亚盛医药-B：首次覆盖：厚积薄发，逐步迈向全球化Biopharma

[Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$40.70 目标价 HK$48.00 HTI ESG 5.0-4.4-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 1mth 3mth 12mth 绝对值 24.3% 49.9% 100.0% 绝对值（美元） 24.6% 50.6% 101.4% 相对 MSCI China -4.5% 27.8% 77.4% [Table_Profit] Rmb mn Dec-23A Dec-24E Dec-25E Dec-26E Revenue 222 954 569 2,992 Revenue (+/-) 6% 330% -40% 426% Net profit -926 -383 -848 1,239 Net profit (+/-) n.m. n.m. n.m. -246% Diluted EPS (Rmb) -3.28 -1.36 -3.01 4.39 GPM 86.2% 96.5% 90.1 ...