贝达药业：业绩符合预期，商业化产品持续放量

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 1.501 billion yuan for the first half of 2024, representing a year-on-year growth of 14.22%. The net profit attributable to shareholders was 224 million yuan, up 51.00% year-on-year, while the net profit excluding non-recurring items reached 217 million yuan, marking a significant increase of 144.98% year-on-year [1] - The company has maintained a rapid growth in profits and improved operational efficiency, with the ratio of period expenses to operating income decreasing from 77.14% to 67.25%, a decline of 9.89 percentage points [1] - The market performance of Beimeina and Saimeina has shown significant growth, with Beimeina's clinical application potential being continuously explored and its market accessibility greatly improved after being included in medical insurance [1][2] - The company has a robust pipeline with over 40 projects under development, including the self-developed CDK4/6 inhibitor BPI-16350, which has received NDA acceptance from NMPA [2][4] Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 1.501 billion yuan, with a year-on-year growth of 14.22%. The net profit attributable to shareholders was 224 million yuan, reflecting a 51.00% increase year-on-year. The net profit excluding non-recurring items was 217 million yuan, up 144.98% year-on-year [1] - The operating cash flow for the first half of 2024 was 522 million yuan, a year-on-year increase of 44.77% [1] Product Development - The company is focusing on the commercialization of its products, with Beimeina and Saimeina showing strong market growth. Beimeina's postoperative adjuvant therapy is progressing well in clinical trials, and its market space is expected to expand further [1][2] - The self-developed CDK4/6 inhibitor BPI-16350 has received NDA acceptance, and the company is actively pursuing multiple clinical trials for various indications [2][4] Future Outlook - The company is expected to achieve net profits of 420 million yuan, 547 million yuan, and 665 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.00 yuan, 1.31 yuan, and 1.59 yuan [5] - The current stock price corresponds to a P/E ratio of 36, 28, and 23 for the years 2024, 2025, and 2026, indicating a favorable valuation [5]