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 ...

证券代码：300558 证券简称：贝达药业 公告编号：2024-080 贝达药业股份有限公司 第四届监事会第十六次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 1 作》"）等相关法律法规及《公司章程》的有关规定，关联董事已回避表决，不会 对公司财务状况和经营成果造成重大不利影响，也不存在损害公司和全体股东特 别是中小股东利益的情形。综上，我们一致同意本事项。 一、监事会会议召开情况 1、本次监事会由监事会主席张洋南先生召集，会议通知于 2024 年 10 月 29 日以电话、电子邮件等形式临时紧急送达全体监事，监事会会议通知中包括会议 的相关材料，同时列明了会议的召开时间、地点、内容和方式。 2、本次监事会于 2024 年 10 月 31 日在公司杭州总部 3 楼会议室召开，采取 现场会议和电话会议相结合的方式，现场投票表决。 3、本次监事会应到 3 人，实际出席会议人数为 3 人。 4、本次会议由监事会主席张洋南先生主持，张洋南先生就监事会临时会议 的紧急召集做了说明，公司证券事务代表沈剑豪先生列席了本次会议。 5、本次会议的召集、召开和表决 ...

证券代码：300558 证券简称：贝达药业 公告编号：2024-081 贝达药业股份有限公司 关于与杭州瑞普晨创科技有限公司签署《战略合作协议》 及对外投资暨关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、关联交易概述 为加强公司在干细胞治疗领域的布局，推动贝达创新生态圈的建设，公司拟与 瑞普晨创签署《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。 特别提示： 1、2024 年 10 月 31 日，贝达药业股份有限公司（以下简称"贝达药业"或"公 司"）第四届董事会第十九次会议、第四届监事会第十六次会议审议通过《关于与 杭州瑞普晨创科技有限公司签署<战略合作协议>暨关联交易的议案》《关于投资杭 州瑞普晨创科技有限公司暨关联交易的议案》。 2、公司拟与杭州瑞普晨创科技有限公司（以下简称"瑞普晨创"或"标的公 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。《战略合作协议》为双方协商的框架 性协议，就具体合作事项，公司与瑞普 ...

一、董事会会议召开情况 1、本次董事会由董事长丁列明先生召集，会议通知于 2024 年 10 月 29 日以 电话、电子邮件等形式临时紧急送达全体董事，董事会会议通知中包括会议的相 关材料，同时列明了会议的召开时间、地点、内容和方式。 2、本次董事会于 2024 年 10 月 31 日在公司杭州总部行政大楼十五楼会议室 召开，采取现场会议和电话会议结合的方式现场投票表决。 3、本次董事会应到 11 人，实际出席会议人数 11 人。 4、本次会议由董事长丁列明先生主持，丁列明先生就董事会临时会议的紧 急召集做了说明，公司董事会秘书吴灵犀先生列席了本次会议。 证券代码：300558 证券简称：贝达药业 公告编号：2024-079 贝达药业股份有限公司 第四届董事会第十九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 5、本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等法 律法规和《贝达药业股份有限公司章程》（以下简称"《公司章程》"）的有关 规定。 二、董事会会议审议情况 1、会议审议并通过了《关于与杭州瑞普晨创科技有限公司签署<战略合 ...

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 ...

证券代码：300558 证券简称：贝达药业 公告编号：2024-078 贝达药业股份有限公司 关于归还用于暂时补充流动资金的闲置募集资金的公告 2024 年 11 月 1 日 1 在使用此部分闲置募集资金暂时补充流动资金期间，公司严格遵守《上市公司 监管指引第 2 号—上市公司募集资金管理和使用的监管要求》《深圳证券交易所创 业板股票上市规则》及《深圳证券交易所上市公司自律监管指引第 2 号—创业板上 市公司规范运作》的相关规定，仅用于与主营业务相关的生产经营使用，资金使用 安排合理，不存在变相改变募集资金用途或者影响募集资金投资项目的正常进行， 不存在损害股东利益的情况。 截至 2024 年 11 月 1 日，公司已将实际用于暂时补充流动资金的募集资金人民 币 2.6 亿元全部归还至募集资金专户，该笔资金使用期限未超过 12 个月。截至本公 告披露日，公司已将上述募集资金的归还情况通知了保荐机构及保荐机构代表人。 特此公告。 贝达药业股份有限公司董事会 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 贝达药业股份有限公司（以下简称"贝达药业"或"公司"）于 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's Q3 2024 performance slightly exceeded expectations, with revenue of 2.345 billion yuan, a year-on-year increase of 14.73%, and a net profit attributable to shareholders of 416 million yuan, up 36.61% year-on-year [4][5] - The main drivers for the profit exceeding expectations are new product launches and effective management of operating expenses, with the expense ratio decreasing from 73.30% to 67.54% [5] - The company is focusing on internationalization and introducing new products, which are expected to enhance its growth prospects [6] Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 2.345 billion yuan, with a net profit of 416 million yuan [4][9] - The projected net profits for 2024, 2025, and 2026 are 426 million yuan, 563 million yuan, and 759 million yuan respectively, indicating a strong growth trajectory [7][9] - The gross profit margin is expected to remain stable, with estimates of 83.5% for 2024 and gradually increasing to 84.5% by 2026 [7]

