CICC: Maintains ZAI LAB (09688) "Outperform" rating, raises target price to HK$34.41.

CICC released a research report stating that it maintains a "outperform" rating on ZAI LAB (09688) and has raised its Hong Kong stock target price by 22.5% to 34.41 Hong Kong dollars. ZAI LAB's performance last year slightly exceeded the bank's expectations, mainly due to high revenue from Efgartigimod. The company has provided guidance for this year's performance, with revenue expected to be between 560 million and 590 million US dollars, and the target non-GAAP operating profit to break even in the fourth quarter of this year, surpassing the bank's expectations. CICC noted that the company has a large number of catalysts in the next two years, expecting more data on ZL-1310 to be released in the first half of this year, and also expecting to submit an application for mainland listing of Bemarituzumab in the first half of the year. As for KarXT, the bank expects commercialization to begin next year.