百济神州：泽布替尼强劲增长，新药管线丰富

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company, with a target price of 180.24 CNY per share for A-shares and 200.27 HKD per share for H-shares [4]. Core Insights - The company reported a strong revenue growth of 65.4% year-on-year for the first half of 2024, reaching 11.996 billion CNY, while narrowing its net loss to 2.877 billion CNY [1]. - The core product, Baiyueze, saw global sales of 8.018 billion CNY in H1 2024, a significant increase of 122% year-on-year, with U.S. sales alone growing by 134.4% [1]. - The company has a rich pipeline of new drugs, with multiple candidates advancing through clinical trials, including Sonrotoclax and BGB-16673, which are in various stages of global registration [1]. Financial Summary - Revenue projections for the company are estimated at 25.177 billion CNY for 2024, 31.421 billion CNY for 2025, and 37.123 billion CNY for 2026, reflecting growth rates of 44.5%, 24.8%, and 18.1% respectively [2][3]. - The adjusted operating profit for Q2 2024 was reported at 345 million CNY, indicating improved operational efficiency driven by sales growth and cost management [1]. - The company is expected to continue narrowing its net losses, with projections of -2.876 billion CNY for 2024 and a potential return to profitability with a net profit of 1.759 billion CNY by 2026 [3].