卡度尼利高增149%，依沃西等获批在望

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% within the next 6-12 months [3][8]. Core Insights - The company reported a revenue of 4.526 billion yuan for 2023, a significant year-on-year increase of 440%. The annual profit reached 1.942 billion yuan, a turnaround from a loss of 1.422 billion yuan in 2022 [2][3]. - The revenue growth was primarily driven by product sales, particularly the sales of Kadunili, which amounted to 1.358 billion yuan, reflecting a 149% increase compared to the previous year [2]. - The company confirmed technology licensing and cooperation income of 2.923 billion yuan, mainly from the upfront payment received from Summit Therapeutics for the licensing of Iwoshu [2]. - The company has submitted three product applications for market approval, including Iwoshu (PD-1/VEGF), Inusui (AK102, PCSK9), and Iruoqi (IL-2/IL-23), with Iwoshu's approval expected soon [2]. Financial Performance Summary - For 2023, the company achieved a revenue of 4.526 billion yuan, with a growth rate of 440% compared to 2022. The net profit for the same period was 1.942 billion yuan, a significant recovery from a net loss of 1.168 billion yuan in 2022 [6]. - The projected revenues for 2024, 2025, and 2026 are 3.008 billion yuan, 4.835 billion yuan, and 6.487 billion yuan, respectively, with corresponding net profits of -72 million yuan, 444 million yuan, and 981 million yuan [6][7]. - The company’s diluted earnings per share for 2023 was 2.41 yuan, with projections of -0.09 yuan for 2024, 0.53 yuan for 2025, and 1.17 yuan for 2026 [6][7].