e公司讯，贝达药业(300558)12月19日午间公告，公司控股子公司Xcovery申报的有关盐酸恩沙替尼胶囊 （商品名：Ensacove）"拟用于既往未接受过间变性淋巴瘤激酶（ALK）抑制剂治疗的ALK阳性局部晚 期或转移性非小细胞肺癌（NSCLC）成年患者的治疗"（即一线适应症）已获美国FDA批准上市。 ...

公 司 研 究 [Table_Reportdate] 2024年11月01日 公 司 简 评 医 药 生 物 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn 联系人 付婷 futing@longone.com.cn | --- | --- | |--------------------------|-------------| | | | | 收盘价 | 45.66 | | 总股本 ( 万股 ) | 41,849 | | 流通 A 股 /B 股 ( 万股 ) | 41,718/0 | | 资产负债率 (%) | 38.81% | | 市净率 ( 倍 ) | 3.34 | | 净资产收益率 ( 加权 ) | 7.64 | | 12 个月内最高 / 最低价 | 63.09/30.43 | [Table_QuotePic] -64% -50% -36% -22% -8% 5% 19% 33% 2 ...

贝达药业：与杭州瑞普晨创签署战略合作协议 合作开发干细胞治疗业务 财联社11月1日电，贝达药业公 告，公司拟与杭州瑞普晨创科技有限公司签署《战略合作协议》，双方将合作开发干细胞治疗业务，在 人多能干细胞向胰岛细胞诱导分化技术领域展开深入合作。 同时，公司拟出资2000万元认缴瑞普晨创新增注册资本11.1111万元，投后占比0.9390%。 公司关联人贝橙创投拟出资2000万元认缴瑞普晨创新增注册资本11.1111万元，投后占比0.9390%。 公司关联人宁波六谷本次拟出资500万元认缴瑞普晨创新增注册资本2.7778万元。 查看公告原文 ...

上 市 公 司 证 券 研 究 报 告 医药生物 2024 年 10 月 29 日 贝达药业 (300558) ——新品驱动+费用管控，三季报业绩略超预期 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 29 日 | | 收盘价（元） | 46.80 | | 一年内最高/最低（元） | 63.09/30.43 | | 市净率 | 3.5 | | 息率（分红/股价） | 0.36 | | 流通 A 股市值（百万元） | 19,524 | | 上证指数 / 深证成指 | 3,286.41/10,543.33 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|------------------------| | | | | 基础数据 : 2024 | 年 09 月 30 日 | | | | | 每股净资产（元） | 13.47 | | 资产负债率 % | ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 30 年 月 日 贝达药业（300558.SZ） 盈利能力有效提升，新兴分子配合商业合作打造长期空间 公司发布 2024 三季报，2024Q3 营收 8.44 亿元，同比+15.65%，扣 非归母净利润 1.45 亿元，同比-4.88%。2024 前三季度营收 23.45 亿 元，同比+14.73%，扣非归母净利润 3.62 亿元，同比+50.12%。 利润同比大幅增长，盈利能力得到较大提升。公司前三季度整体营收同比 增长 14.73%，扣非归母利润同比增长 50.12%，公司整体获利能力有了 大幅提高。公司前三季度销售费用 8.71 亿元，同比去年同期 7.10 亿元， 增长约 22.68%。研发费用 2024 前三季度为 3.84 亿元，2023 同期为 4.68 亿元，同比降低约-17.95%。公司目前大力推广产品销售并对研发管线做 了部分梳理，研发费用有所降低，整体盈利能力有了大幅提高，为未来长 期发展打下坚实基础。 新分子临床推进迅速，打造长期增长空间。公司目前临床管线推进迅速， 仅从近期公告来看，公司已经公告了 MCLA-129 ...

