Core Viewpoint - UBS reports that Zai Lab has evolved from a licensing-based business model into a mature biopharmaceutical company with eight commercialized products and a rich product pipeline in oncology, immunology, neuroscience, and infectious diseases [1] Group 1: Company Development - Zai Lab's core product VYVGART is expected to continue expanding its indications and increasing sales [1] - Several key candidate drugs are anticipated to receive approval, contributing to the company's growth [1] Group 2: Business Development Opportunities - The business development opportunities for ZL-1310 (DLL3ADC) and ZL-1503 (IL-13/IL-31R) are seen as key drivers for near-term growth [1] Group 3: Investment Rating - UBS initiates coverage on Zai Lab with a "Buy" rating, setting a target price of HKD 33.5 based on discounted cash flow (DCF) analysis, implying 1x and 1.6x peak sales on an unadjusted and adjusted basis respectively [1] - The market appears to overlook Zai Lab's short-term growth potential, including VYVGART and new product launches, as well as the business development potential of DLL3ADC and ZL-1503 [1]