贝达药业(300558)：产品迭代进入新周期 恩沙替尼出海进展顺利

Core Viewpoint - Beida Pharmaceutical reported a revenue of 2.892 billion yuan for 2024, representing a year-on-year increase of 17.74%, and a net profit attributable to shareholders of 403 million yuan, up 15.67% year-on-year [1] Financial Performance - The overall gross margin for the company was 81.38%, a decrease of 2.15 percentage points year-on-year; the period expense ratio was 65.72%, down 7.37 percentage points year-on-year [2] - The operating cash flow net amount was 911 million yuan, a decrease of 0.33% year-on-year [2] - The company achieved a net profit of -14 million yuan in Q4 2024, a decline of 131.51% year-on-year [1] R&D Progress - The company expanded its pipeline with five products currently on sale, and received FDA approval for its first overseas product, Bemetan (Ensartinib), in December 2024 [3] - R&D investment for the year was 717.78 million yuan, accounting for 24.80% of revenue, with multiple innovative drug IND approvals during the reporting period [4] Strategic Collaborations - The company has established strategic partnerships with various organizations to enhance its R&D pipeline, including a commercialization agreement for a plant-derived recombinant human serum albumin injection [5] - In November 2024, the company invested 20 million yuan in Ruipuchen to collaborate on stem cell therapy business [5] Investment Outlook - Revenue forecasts for 2025-2027 are adjusted to 3.69 billion, 4.46 billion, and 5.24 billion yuan, with expected year-on-year growth rates of 27.7%, 20.6%, and 17.5% respectively [6] - The net profit forecasts for the same period are 610 million, 910 million, and 1.21 billion yuan, with growth rates of 51.6%, 48.2%, and 33.4% respectively [6]