公司快报 2024 年 10 月 29 日 贝达药业(300558.SZ) 国内业绩加速增长，海外布局逐渐兑现 事件：公司发布 2024 年三季报，前三季度实现营业收入 23.45 亿元，同比增长 14.73%；实现归母净利润 4.16 亿元，同比增长 36.61%；实现扣非归母净利润 3.62 亿元，同比增长 50.12%。 国内贝福替尼、恩沙替尼、伏罗尼布等处于快速放量阶段， CDK4/6 抑制剂泰贝西利、代理品种重组人血清白蛋白有望明年获 批上市放量。公司三代 EGFR TKI 贝福替尼的 NSCLC 一线适应症 参与今年医保谈判，若能进入医保目录则有望加速 2025 年的销售 放量；其他已上市产品恩沙替尼、伏罗尼布、贝伐珠单抗生物类 似药等都处在高速放量阶段，其中恩沙替尼 ALK 阳性 NSCLC 术后 辅助 3 期临床正在推进中，未来上市后有望进一步驱动其销售增 长；CDK4/6 抑制剂泰贝西利 HR+/HER2-乳腺癌适应症的上市申请 已获得 NMPA 受理，有望于明年获批上市；此外公司战略投资项目 禾元生物的植物源重组人血清白蛋白上市申请已获 CDE 受理并纳 入优先审批，同样有望于明年获批上市 ...

来源：公司年报、国金证券研究所 2024 年 10 月 28 日，公司发布三季报，2024 年前三季度，公司营收、 归母和扣非净利润分别为 23.45/4.16/3.62 亿元，同比增长 14.73%/ 36.61%/50.12%；3Q24 单季度营收、归母和扣非净利润 8.44/1.92/ 1.45 亿元，同比增长 15.65%/22.95%/-4.88%。业绩符合预期。 肺癌靶向龙头再发力，扣非同比高增 50%；核查通过，贝美纳美国 获批在即。（1）业绩：公司 2024 年前三季度营收与利润继续增长态 势，扣非归母净利润 3.62 亿，同比增长 50.12%。3Q24 单季度扣非 归母净利润同比为-4.88%增速，是 3Q23 高基数所致，环比增速 14.22%。（2）经销提效：年初至报告期末期间费用占营业收入比例 从 73.30%降低到 67.54%，下降 5.76 个百分点。公司加强经销商管 理、信用管理，扩大销量同时积极增加现金回笼。年初至报告期末 经营活动产生的现金流量净额 83,134.07 万元，同比增长 48.46%， 净利润现金含量达 199.73%，销售创现率达 105.46%。（3）出 ...

贝达药业：前三季度净利润4.16亿元 同比增长36.61% 财联社10月28日电，贝达药业发布2024年第三季 度报告，前三季度实现营业收入23.45亿元，同比增长14.73%；归属于上市公司股东的净利润4.16亿 元，同比增长36.61%。 其中，第三季度实现营业收入8.44亿元，同比增长15.65%；归属于上市公司股东的净利润1.92亿元，同 比增长22.95%。 查看公告原文 ...

