Core Viewpoint - Large-cap stocks, typically defined as those with a market capitalization above $10 billion, are generally expected to have lower growth prospects compared to smaller stocks. However, several large-cap stocks are projected to grow by 50% over the next 12 to 18 months, presenting potential investment opportunities [1]. Group 1: Illumina (ILMN) - Illumina specializes in genomic analysis consumables for research and diagnostics, with analysts at Canaccord maintaining a price target of $130, up from a current trading price of $107, indicating significant upside potential [2][3]. - The company exceeded earnings expectations in its most recent report and is improving its position by divesting from GRAIL, which faced regulatory scrutiny [2]. Group 2: Sirius XM Holdings (SIRI) - Sirius XM is considered undervalued, with Berkshire Hathaway acquiring over 21% of its shares, which may enhance investor confidence [4]. - The company has a strong free cash flow exceeding $1 billion, supporting a dividend yield of 3.8% and a low payout ratio of 0.29, allowing for future dividend increases [5]. Group 3: VinFast Auto (VFS) - VinFast is currently facing significant challenges, including a probe related to a fatal crash and a landlord dispute, making it a risky investment [6]. - Despite these issues, the company is experiencing sales growth, albeit at a slower rate than expected [6]. Group 4: BeiGene (BGNE) - BeiGene has recently entered the top 15 oncology firms by sales, with total revenues of $752 million in the first quarter, reflecting an 82% year-over-year increase [7][8]. - The company's BRUKINSA drug contributed $489 million to revenues and has received multiple FDA approvals, although BeiGene is not yet profitable [8]. Group 5: Warner Brothers Discovery (WBD) - Warner Brothers Discovery has shown improvement in its cash position, generating $585 million in operating cash flow, a $1.3 billion year-over-year increase [9]. - The company is nearing 100 million direct-to-consumer subscribers, with a slight increase in average revenue per user [10]. Group 6: Baidu (BIDU) - Baidu's recent earnings indicate a positive trend, with a 10% sequential revenue increase and a 110% rise in net income [11][12]. - The company is positioned as a major cloud provider in China, with significant investments in artificial intelligence that could enhance future returns [12]. Group 7: Toronto-Dominion Bank (TD) - Toronto-Dominion Bank is under regulatory scrutiny regarding anti-money laundering policies but is expected to endure and reward investors with dividends [13][14]. - The bank has set aside $450 million for potential fines, and its dividend has remained stable since 1995, benefiting from a payout ratio of 0.5 [13][14].

FF304 翌日披露報表 (股份發行人 ── 已發行股本變動及/或股份購回) 表格類別： 股票 狀態： 新提交 公司名稱： 百濟神州有限公司 (於開曼群島註冊成立的有限公司) 呈交日期： 2024年5月29日 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市(註11) | 是 | | | 證券代號 (如於香港聯交所上市) | | 06160 | 說明 | | | | | | | 發行股份 | (註6及7) | | 股份數目 | 已發行股份佔 有關股份發行前的 現有已發行股份數目 百分比 (註4、6及7) | | 每股發行價 (註1及7) | 上一個營業日 的每股收市價 (註5) | 發行價較市值的折讓/ 溢價幅度(百分比) (註7) | | 於下列日期開始時的結存(註2) | | 2024年4月30日 | 1,243,940,270 | | | | | | | 1). 於股份獎勵計劃下發行股份 | | | 85, ...

公司报告 | 年报点评报告 百济神州（688235） 证券研究报告 2024年05月 25日 投资评级 泽布替尼海外销售增长超预期，在研药物临床试验稳步推进 行业 医药生物/化学制药 6个月评级 买入（维持评级） 当前价格 121.47元 事件： 目标价格 元 公司发布2023年年报，收入174.23亿元，同比增长82.13%；归母净利润 -67.16 亿元，同比减亏 50.77% ；扣非归母净利润-96.82 亿元，同比减亏 基本数据 29.97%。公司发布2024年第一季度报告，收入53.59亿元，同比增长74.78%； A股总股本(百万股) 115.06 归母净利润-19.08 亿元，同比减亏 22.01%；扣非归母净利润-20.47 亿元， 同比减亏21.70%。 流通A股股本(百万股) 115.06 A股总市值(百万元) 13,975.76 公司首款“重磅产品”泽布替尼销售持续高速增长 流通A股市值(百万元) 13,975.76 2023全年度泽布替尼全球总收入为12.9亿美元，同比增长129%；美国区 每股净资产(元) 17.76 收入 9.45 亿元，同比增长 142.63%；欧洲区收入 1.2 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 生物医药 ＃investSuggestion＃ ＃d 百yCo 济mp 神any＃州 （688235.SH） ＃ 000009 investSug 2023 年 报及 2024 年一季报点评：产品收入延续高增长， 增持 ( 维ges持tion ）Ch 管线研发取得多项关键进展 ange＃ ＃ createTime1＃ 2024年 5月 23日 公 投资要点 司 市场数据 ＃summary＃ 点 日期 2024.5.22 ⚫ 核心产品持续放量，收入延续高增长。2023年公司营业总收入为174.23亿元 （同比+82.1%），产品收入155.04亿元（同比+82.8%）；2024年Q1营业总收 评 收盘价（元） 129.10 入53.59亿元（同比+74.78%，环比+17.84%），其中产品收入53.25亿元（同 报 总股本（亿股） 13.59 比+ 89.65%，环比+17.81%）。收入增长主要由于百悦泽、百泽安以及授权许 流通股本（亿股） 1.15 告 可产品销售额增加。 净资产（亿元） 241.18 总资产（亿元） 405. ...

