Huajin Securities·2024-02-26 16:00Investment Rating - The investment rating for the company is maintained at "Buy-A" [3] Core Views - The company is expected to achieve a revenue of 17.423 billion yuan in 2023, representing an increase of 82.1% year-on-year, with product revenue reaching 15.504 billion yuan, also up by 82.8% [1] - The company anticipates a significant narrowing of losses, with expected losses of 6.716 billion yuan in 2023, a reduction of 50.77% year-on-year [1] - The company is actively expanding its product pipeline and has made significant progress in both domestic and international markets [2][5] Summary by Sections Financial Performance - The company reported a projected revenue of 17.423 billion yuan for 2023, with a year-on-year growth of 82.1% [6] - The expected loss for 2023 is 6.716 billion yuan, which is a 50.8% improvement compared to the previous year [6] - The gross margin is projected to be 82.7% in 2023, slightly down from 86.0% in 2021 [6] Product Development - The global sales of Baiyueze (BTK inhibitor) are expected to reach 9.138 billion yuan in 2023, a remarkable increase of 138.7% [1] - Baiyueze has received approval for five indications in China and has expanded its global indications, further solidifying its market position [1] - The company is advancing its pipeline with multiple clinical trials, including sonrotoclax and BGB-16673, targeting various hematological malignancies [2] Market Expansion - The sales of Baizean (PD-1) are projected to be 3.806 billion yuan in 2023, with a year-on-year growth of 33.1% [2] - The company has received approval for 12 indications in the domestic market, with several more under review [2] - The international market presence is expanding, with multiple registration applications submitted across various regions [2]