Financial Performance - Revenue for the third quarter reached RMB 843.88 million, a 15.65% increase year-over-year[4] - Net profit attributable to shareholders was RMB 192.28 million, up 22.95% compared to the same period last year[4] - Net profit attributable to shareholders of the listed company reached 416.23 million yuan, a year-on-year increase of 36.61%[12] - Operating income for the first three quarters of 2024 was 2.34 billion yuan, a year-on-year increase of 14.73%[12] - Total revenue for the current period reached 2,344,643,009.24 RMB, an increase from 2,043,551,452.90 RMB in the previous period[20] - Net profit attributable to the parent company's shareholders was 416,225,901.42 RMB, compared to 304,692,911.78 RMB in the previous period[21] - Basic earnings per share increased to 0.99 RMB from 0.73 RMB in the previous period[21] - Operating profit rose to 438,271,814.06 RMB from 237,023,065.21 RMB[21] Cash Flow and Liquidity - Operating cash flow for the first nine months of 2024 was RMB 831.34 million, a 48.46% increase year-over-year[4] - Net cash flow from operating activities was 831.34 million yuan, a year-on-year increase of 48.46%[13] - Sales of goods and services received cash of 2,472,704,308.44 yuan, an increase compared to the previous period's 2,043,623,012.90 yuan[22] - Total cash inflow from operating activities was 2,548,182,394.10 yuan, up from 2,139,574,472.81 yuan in the previous period[23] - Cash paid for goods and services was 207,021,761.38 yuan, higher than the previous period's 135,644,689.05 yuan[23] - Cash paid to employees increased to 476,325,113.84 yuan from 431,619,614.07 yuan[23] - Net cash flow from operating activities rose to 831,340,738.79 yuan from 559,988,099.54 yuan[23] - Net cash flow from investing activities was -781,682,505.65 yuan, an improvement from -1,238,136,056.96 yuan[23] - Cash received from borrowings decreased to 483,600,000.00 yuan from 1,740,000,000.00 yuan[23] - Net cash flow from financing activities was -200,294,076.80 yuan, compared to 635,249,145.58 yuan in the previous period[23] - Net increase in cash and cash equivalents was -156,655,531.22 yuan, a larger decrease than the previous period's -36,974,324.32 yuan[23] - The company's cash and cash equivalents decreased from 751.99 million yuan to 595.34 million yuan compared to the beginning of the year[17] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 9.36 billion, a 2.31% increase from the end of the previous year[4] - Total assets increased to 9,357,972,069.43 RMB from 9,146,908,395.53 RMB[18] - Total liabilities decreased to 3,631,860,791.36 RMB from 3,795,434,736.73 RMB[18] - Total equity increased to 5,726,111,278.07 RMB from 5,351,473,658.80 RMB[19] - Fixed assets decreased to 500,348,438.58 RMB from 524,363,656.99 RMB[18] - Construction in progress increased to 2,328,571,008.91 RMB from 2,036,585,745.95 RMB[18] - The company's accounts receivable decreased from 286.41 million yuan to 228.30 million yuan compared to the beginning of the year[17] - The company's inventory decreased from 327.50 million yuan to 289.09 million yuan compared to the beginning of the year[17] - The company's long-term equity investments decreased from 375.21 million yuan to 368.82 million yuan compared to the beginning of the year[17] Investments and Financial Assets - The company invested in C4 Therapeutics, Inc., leading to a significant increase in trading financial assets by 40,871.29%[7] - Fair value changes in investments contributed RMB 46.81 million to earnings, driven by the increased value of C4 Therapeutics, Inc. shares[7] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 32,616[9] - Ningbo Kaiming Investment Management Partnership holds 19.13% of the shares, totaling 80,064,000 shares[9] - Zhejiang Jihe Venture Capital Co., Ltd. holds 12.98% of the shares, totaling 54,324,000 shares[9] - Hangzhou Teruixichuang Enterprise Management Partnership holds 6.88% of the shares, totaling 28,797,061 shares[9] - WANG YINXIANG, an overseas individual, holds 3.36% of the shares, totaling 14,075,564 shares[9] - Zhejiang Beicheng Investment Management Partnership holds 2.37% of the shares, totaling 9,924,563 shares[9] - LAV Equity (Hong Kong) Co., Limited holds 2.28% of the shares, totaling 9,540,500 shares[9] - China Construction Bank Corporation - E Fund ChiNext ETF holds 1.70% of the shares, totaling 7,110,899 shares[9] - Hong Kong Securities Clearing Company Ltd. holds 1.14% of the shares, totaling 4,778,680 shares[9] - China Agricultural Bank Co., Ltd. - CSI 500 ETF holds 1.11% of the shares, totaling 4,632,404 shares[9] Expenses and Profitability - The company's weighted average return on equity for the first nine months was 7.64%, up 1.60 percentage points from the previous year[4] - The company's period expenses as a percentage of operating income decreased from 73.30% to 67.54%, a reduction of 5.76 percentage points[12] - Research and development expenses decreased to 384,037,587.90 RMB from 467,939,305.01 RMB in the previous period[20] Regulatory and Operational Updates - The company's subsidiary Xcovery Holdings, Inc. passed FDA's clinical BIMO and CMC PAI inspections with zero defects[13] - The company signed a regional distribution agreement with Wuhan HeYuan Biological Technology Co., Ltd. for the exclusive distribution of OsrHSA[14] - The company's third-quarter report was unaudited[24] Debt and Borrowings - Short-term borrowings decreased by 63.01% due to the repayment of bank loans[7] - Non-current liabilities due within one year increased by 85.04%, mainly due to long-term loans maturing within the year[7] - Cash flow from financing activities decreased by 131.53%, primarily due to reduced bank borrowings[7]

[Table_Industry] 肺癌靶向治疗老品牌，新产品驱动第二曲线蓄势待发 贝达药业(300558.SZ)/医药 生物 证券研究报告/研究简报 2024 年 08 月 26 日 [Table_Industry] [Table_ 评级：买入 Invest] (首次) [Table_Finance 公司盈利预测及估值 1] | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------|--------|--------------------------------|---------------|-------------|-------|-------|-------| | 市场价格：33.61 | | 指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | [Table_ 分析师：Authors 祝嘉琦 ] | | 营业收入（百万元） 增长率 yoy% | 5.8% | 3.3% | 26.0% | 26.1% | 21.4% | | 执业证书编号：S0740 ...