Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Viewpoints - The company achieved a strong revenue growth of 39.52 billion RMB in H1 2024, representing a 46.3% increase, slightly exceeding expectations [4]. - The forecast for revenue from 2024 to 2026 has been adjusted to 80.73 billion, 105.14 billion, and 131.75 billion RMB respectively, up from previous estimates [4]. - The company is expected to reach EBITDA breakeven by 2025, driven by the rapid commercialization of innovative products [4]. - The product revenue saw a significant increase of 55.1% in H1 2024, with key products like Sintilimab generating 2.40 billion USD in revenue [4]. - The company has a strong cash position of 101.12 billion RMB, ensuring long-term development [4]. Financial Summary - Revenue for 2021A was 4,270 million RMB, increasing to 6,206 million RMB in 2023A, with a projected growth to 8,073 million RMB in 2024E [1]. - Net profit improved from a loss of 3,138 million RMB in 2021A to a projected loss of 624 million RMB in 2024E, with a return to profitability expected in 2025E [1]. - The adjusted gross margin for H1 2024 was 84.1%, reflecting a 1.8 percentage point increase [4].
信达生物2024H1点评：收入增长强劲，创新管线加速推进