舒沃替尼销售符合预期，差异化管线进展顺利

Investment Rating - The investment rating for the company is "Add" [1][15]. Core Views - The sales of Shuwotini have met expectations, and the differentiated pipeline is progressing smoothly. The company reported a revenue of 91 million yuan in 2023, all from Shuwotini sales, with a net profit attributable to shareholders of -1.123 billion yuan, compared to -736 million yuan in 2022 [1][10]. - The clinical data for Shuwotini continues to show differentiation, with global progress being steady. The company has also received priority review status for the NDA of Golixitinib, with promising clinical data reported at the ASH conference [2][11]. - The company is focused on innovative drug development and has a robust product pipeline, which is expected to lead to multiple globally approved innovative drugs in the coming years [2][15]. Financial Summary - In 2023, the company achieved a revenue of 91 million yuan, a significant increase from zero in 2022. The net profit attributable to shareholders was -1.123 billion yuan, worsening from -736 million yuan in 2022. The non-recurring net profit was -1.177 billion yuan, compared to 785 million yuan in 2022 [1][10]. - The earnings per share (EPS) forecast for 2023-2025 is projected to be -2.70 yuan, -1.69 yuan, and -1.13 yuan respectively [2][15]. - The company expects R&D expenses to be around 810 million yuan in 2023, reflecting a year-on-year increase of 22% [14]. Pipeline Developments - Shuwotini has received approval for second-line treatment of non-small cell lung cancer (NSCLC) with EGFR exon 20 mutations, and early data from first-line treatment shows a clinical objective response rate (cORR) of 78.6% [11][12]. - Golixitinib, the first JAK1 specific inhibitor for peripheral T-cell lymphoma (PTCL), has received priority review for its NDA, with promising data reported at the ASH conference [12][13]. - The FIC drug DZD8586 has shown potential in treating DLBCL and BTK-resistant cases, with early data indicating a 64.7% overall response rate [13][14]. Management Confidence - The management team has demonstrated confidence in the company's long-term development by planning to increase their shareholdings [14].