2023年年报点评：业务多点开花，业绩快速增长

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of $841.55 million in 2023, representing a year-on-year growth of 33.89%, with a narrowed net loss of $95.48 million compared to a loss of $226.85 million in the previous year, slightly exceeding expectations [2][4] - The cell therapy business has shown significant growth, with sales of CARVYKTI reaching $500 million in 2023, a 273% increase year-on-year, and further approvals expected from FDA and EMA [3] - The life sciences segment reported a revenue of $405 million, a 15.64% increase, maintaining robust growth despite a decline in biopharmaceutical investment [3] - The company has adjusted its profit forecasts for 2024 and 2025, with expected net losses of $62.05 million and a profit of $33 million respectively, projecting a net profit of $163 million by 2026 [4] Financial Summary - Total revenue projections for the upcoming years are as follows: $1,168.83 million in 2024, $1,711.65 million in 2025, and $2,581.05 million in 2026, with corresponding growth rates of 38.89%, 46.44%, and 50.79% respectively [2][10] - The company’s gross profit margin is expected to improve from 48.78% in 2023 to 57.47% by 2026 [11] - The earnings per share (EPS) is projected to improve from -0.04 in 2023 to 0.08 in 2026, indicating a positive trend towards profitability [2][10]