Investment Rating - The report maintains a "Buy" rating for the company with a target price of $275, HKD 165, and RMB 175 [1][3]. Core Insights - The company is actively advancing its internationalization process, with expectations of total revenue of approximately $660 million in Q4 2023. The second overseas product, Tislelizumab (PD-1), is anticipated to receive approval in the U.S. in the first half of the year [1]. - The report highlights that the impact of anti-corruption measures on hospital sales is gradually diminishing, which is expected to lead to a sequential increase in product sales revenue in Q4 2023 [1]. - The company forecasts revenues of $2.486 billion, $3.014 billion, and $3.671 billion for 2023, 2024, and 2025, respectively, representing a CAGR of 37% from 2023 to 2025 [1][4]. Financial Projections - Revenue for 2023 is projected at $2.486 billion, with a year-on-year growth of 75.6%. The net loss for the same year is expected to be $771 million [2][4]. - The report provides detailed financial metrics, including a gross profit margin of 84.2% for 2023 and a projected operating loss of $1.089 billion [4][26]. - The company’s cash and cash equivalents are expected to decrease from $3.557 billion in 2023 to $2.836 billion in 2024 [27]. Market Performance - The current stock price is $153.8, with a potential upside of 79% to the target price of $275 [3]. - The report notes a market capitalization of approximately $16.6 billion [3]. Upcoming Catalysts - Key upcoming catalysts include the expected approval of Tislelizumab for esophageal squamous cell carcinoma (ESCC) in the U.S. and the expansion of indications for other products [1]. - Other anticipated developments include the launch of Zebrutinib in the U.S. and data readouts for various clinical trials [1].

浦银国际研究 公司研究 | 医药行业 再鼎医药（ZLAB.US/9688.HK）：加速商业 化进程推动盈利前景，维持“买入”评级 阳景 浦 首席医药分析师 银 首席医药分析师阳景恢复覆盖再鼎医药（ZLAB.US/9688.HK），维持“买 Jing_yang@spdbi.com 国 (852) 2808 6434 入”评级，目标价为 60 美元/47 港元。基于再鼎医药（再鼎）过往强 际 大的商业化能力、强劲高效的执行力，我们有信心公司能够完成管理层 4Q25 开始实现盈利和 2023-2028 年收入年复合增速超过 50%的指引。 胡泽宇 CFA 我们认为，公司目前 20 亿美元的市值明显低估了其一系列具有差异化 医药分析师 的重磅创新药的长期价值及众多短期催化剂对股价的提振作用。 ryan_hu@spdbi.com  未来 5 年商业化大幅提速，有望带来超过 50%的收入年均复合增长率： (852) 2808 6446 根据管理层指引，未来 3 年（2024-2026 年）预计将有超过 7 款新产品 或新适应症上市，至 2028 年底之前，再鼎医药预计有超过 15 款商业 2024年2月23日 公 化产 ...

互联网行业 | 行业追踪 AIGC 行业趋势：Sora 横空出世， 赵丹 浦 首席互联网分析师 银 向多模态应用加速迈进 dan_zhao@spdbi.com 国 (852) 2808 6436 际 杨子超，CFA 近期，OpenAI的Sora的横空出世再一次引发市场对AIGC的关 互联网分析师 注，文生视频领域取得重大突破，效果远超预期。我们将围绕 charles_yang@spdbi.com Sora的核心优势、技术特点、行业影响、未来趋势等方面进行 (852) 2808 6409 阐述。 行 2024年2月21日 业 相较于此前的文生视频模型，Sora取得哪些突破？ 追 近期，OpenAI 发布了文生视频模型 Sora，可以用文字指令生成 踪 长达 1 分钟的高清视频。相较于此前市场上的同类模型，如 Runway、Pika 等，Sora 的生成效果有大幅提升，远超预期：  首先，视频长度方面，Sora 可以生成长达 60秒的视频，长度 远远大于其他AI视频模型的几秒钟长度。  其次，Sora 在视频内容质量稳定性方面有大幅的提升，镜头多 角度切换，视频中的主角和背景能够保持高度一致性和稳定性。  ...