20240320-招银国际-康方生物-09926.HK-Expect_another_fruitful_year_in_2024_5页_983kb

Akeso posted strong financial results in FY23, with revenue of RMB4.53bn, notably exceeding initial guidance for AK104 sales due to efficient operations and a high gross profit margin of 91.8%. The company demonstrated improving operating efficiency, with selling expenses decreasing to 56.3% of product sales, and a revised target price of HK$59.61 reflecting higher growth expectations.

Key developments underpin the Buy recommendation, including positive data expected from AK112's Ph3 trial, which may guide stock performance.