Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has made significant progress in its internationalization efforts, particularly with the global licensing of its DLL3ADC drug IBI3009 to Roche, which includes an upfront payment of 1 billion, along with a sales revenue share [7] - The company is expected to achieve EBITDA breakeven by 2025 and aims for domestic sales of 20 billion yuan by 2027, driven by multiple product launches and overseas collaborations [7] - The revenue forecast for 2024-2026 has been adjusted upwards, with expected revenues of 81 billion yuan in 2024, 114.91 billion yuan in 2025, and 151.78 billion yuan in 2026, indicating strong growth potential [7] Financial Summary - Total revenue for 2022 was 4,557 million yuan, with a projected increase to 6,206 million yuan in 2023, and further growth to 8,100 million yuan in 2024, 11,491 million yuan in 2025, and 15,178 million yuan in 2026, reflecting a compound annual growth rate of 36.19% from 2022 to 2023 [1] - The net profit attributable to the parent company is expected to improve from a loss of 2,179.27 million yuan in 2022 to a profit of 2,211.27 million yuan by 2026, showcasing a significant turnaround [1] - The latest diluted EPS is projected to turn positive, reaching 1.35 yuan per share by 2026, compared to a loss of 1.33 yuan per share in 2022 [1]
信达生物：出海BD实现突破，国际化进程加速