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's revenue for Q3 2024 reached 844 million yuan, a year-on-year increase of 15.65%, while the net profit attributable to the parent company decreased by 4.88% to 145 million yuan. For the first three quarters of 2024, revenue totaled 2.345 billion yuan, up 14.73% year-on-year, and the net profit attributable to the parent company increased by 50.12% to 362 million yuan [1]. - The company has effectively improved its profitability, with significant growth in net profit and a reduction in R&D expenses by approximately 17.95% year-on-year, indicating a strategic focus on product sales and pipeline optimization [1][2]. - The clinical pipeline is advancing rapidly, with recent approvals for clinical trials of new molecules, including MCLA-129 and CFT8919, which are expected to contribute to long-term growth [2]. - A commercial cooperation agreement was signed with Wuhan Heyuan Biotech for the commercialization of a new product, indicating strong collaboration efforts [2]. - The company is recognized as a rare innovative drug stock in the A-share market, with a well-structured R&D pipeline and a strong sales team, supporting a positive long-term outlook [3]. Financial Summary - The projected revenues for 2024-2026 are 3.211 billion yuan, 3.746 billion yuan, and 4.432 billion yuan, representing year-on-year growth rates of 30.7%, 16.7%, and 18.3% respectively. The net profit attributable to the parent company is expected to be 482 million yuan, 665 million yuan, and 818 million yuan for the same periods, with growth rates of 38.6%, 37.9%, and 23.0% respectively [3][4]. - The company's earnings per share (EPS) are projected to increase from 1.15 yuan in 2024 to 1.95 yuan in 2026, reflecting strong growth potential [4][3]. - The price-to-earnings (P/E) ratio is expected to decrease from 41 times in 2024 to 24 times in 2026, indicating improving valuation metrics as earnings grow [4][3].

Investment Rating - The report maintains a "Buy-A" investment rating for the company [5]. Core Views - The company has shown accelerated domestic performance with a revenue of 2.345 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 14.73%. The net profit attributable to shareholders reached 416 million yuan, up 36.61% year-on-year [1]. - The company is experiencing rapid growth in its domestic products, including Beifu, Ensat, and Voronib, with potential new approvals expected next year. The third-generation EGFR TKI Beifu is participating in this year's medical insurance negotiations, which could significantly boost sales in 2025 if included in the insurance directory [2]. - The overseas expansion is beginning to yield results, with Ensat expected to receive FDA approval by the end of 2024. The eye drug EYP-1901 has entered Phase 3 clinical trials overseas, indicating promising future developments [3]. Financial Projections - Revenue growth is projected at 24.8%, 23.5%, and 22.6% for 2024 to 2026, respectively. Net profit growth is expected to be 47.7%, 41.6%, and 26.9% for the same period. Corresponding EPS is forecasted to be 1.23 yuan, 1.74 yuan, and 2.21 yuan, with PE ratios of 39.0x, 27.6x, and 21.7x [4][8]. - The target price for the stock is set at 60.90 yuan per share, based on a 35x PE valuation for 2025 [4]. Market Performance - The company's stock has shown a relative performance with a 12-month price range of 30.78 to 61.65 yuan, and a market capitalization of approximately 20.07 billion yuan [5][6]. Clinical Pipeline - The company has a robust clinical pipeline with several products in various stages of development, including ongoing clinical trials for Ensat and the CDK4/6 inhibitor Tai Beisi Li, which is expected to be approved next year [2][3]. Summary of Financial Metrics - The company reported a net profit of 145.4 million yuan in 2022, with projections of 348 million yuan for 2023 and 514.1 million yuan for 2024, indicating strong growth potential [8][9]. - The gross profit margin is expected to remain stable, with a projected net profit margin of 16.8% in 2024, increasing to 19.9% by 2026 [8]. Conclusion - The report highlights the company's strong growth trajectory, promising product pipeline, and favorable market conditions, supporting the "Buy-A" investment rating and a positive outlook for future performance [4][5][6].

Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Insights - The company continues to show growth in revenue and profit, with a significant increase in net profit attributable to the parent company by 50.12% year-on-year for the first three quarters of 2024 [2][3]. - The company has improved its efficiency in distribution, reducing the ratio of operating expenses to revenue from 73.30% to 67.54% [3]. - The company is advancing its international market presence with the upcoming approval of its first-class new drug, Beimeina, for treating ALK-positive late-stage non-small cell lung cancer in the U.S. [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue, net profit attributable to the parent, and net profit excluding non-recurring items of 2.345 billion, 416 million, and 362 million yuan respectively, representing year-on-year growth of 14.73%, 36.61%, and 50.12% [2]. - The net cash flow from operating activities reached 831.34 million yuan, up 48.46% year-on-year, with a net profit cash conversion rate of 199.73% [3]. Future Projections - The revenue forecast for 2024, 2025, and 2026 is set at 3.1 billion, 3.7 billion, and 4.4 billion yuan respectively, with net profit projections adjusted to 465 million, 598 million, and 747 million yuan [4][6]. - The report anticipates a compound annual growth rate (CAGR) in revenue of 25.80% for 2024 and 21.04% for 2025 [6]. Product Pipeline and Innovation - The company has a robust pipeline with multiple drugs under development, including a CDK4/6 inhibitor for breast cancer and a small molecule inhibitor for advanced solid tumors [3]. - The company has successfully passed FDA inspections for its clinical and manufacturing processes, indicating readiness for market entry in the U.S. [3].