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].

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]

证券代码：300558 证券简称：贝达药业 公告编号：2024-075 贝达药业股份有限公司（以下简称"公司"）今日接到股东宁波凯铭投资管理合伙企业 （有限合伙）（以下简称"凯铭投资"）函告，获悉凯铭投资持有本公司的部分股份发生质 押变动，现将具体情况公告如下： 一、股东股份质押基本情况 1、凯铭投资股份解除质押情况 | 股东 名称 | 是否为控股股东或 第一大股东及其 | 本次解除质押 股份数量 | 占其所 持股份 | 占公司 总股本 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 一致行动人 | （股） | 比例 | 比例 | | | | | 凯铭投资 | 是 | 4,310,000 | 5.38% | 1.03% | 2023/10/23 | 2024/10/23 | 浙商证券股份有限公司 | | 凯铭投资 | 是 | 890,000 | 1.11% | 0.21% | 2024/1/31 | 2024/10/23 | 浙商证券股份有限公司 | | 凯铭投资 | 是 | 200,000 | 0.25% ...

证券代码：300558 证券简称：贝达药业 公告编号：2024-074 贝达药业股份有限公司 关于股东股份质押变动的公告 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。 贝达药业股份有限公司（以下简称"公司"）今日接到股东宁波凯铭投资管理合伙企业 （有限合伙）（以下简称"凯铭投资"）函告，获悉凯铭投资持有本公司的部分股份发生质 押变动，现将具体情况公告如下： 一、股东股份质押基本情况 二、控股股东及其一致行动人股份质押情况 截至本公告披露日，公司控股股东及其一致行动人累计质押股份数量占其所持公司股份 数量比例为 67.21%，此外： 1、本次股份质押变动不涉及质押融资用于满足上市公司生产经营相关需求； 2、公司控股股东及其一致行动人未来半年内到期的质押股份累计数量为 17,867,051 股， 占其所持股份的 19.64%，占公司总股本的 4.27%，对应融资余额 31,223.20 万元；未来一年 内到期（不包括前述未来半年内到期）的质押股份累计数量 11,405,000 股，占其所持股份的 12.54%，占公司总股本的 2.73%，对应融资余额 18,38 ...

国浩律师（杭州）事务所 贝达药业 2024 年第二次临时股东大会法律意见书 国浩律师（杭州）事务所 关于 贝达药业股份有限公司 2024 年第二次临时股东大会的法律意见书 致：贝达药业股份有限公司 国浩律师（杭州）事务所（以下简称本所）接受贝达药业股份有限公司（以 下简称公司）的委托，指派律师列席公司 2024 年第二次临时股东大会（以下简 称本次股东大会），并依据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）、中国证券监督管理委员会 （以下简称中国证监会）发布的《上市公司股东大会规则》（2022 年修订）（以 下简称《股东大会规则》）、《上市公司治理准则》（2018 年修订）（以下简称 《治理准则》）和深圳证券交易所发布的《深圳证券交易所上市公司股东大会网 络投票实施细则（2020 年修订）》（以下简称《网络投票实施细则》）等法律、 行政法规、规范性文件及现行有效的《贝达药业股份有限公司章程》（以下简称 《公司章程》）、《贝达药业股份有限公司股东大会议事规则》（以下简称《股 东大会议事规则》）的规定，就本次股东大会的召集、召开程序、出席大会人员 资格、会议表 ...

1、本次股东大会没有出现否决议案的情形； 2、本次股东大会没有涉及变更前次股东大会决议。 一、会议召开和出席情况 贝达药业股份有限公司（以下简称"公司"）2024 年第二次临时股东大会会 议通知于 2024 年 9 月 19 日以公告形式发出，现场会议于 2024 年 10 月 10 日（星 期四）15:30 在公司行政大楼一楼会议室召开，通过深圳证券交易所交易系统进行 网络投票的具体时间为 2024 年 10 月 10 日的交易时间，即 9:15-9:25、9:30-11:30、 13:00-15:00；通过深圳证券交易所互联网投票系统进行投票的具体时间为 2024 年 10 月 10 日 9:15-15:00 期间的任意时间。 证券代码：300558 证券简称：贝达药业 公告编号：2024-073 贝达药业股份有限公司 2024 年第二次临时股东大会决议公告 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。 特别提示： 本次股东大会采取现场投票和网络投票相结合的方式召开。通过现场和网络 投票的股东及股东授权委托代表 319 人，代表股份 179,220,58 ...

证券代码：300558 证券简称：贝达药业 公告编号：2024-072 贝达药业股份有限公司 关于股东股份质押变动的公告 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。 贝达药业股份有限公司（以下简称"公司"）今日接到股东宁波凯铭投资管理合伙企业 （有限合伙）（以下简称"凯铭投资"）函告，获悉凯铭投资持有本公司的部分股份发生质 押变动，现将具体情况公告如下： 一、股东股份质押基本情况 1、凯铭投资质押股份延期购回情况 | 是否为控股股东或 第一大股东及其 | 本次延期 购回数量 | 占其所持 | 占公司总 | 是否为 | | 质押起始日 质押到期日 | 延期后质押 | 质权人 | 质押用途 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 一致行动人 | （股） | 股份比例 | 股本比例 | 限售股 | | | 到期日 | | | | 是 | 3,900,000 | 4.87% | 0.93% | 否 | 2023/9/26 | 2024/9/25 | 2025/9/25 | ...