2024-02-27 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a narrowing loss for 2023, with a revenue of 17.423 billion, a year-on-year increase of 82%, and a net profit attributable to shareholders of -6.716 billion, compared to -13.642 billion in the previous year [6][7] - The significant revenue growth is primarily driven by the overseas sales of the drug Zebutinib, which reached 9.138 billion, surpassing 1 billion USD, with a year-on-year growth of 138.7% [6][7] - The company expects to achieve profitability starting in 2025, with an adjusted net profit forecast of 1.178 billion for that year [7] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 17.423 billion, with a year-on-year growth rate of 82.1% [8] - The net profit attributable to shareholders for 2023 is projected at -6.716 billion, an improvement from -13.642 billion in 2022 [9] - The company’s gross margin is expected to remain strong, with projections of 84.1% for 2023 and 85.3% for 2025 [8] Product Development and Market Expansion - Zebutinib's overseas market growth is a key driver for revenue, with plans for further international expansion of the PD-1 monoclonal antibody, which has received approvals in the EU and the UK [7] - The company is actively pursuing additional indications for its PD-1 product in various regions, including the US and Europe, with expected regulatory decisions in 2024 [7] Future Outlook - The company has adjusted its profit forecasts, expecting a net profit of -4.078 billion for 2024, with a significant turnaround anticipated in 2025 [7][9] - The operational efficiency improvements alongside revenue growth are expected to contribute to the narrowing of losses and eventual profitability [6][7]