Haitong Securities International·2025-11-12 08:40Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of 362.59 RMB [4][14][15]. Core Insights - The company is experiencing continuous sales growth of Zebutinib, with significant advancements in its pipeline for solid tumors and hematological cancers, indicating a strong potential for sustained revenue growth [1][4][17]. - The company has raised its full-year guidance, projecting total revenue between 5.1 to 5.3 billion USD for the year, reflecting a positive shift in operational profitability [15][16]. - The report highlights the promising clinical progress of the company's CDK4 inhibitor and other solid tumor pipelines, which are expected to contribute to future revenue streams [16][17]. Financial Summary - Projected revenues for 2025-2027 are 37.26 billion, 45.31 billion, and 51.15 billion RMB, with year-on-year growth rates of 36.9%, 21.6%, and 12.9% respectively [3][4]. - Net profit attributable to shareholders is expected to be 2.05 billion, 4.26 billion, and 5.30 billion RMB for the years 2025-2027 [4][14]. - The company reported a total revenue of 1.41 billion USD in Q3 2025, with a quarter-on-quarter growth of 7.37% [15].