You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
研報掘金丨華興證券:百濟神州盈利能力持續改善,重申“買入”評級
格隆匯 06-24 14:27

華興證券研報指出,百濟神州盈利能力持續改善。百濟神州24年實現收入38.10億美元,同比增長55.0%;歸母淨虧損同比收窄27%至6.45 億美元。得益於主力產品放量與費用控制,根據公司1Q25報吿,2025年第一季度公司實現收入11.2 億美元,同比增長48.6%;GAAP淨利潤127萬美元,扭轉去年同期及上季度的虧損局面,成為歷史上首次實現季度GAAP盈利的季度。公司同期經營活動現金流入達4408萬美元,顯示出經營效率改善已開始轉化為實質性財務表現。公司最新的交易價格對應5.5倍的2025年企業價值/營收,低於可比公司8.1倍的均值,並未充分反應公司強大的商業化能力。認為公司已進入由營收增長向盈利能力提升的階段,產品商業化能力與研發實力兼具,具備成為全球創新藥龍頭企業的潛力。重申“買入”評級。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account