ZAI LAB(ZLAB) 华兴证券·2025-03-04 19:11Investment Rating - The report assigns a "Buy" rating to Zai Lab (ZLAB US) with a target price of US34.64 [1]. Core Insights - The company is expected to experience significant revenue growth, with a projected revenue of US399 million, a 50% year-over-year increase [3][8]. - The inclusion of key products in the National Reimbursement Drug List (NRDL) has driven rapid revenue growth, particularly for Weiqijia and Weilian, which achieved sales of US93.6 million in 2024 [4]. - The company has effectively controlled expenses, with R&D spending decreasing by 11.6% to US235 million in 2024, contributing to improved operational efficiency [5][8]. Financial Summary - The financial projections for Zai Lab are as follows: - Revenue (US million): 2022A: 141, 2023A: 171, 2024E: 259, 2025E: 364, 2026E: 593 [7]. - Net Profit (US): 2022A: (4.63), 2023A: (3.42), 2024E: (3.13), 2025E: (2.10), 2026E: 0.22 [7].