HUTCHMED-公司跟踪点评：呋喹替尼销售超预期，海外放量持续加速

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The sales of the drug "Yingkuaitini" exceeded expectations, with approximately $67 million in sales in the U.S. as of March 31, 2024, and an expected annual growth rate of over 100% for the fiscal year 2024 [1][2]. - The company is optimistic about the overseas market expansion of "Yingkuaitini" as approvals in Europe and Japan are anticipated [1]. - The drug "Saiwo" is expected to submit its NDA in the U.S. by the end of 2024, marking a significant milestone for the company's innovative pipeline [2]. Financial Summary - The company reported revenues of$ 426 million in 2022, which increased to $838 million in 2023, with a projected revenue of$ 704 million for 2024, reflecting a 16% decrease [7]. - Gross profit rose from $115 million in 2022 to$ 454 million in 2023, with a forecasted gross profit of $377 million for 2024 [7]. - The net profit improved from a loss of$ 361 million in 2022 to a profit of $101 million in 2023, with an expected loss of$ 30 million in 2024 [7].