1Q25业绩利润端实现扭亏，符合预期

Investment Rating - The report maintains an "Outperform" rating for BeiGene with a target price of HK$182.35, while the current price is HK$141.00 [2][6]. Core Insights - In Q1 2025, BeiGene achieved revenue of USD1.12 billion, a year-on-year increase of 48.6%, with product revenue at USD1.11 billion. The net income attributable to shareholders was USD1.27 million, marking the first quarterly recurring business profit under US GAAP [3][13]. - The management has maintained its full-year revenue guidance of USD4.9 billion to USD5.3 billion, indicating confidence in future performance [3][14]. Revenue and Profitability - The growth in overseas revenue, particularly from BRUKINSA, was a significant driver for the company's turnaround to profitability. BRUKINSA generated revenue of USD790 million in Q1 2025, reflecting a 62.1% year-on-year increase [4][14]. - The gross profit margin (GPM) reached 85.2%, an increase of 1.9 percentage points year-on-year, while operating profit was USD11.1 million, compared to a loss of USD261 million in Q1 2024 [5][15]. Financial Projections - Revenue projections for the upcoming years are as follows: USD5.01 billion in FY2025, growing to USD6.03 billion in FY2026, with a revenue growth rate of 31% and 20% respectively [11][14]. - The net profit is expected to turn positive in FY2025 with a forecast of USD34 million, and further increase to USD390 million in FY2026, reflecting a significant turnaround [11][14]. Valuation Methodology - The valuation is based on a Discounted Cash Flow (DCF) model using cash flows from FY25 to FY34, with a WACC of 9% and a perpetual growth rate of 4% [6][16].