Event: the company released three quarterly reports in 2023, Q1-3 realized operating income of 40 million yuan in 2023, net profit of-829 million yuan (- 510 million yuan in the same period last year), and non-return net profit of-856 million yuan (- 547 million yuan in the same period last year).

Comments: Shuvotini sales in the first quarter of sailing sales are bright, the data continue to show differentiation, the global progress is smooth. Golixitinib global registration clinical data is eye-catching, domestic NDA and priority review qualifications, overseas progress can be expected. FIC drug DZD8586 appeared at the academic conference for the first time, and the follow-up data are expected to be read out. The R & D expenses keep growing, and the management expenses are affected by the amortization of equity incentives.

Profit forecast and valuation: the company is deeply engaged in transformational medicine, focusing on the development of pioneering drugs and breakthrough treatments, has formed a rich product line, and maintains high competitiveness in the industry. With the continuous progress of global registration of Shuvotini and Golixitinib, as well as the continuous progress of follow-up FIC/BIC research and development pipelines such as DZD8586, the company is expected to have a number of globally approved innovative drugs. We adjust our profit forecast and expect the company's EPS to be-2.79,2.27,1.21 yuan respectively in 2023-2025, maintaining the "overweight" rating.

Risk tips: new drug research and development is not up to expectations, product sales are not up to expectations, etc.