Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The approval of CT053 (赛恺泽) for commercialization is expected to drive significant revenue growth, supported by Huadong Medicine [3]. - The company reported a net loss of 748 million RMB in 2023, a reduction of 144 million RMB compared to the previous year, attributed to decreased employee compensation and R&D expenses [3]. - Cash and cash equivalents totaled 1.85 billion RMB, a decrease of 18.4% year-on-year due to R&D, administrative expenses, and capital expenditures [3]. - Revenue forecasts for 2024-2025 have been adjusted to 215 million RMB and 308 million RMB, respectively, with a new forecast for 2026 revenue set at 506 million RMB [3]. Financial Summary - The company reported no revenue in 2022, with projected revenues of 215 million RMB in 2024, 308 million RMB in 2025, and 506 million RMB in 2026, reflecting growth rates of 43% and 64% respectively [8]. - The adjusted net loss is expected to narrow to 527 million RMB in 2024 and 428 million RMB in 2025, with a further reduction to 291 million RMB in 2026 [8]. - The price-to-earnings (PE) ratio is projected to improve from -8.51 in 2022 to -6.07 in 2024, indicating a potential recovery in profitability [8].
2023年报点评：赛恺泽获批上市，商业化放量可期