 ...

2024 年3 月28 日 医药: 超配 证券研究报告 / 业绩点评报告 信达生物 (1801 HK, 买入, 目标价: HK$54.50) 心血管和代谢产品有望推动公司业绩快速增长 目标价: HK$54.50 当前股价: HK$38.55 • 多元化产品组合有望推动公司24-26 年收入CAGR 保持30%左右的增速。 股价上行/下行空间 +41% • 经营效率持续提升，公司财务表现将持续获益。 52周最高/最低价 (HK$) 49.80/27.30 市值 (US$mn) 7,173 • 重申“买入”评级；下调DCF 目标价至54.50 港元。 当前发行数量(百万股) 1,456 三个月平均日交易額 51 23 年产品收入增长迅速，24 年有望保持增长趋势：根据公司23 年年报，公司实现产品收 (US$mn) 入57.28 亿元，同比增长38.4%。公司以PD-1 为核心的主导产品均保持快速增长势头。 流通盘占比 (%) 57 2023 年，公司毛利率为81.7%，同比增长2.1ppt，主要系生产效率提升和生产成本持续 主要股东 (%) TLS BETA 6 降低。2023 年公司商业化产品增至10 款（2 ...

证券研究报告 | 年报点评报告 2024年03月28日 信达生物（01801.HK） 收入增长、减亏符合预期，非肿瘤管线加速兑现 信达生物发布2023年业绩。公司2023年实现总收入62.06亿元，同比 买入（维持） 增长36.2%；经调整亏损额为5.15亿元，2022年同期为24.62亿元，同 股票信息 比减亏79.1%。 行业 药品 观点：销售收入快速增长、同比大幅减亏，非肿瘤管线步入收获期。 前次评级 买入 2023年公司产品销售收入为57.28亿元，同比增长38.4%。核心产品信 3月27日收盘价(港元) 38.45 迪利单抗维持快速放量，根据礼来报表，信迪利单抗2023Q1-4季度销售 总市值(百万港元) 62,388.31 额分别为0.6亿美元（同比-29%）、1.04亿美元（同比+41%）、1.15亿 总股本(百万股) 1,622.58 美元（同比+50%）、1.14亿美元（同比+98%）。公司肿瘤领域领军地 其中自由流通股(%) 100.00 位稳固，同时CVM领域商业化即将兑现。 30日日均成交量(百万股) 10.53 股价走势 财务数据方面，产品经调整毛利率为82.8%，相较2022年同期 ...

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。 ...

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 ...

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（ ...

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 ...