Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has achieved milestone revenues and is preparing for the commercialization of SKB264, which is expected to be launched soon [2][4] - The company reported a revenue of 1.54 billion HKD for the year 2023, representing a year-on-year increase of 91.62% [2] - The company is actively building its domestic commercialization team and has established various departments to support this effort [2][4] Financial Performance - The company reported a net loss attributable to shareholders of 574 million HKD in 2023, a reduction in loss compared to the previous year [2][4] - Operating cash flow was positive at 60 million HKD, and cash and cash equivalents at the end of the reporting period stood at 2.528 billion HKD [2] - The R&D expense ratio was 66.88%, down by 38.35 percentage points year-on-year, indicating improved operational efficiency [2] Revenue and Profit Forecast - Projected revenues for 2024, 2025, and 2026 are 1.332 billion HKD, 1.993 billion HKD, and 2.261 billion HKD, respectively, with expected growth rates of -14%, 50%, and 13% [4] - The forecasted net profit for 2024 is -540 million HKD, with a subsequent expected profit of 5 million HKD in 2025 [4] Pipeline Development - The company’s leading product, SKB264, has received priority review status and is in the final stages of clinical trials for multiple indications, including triple-negative breast cancer [2][3] - The company is advancing multiple ADC and non-ADC products, with several in various stages of clinical trials [3][4]
里程碑收入持续兑现，SKB264上市在即备战商业化