Investment Rating - The investment rating for the company is "Buy" (maintained) due to exceeding profit expectations and accelerating global expansion [5]. Core Views - The company is expected to achieve a revenue of 94.22 billion RMB in 2024, representing a year-on-year growth of 51.8%, with a significant reduction in losses to 94.63 million RMB [6]. - The company's product revenue is projected to reach 82.3 billion RMB, a 43.6% increase year-on-year, with licensing revenue doubling to 1.1 billion RMB [6]. - The strategic goal includes achieving 20 billion RMB in product revenue by 2027 and entering five pipelines into global Phase III clinical trials by 2030 [6]. - The company is focusing on oncology through an "IO+ADC" strategy, expanding indications for existing drugs and introducing high-potential pipelines [6]. - The cardiovascular and metabolic fields are expected to emerge as a second growth curve, with key products receiving approvals and entering the market [6]. Financial Forecasts and Valuation - Revenue projections for 2025-2027 are 117.84 billion RMB, 143.01 billion RMB, and 192.31 billion RMB respectively, with growth rates of 25.08%, 21.35%, and 34.48% [7]. - The net profit for 2025 is forecasted at 759 million RMB, with a staggering growth rate of 901.92% compared to the previous year [7]. - The company's reasonable equity value is estimated at 95.7 billion HKD, based on a DCF method with a perpetual growth rate of 3% and a WACC of 8.57% [6].
信达生物（01801）：超预期实现盈利，全球化布局加速推进