China Merchants' research report pointed out that Beigene (688235.SH) is an international pharmaceutical enterprise that has already completed the global sales of innovative products. Its profound understanding of disease areas and scientific layout are the fundamental guarantees for sustained competitiveness. Bullish on the rapid volume increase of Beigene's short- and medium-term products such as zanubrutinib, as well as the competitiveness of its medium- to long-term pipeline products. The bank expects Beigene's revenues in 2024-2026 to be 26.87 billion yuan, 33.82 billion yuan, and 42.46 billion yuan, with year-on-year growth of 54%, 26%, and 26%, respectively. Significant reduction in losses in 2024, with profits of 4.34 billion yuan, 1.2 billion yuan in losses, and 1.25 billion yuan in profits in 2024-2026. Initial coverage, with a 'strong buy' investment rating.