According to the research report released by Haitong Int'l, it maintains the 'outperform' rating for Innovent Bio (01801). Combined with the company's strong revenue growth in the first half of the year, the adjusted total revenue forecasts for 2024 to 2026 are 7.86/10.25/13.39 billion yuan respectively. The bank predicts that the company will turn losses into profits in 2026, achieving a net income of 0.76 billion yuan, and the target price will increase from HKD 59.9 to HKD 67.8.

According to the report, the company's total revenue in the first half of the year was 3.95 billion yuan (the same below), an increase of 46.3% year-on-year, of which product revenue was 3.81 billion yuan, an increase of 55.1% year-on-year. The company incurred a loss of 0.39 billion yuan during the period, compared with a loss of 0.14 billion yuan in the same period last year. The company's revenue growth for the first half of the year was strong, with product revenue reaching 3.81 billion yuan, an increase of 55.1% year-on-year. The bank believes that the rapid growth in product revenue is mainly due to the outstanding sales performance of Tyvyt and three other similar biological drugs, as well as the rapid increase in sales of other new products such as Elunate and Ruide. The bank believes that with the continuous enrichment of the company's commercial product portfolio and the improvement of marketing output, the company is expected to achieve the goal of reversing the loss to profit for adjusted EBITDA in 2025.