Investment Rating - Maintain "Recommend" rating [1][3] Core Views - Revenue growth driven by strong demand for innovative product portfolio and effective commercialization strategy, with product revenue increasing by 55.1% YoY to 3.811 billion CNY [2] - Operating efficiency improved with product sales expense ratio decreasing by 5.9 percentage points and administrative expense ratio decreasing by 4.9 percentage points [2] - EBITDA loss narrowed by 39.9% to 160 million CNY, with potential to achieve EBITDA breakeven next year [2] - Solid foundation in oncology with PD-1 approved for seven indications and included in the national reimbursement drug list [2] - CVM pipeline commercialization expected to materialize soon, with 11 commercialized products and expanding reimbursement coverage [2] - Early-stage pipeline is rich with multiple innovative molecules showing positive data, including IBI363, IBI343, and IBI389 [3] - Revenue forecasts for 2024-2026 are 8.133 billion, 10.867 billion, and 13.595 billion CNY, with net profit turning positive in 2025 [3][5] Financial Performance - 2024 H1 revenue reached 3.952 billion CNY, a 46.3% YoY increase [2] - R&D investment in 2024 H1 was 1.294 billion CNY, with cash on hand at 10.112 billion CNY [2] - Gross margin expected to remain stable at 80.76% in 2024, increasing to 85.22% by 2026 [5][6] - Net profit forecasted to turn positive in 2025 at 53 million CNY, with significant growth to 818 million CNY in 2026 [5][6] Pipeline and Commercialization - Oncology: PD-1 remains a cornerstone product with seven approved indications, and new drugs like Tareltinib (ROS1) expected to be approved soon [2] - CVM: Masdutide for weight loss and type 2 diabetes, and Teprotumumab for thyroid eye disease have submitted NDAs [2] - Autoimmune: Piconibart (IL-23p19) plans to submit NDA within the year [2] - Early-stage pipeline includes IBI363 (PD-1/IL-2a), IBI343 (CLDN18.2 ADC), and IBI389 (CLDN18.2/CD3) showing promising results in clinical trials [3]
信达生物：2024年中报业绩点评：业绩高质量增长，研发稳步推进