Innovent Bio maintains its goal of achieving EBITDA breakeven in 2025 and reaching revenue of 20 billion yuan in 2027.
According to the research report released by UBS Group, it maintains a buy rating for Innovent Bio (01801) and keeps its target of EBITDA breakeven in 2025 and reaching revenue of 20 billion yuan in 2027. Based on the ideal performance in the first half of the year, the forecast model is adjusted, and the target price is raised from HKD 57.4 to HKD 60.7.
The report states that the company's revenue in the first half of the year was 4 billion yuan, a year-on-year growth of 46%, higher than UBS Group's estimate of 3.4 billion yuan and the market's estimate of 3.5 billion yuan. The net loss was 0.3926 billion yuan, an increase of 182%, which is roughly in line with UBS Group's estimated net loss of 0.3891 billion yuan, but lower than the market's predicted net loss of 0.3724 billion yuan.
