积极推进国际化进程

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $275, HKD 165, and RMB 175 [1][3]. Core Insights - The company is actively advancing its internationalization process, with expectations of total revenue of approximately $660 million in Q4 2023. The second overseas product, Tislelizumab (PD-1), is anticipated to receive approval in the U.S. in the first half of the year [1]. - The report highlights that the impact of anti-corruption measures on hospital sales is gradually diminishing, which is expected to lead to a sequential increase in product sales revenue in Q4 2023 [1]. - The company forecasts revenues of $2.486 billion, $3.014 billion, and $3.671 billion for 2023, 2024, and 2025, respectively, representing a CAGR of 37% from 2023 to 2025 [1][4]. Financial Projections - Revenue for 2023 is projected at $2.486 billion, with a year-on-year growth of 75.6%. The net loss for the same year is expected to be $771 million [2][4]. - The report provides detailed financial metrics, including a gross profit margin of 84.2% for 2023 and a projected operating loss of $1.089 billion [4][26]. - The company’s cash and cash equivalents are expected to decrease from $3.557 billion in 2023 to $2.836 billion in 2024 [27]. Market Performance - The current stock price is $153.8, with a potential upside of 79% to the target price of $275 [3]. - The report notes a market capitalization of approximately $16.6 billion [3]. Upcoming Catalysts - Key upcoming catalysts include the expected approval of Tislelizumab for esophageal squamous cell carcinoma (ESCC) in the U.S. and the expansion of indications for other products [1]. - Other anticipated developments include the launch of Zebrutinib in the U.S. and data readouts for various clinical trials [1].