华兴证券研报指出，百济神州盈利能力持续改善。百济神州24年实现收入38.10亿美元，同比增长55.0%；归母净亏损同比收窄27%至6.45 亿美元。得益于主力产品放量与费用控制，根据公司1Q25报告，2025年第一季度公司实现收入11.2 亿美元，同比增长48.6%；GAAP净利润127万美元，扭转去年同期及上季度的亏损局面，成为历史上首次实现季度GAAP盈利的季度。公司同期经营活动现金流入达4408万美元，显示出经营效率改善已开始转化为实质性财务表现。公司最新的交易价格对应5.5倍的2025年企业价值/营收，低于可比公司8.1倍的均值，并未充分反应公司强大的商业化能力。认为公司已进入由营收增长向盈利能力提升的阶段，产品商业化能力与研发实力兼具，具备成为全球创新药龙头企业的潜力。重申“买入”评级。
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