贝达药业：净利润快速增长，创新成果持续兑现

Investment Rating - The report maintains a "Hold" rating for the company [1] Core Views - The company reported a strong performance in the first half of 2024, with revenue of 1.5 billion yuan, representing a 14.2% increase year-on-year, and a net profit of 220 million yuan, up 51% [2] - The significant profit growth is attributed to improved management of operating expenses and a focus on cost reduction and efficiency [2] - The company is advancing its innovative drug pipeline, with potential FDA approval for Ensatinib expected by the end of the year and ongoing applications for other products [2] - The company has a robust clinical trial pipeline, with several promising candidates progressing through the approval process [2] Summary by Sections Financial Performance - In the first half of 2024, the company achieved a net profit of 220 million yuan, a 145% increase in net profit after deducting non-recurring items [2] - The proportion of operating expenses to revenue decreased from 77.14% to 67.25%, a reduction of 9.89 percentage points [2] - The net cash flow from operating activities reached 521.69 million yuan, a year-on-year increase of 44.77% [2] Product Development - Ensatinib is expected to receive FDA approval by the end of 2024, and the company is progressing with the application for recombinant human serum albumin [2] - The company has received IND approvals for several new drug candidates, including EYP-1901 and pan-EGFR inhibitors [2] Earnings Forecast - The forecast for net profit for 2024-2026 is 450 million yuan, 580 million yuan, and 740 million yuan, respectively, with corresponding PE ratios of 32, 25, and 20 [3] - The core product, Alectinib, is expected to maintain stable performance, while new products like Ensatinib are anticipated to contribute to revenue growth [3] Market Position - The company has a total market capitalization of 14.41 billion yuan and a total asset value of 9.14 billion yuan [6] - The stock price has fluctuated between 30.78 yuan and 61.65 yuan over the past 52 weeks [6]