Industry Insights - The consumer discretionary sector shows a positive short-term trend, but the long-term outlook remains cautious. April data across sub-sectors improved compared to March, with the May Day holiday data maintaining or improving on this trend due to factors such as increased holiday periods, better weather, low base effects, government subsidies for appliances, and strong inbound tourism [2] - The outlook for May and Q2 is slightly positive, driven by structural rebounds in certain consumer sub-sectors, rational competition, favorable weather, increased subsidies from platforms like JD and Taobao, and sustained consumer power from inbound tourism [2] - The report suggests it is a good time to increase positions in leading companies within the sector [2] Company Analysis - BeiGene (百济神州) achieved its first quarterly GAAP profit, marking a significant milestone. In Q1 2025, product revenue reached $1.11 billion, a 48% year-on-year increase, with the drug Zebrutinib generating $792 million in sales, up 62% year-on-year [9] - The company reported a GAAP operating profit of $11 million and a net profit of $1 million in Q1 2025, with a significant improvement in non-GAAP operating profit compared to the previous year [9] - The gross margin for Q1 2025 rose to 85.1%, with a notable decrease in SG&A and R&D expense ratios, indicating ongoing cost control improvements [9] - The R&D pipeline for 2025 is expected to see key advancements, including ongoing clinical trials for various cancer treatments, with significant data releases anticipated [10] - The target price for BeiGene is maintained at $359.47, reflecting a positive outlook on revenue growth and R&D progress [10]
招银国际每日投资策略-20250509