BeiGene(688235) 浦银国际证券·2025-01-16 01:56Investment Rating - The report maintains a "Buy" rating for the company's US and Hong Kong stocks, and upgrades the A-share rating to "Buy" [3][10]. Core Insights - The company has provided its first-ever guidance on profitability, expecting to achieve GAAP operating profit breakeven in 2025. This guidance has positively impacted market sentiment, leading to stock price increases across all markets [3][10]. - The target prices have been raised to USD 268 for US stocks, HKD 161 for Hong Kong stocks, and CNY 197 for A-shares, reflecting an expected upside of 45%, 40%, and 10% respectively [3][10][8]. Financial Performance and Projections - The company reported revenues of USD 1,416 million in 2022, with projections of USD 2,459 million in 2023, USD 3,696 million in 2024, USD 4,689 million in 2025, and USD 5,346 million in 2026, indicating a compound annual growth rate (CAGR) of 20.4%, 73.7%, 50.3%, 26.9%, and 14.0% respectively [11][15]. - The net loss attributable to shareholders is projected to decrease from USD 2,004 million in 2022 to a profit of USD 57 million in 2025 and USD 199 million in 2026 [11][15]. Market Position and Product Pipeline - The company holds a strong position in the CLL market, with its core product, Zebrutinib, capturing approximately 50% of the new patient market share [4]. - The company is advancing two next-generation hematologic cancer products, with significant clinical trial milestones expected in 2025 [5][6]. Research and Development Efficiency - The company demonstrates strong execution capabilities, with an average time of 8-9 months from GLP toxicology studies to first-in-human trials, which is 30% faster than industry standards [6]. - The clinical team is expected to grow from over 3,000 to 3,600 by the end of 2024, enhancing the company's research and development efficiency [6]. Valuation Metrics - The report indicates a price-to-sales (P/S) ratio of 13.9 in 2022, decreasing to 3.7 by 2026, reflecting improved revenue generation relative to market valuation [11][15]. - The projected operating margin is expected to improve significantly, with a breakeven point anticipated in 2025 [10].