Core Insights - BeiGene, Ltd. is focused on developing innovative and affordable cancer treatments, currently marketing three oncology products globally [1] - The company's shares increased by 32% following the European Commission's approval for the label expansion of tislelizumab for non-small cell lung cancer [2] - Year-to-date, BeiGene's shares have decreased by 4.2%, slightly better than the industry's decline of 4.9% [4] Product Portfolio - BeiGene markets Brukinsa, tislelizumab, and pamiparib, targeting various oncology indications in the US, EU, UK, and China [1] - Tislelizumab will be marketed in the EU as Tizveni for NSCLC and is already marketed as Tevimbra for ESCC [2] - The company has in-licensed additional approved medicines for the China market, contributing to revenue [1] Financial Performance - In Q1 2024, tislelizumab sales generated $145 million, a 26% increase year-over-year [4] - U.S. sales of Brukinsa reached $351 million in Q1 2024, reflecting a 153% increase from the previous year [5] Regulatory Developments - FDA approved Tevimbra for second-line ESCC treatment, with a commercial launch expected in H2 2024 [4] - Regulatory filings for label expansion of tislelizumab as a first-line treatment for various cancers are under review in the US and EU [4][5] Market Outlook - Potential label extensions for tislelizumab will expand the eligible patient population, driving further revenue growth [5] - The strong performance of Brukinsa has positively impacted BeiGene's share price [5]

BeiGene, Ltd. 百濟神州有限公司 （於開曼群島註冊成立的有限公司） （股份代號：06160） 授出購股權及受限制股份單位 本公告乃根據上市規則第17.06A、17.06B以及17.06C條作出。於2024年5月10 日，董事會薪酬委員會根據2016期權及激勵計劃的條款向四名承授人授出可認 購合共11,984股美國存託股份的購股權並向一百六十四名承授人授出涉及合共 70,270股美國存託股份的受限制股份單位。 2016期權及激勵計劃項下的購股權 於2024年5月10日，董事會薪酬委員會根據2016期權及激勵計劃的條款授予四名 承授人可認購合共11,984股美國存託股份的購股權。 授出購股權詳情 購股權詳情如下： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 授出日期： 2024年5月10日 承授人數目： 四名 已授出購股權涉及的相關股份數目： 155,792 購股權總數（美國存託股份）: 11,984 因已授出購股權獲行使而可予認購的 新美 ...

[Table_Page] 年报点评|生物制品 证券研究报告 [百Table_T济itle] 神州-U(688235.SH)/百济神州 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 137.44元/99.90港元 (06160.HK) 合理价值 180.02元/200.02港元 前次评级 买入/买入 业绩表现强劲，泽布替尼快速放量 报告日期 2024-05-12 [ 核Tabl 心e_Su 观mm 点ary] ： 相[Ta对ble市_Pi场cQu表ote现] *如无特别说明，本报告使用货币均为人民币。 ⚫ 公司发布 2023 年报及 2024 一季报：2023 年营收 174 亿元，同比 10% +82%；归母净亏损67亿元，同比收窄。2024Q1营收54亿元，同比 2% 05/23 07/23 09/23 11/23 01/24 03/24 05/24 +75%；归母净亏损 19 亿元，同比收窄。营收利润双增长主要得益于 -6% 公司核心产品销售额的增长，以及费用管理推动经营效率提升。 -14% ⚫ 核心产品放量强劲，国际化进程顺利。根据公司2023年报及2024一 -22% 季报，百 ...

Financial Performance - The company's revenue for Q1 2024 reached CNY 5,359,338,000, representing a 74.8% increase compared to the same period last year[4] - The net profit attributable to shareholders was CNY -1,908,056,000, with a basic and diluted earnings per share of CNY -1.41[4] - The adjusted operating loss for the reporting period was CNY 937,000,000, an improvement from the adjusted operating loss of CNY 1,640,000,000 in the same period last year[9] - Total revenue for Q1 2024 reached RMB 5,359,338 thousand, a significant increase of 75% compared to RMB 3,066,389 thousand in Q1 2023[17] - Net loss for Q1 2024 was RMB 1,908,056 thousand, an improvement from a net loss of RMB 2,446,580 thousand in Q1 2023[17] - The company reported a total comprehensive loss of RMB -1,822,111 thousand for Q1 2024, compared to RMB -2,537,142 thousand in Q1 2023[18] Cash Flow - The net cash flow from operating activities was CNY -2,395,729,000, indicating significant cash outflow despite revenue growth[4] - Cash flow from operating activities was RMB 5,673,123 thousand in Q1 2024, compared to RMB 2,573,718 thousand in Q1 2023, indicating a 121% increase[19] - The net cash flow from operating activities was -$2,395,729, an improvement from -$3,577,897 in the previous year[21] - The total cash outflow from operating activities was $8,068,852, compared to $6,151,615 in the prior year[21] - The company experienced a net decrease in cash and cash equivalents of $708,581, an improvement from a decrease of $2,299,146 in the previous year[21] Assets and Liabilities - The total assets at the end of the reporting period were CNY 40,543,614,000, a decrease of 1.4% from the end of the previous year[5] - The total assets decreased to RMB 40,543,614 thousand in Q1 2024 from RMB 41,121,675 thousand in Q1 2023[16] - Total liabilities increased to RMB 16,425,390 thousand in Q1 2024 from RMB 16,018,333 thousand in Q1 2023[16] Shareholder Information - As of the end of the reporting period, the total number of shares issued was 1,359,524,369, with 91.54% of shares issued overseas[10] - Total number of common stock shareholders at the end of the reporting period was 38,428, a slight increase from 38,420 in the previous period[12] - The top five shareholders hold a combined total of 1,000,000,000 shares, representing approximately 47.21% of total shares[12] - The company has a total of 38,420 registered shareholders, including 38,267 domestic shareholders and 109 registered in the Cayman Islands[12] Research and Development - Research and development expenses totaled CNY 3,328,145,000, accounting for 62.10% of revenue, a decrease of 29.80 percentage points year-on-year[5] - Research and development expenses for Q1 2024 were RMB 3,328,145 thousand, up from RMB 2,818,146 thousand in Q1 2023, marking an increase of 18%[17] Inventory and Receivables - Accounts receivable increased to ¥3,101,457, up from ¥2,538,268, representing a growth of 22.2%[15] - Inventory rose to ¥3,201,045, an increase of 8.5% from ¥2,951,159 in the previous period[15] - Total current assets decreased to ¥27,986,386, down 6.1% from ¥29,810,055[15] Market and Industry Risks - The company emphasizes the high risks and long development cycles associated with the biopharmaceutical industry, which may impact future performance[14]

A股代码：688235 A股简称：百济神州 港股代码：06160 港股简称：百济神州 美股代码：BGNE 百济神州有限公司 投资者关系活动记录表 （2024年5月） 投资者关系 √特定对象调研 √分析师会议 □媒体采访 □业绩说明会 活动类别 □新闻发布会 √路演活动 □现场参观 □一对一沟通 √其他（电话会议） 参与单位 3W Fund、Ariose Capital、Bocom International、Boyu Capital、China 及人员 Innovation Capital、Exome、Franklin Templeton Investments、J.P. Morgan Asset Management 、 Manhattan Capital 、 Manulife 、 Ocean link ...

Investment Rating - The report maintains a "Buy" rating for the company with target prices of $275 for US shares, HK$165 for Hong Kong shares, and RMB 175 for A-shares, indicating potential upside of 67% for US shares and 65% for Hong Kong shares [1][3][5]. Core Insights - The company reported better-than-expected performance in Q1 2024, driven by strong overseas sales of Zebutinib, with total revenue reaching $752 million, a year-over-year increase of 67.9% and a quarter-over-quarter increase of 18.5% [1][5]. - Zebutinib's revenue in Q1 2024 was $489 million, reflecting a 131% year-over-year growth, with significant contributions from the US and European markets [1][5]. - The company is optimistic about Zebutinib's long-term potential, expecting it to surpass Ibrutinib as new patients gradually replace older ones [1][5]. Financial Performance - Q1 2024 product revenue was $747 million, up 82% year-over-year, with a net loss of $251 million, a decrease of 27.9% year-over-year [1][5]. - The adjusted Non-GAAP operating loss for Q1 2024 was $147 million, down 46.5% year-over-year [1][5]. - The gross margin for Q1 2024 was 83.3%, an increase of 3.2 percentage points from Q1 2023 [1][5]. Research and Development Progress - The company is advancing its pipeline with a focus on BCL2 and BTK CDAC, with multiple clinical trials ongoing for Sonrotoclax and BGB-16673 [1][5]. - Sonrotoclax is currently in four registrational clinical trials, with data expected to be released at upcoming conferences [1][5]. - BGB-16673 has initiated studies for R/R MCL and R/R CLL, with plans to start a Phase III trial by the end of 2024 [1][5]. Market Position and Future Outlook - Zebutinib's sales in the US and Europe have shown remarkable growth, with the US market share increasing significantly [1][5]. - The company is exploring additional indications for Zebutinib, including Lupus Nephritis and Membranous Nephropathy, with clinical trials in progress [1][5]. - The report projects revenue growth for 2024, 2025, and 2026, with slight adjustments to net loss forecasts and a significant increase in net profit forecast for 2026 [5][6].