Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights strong growth in product sales and a significant narrowing of adjusted LBITDA. The total revenue for the first half of 2024 reached 39.52 billion CNY, representing a year-on-year increase of 46.3%, with product revenue at approximately 38.11 billion CNY, up 55.1% year-on-year. The company reported a loss of 3.93 billion CNY, compared to a loss of 1.39 billion CNY in the same period of 2023. Adjusted LBITDA was 1.61 billion CNY, down from 2.67 billion CNY in 2023, marking a 39.9% reduction in losses [3] Summary by Sections Financial Performance - In the first half of 2024, adjusted R&D expenses were 12.94 billion CNY, compared to 8.26 billion CNY in the same period of 2023. Adjusted selling expenses were 18.51 billion CNY, accounting for 46.8% of revenue, a decrease of 2.8 percentage points year-on-year. The adjusted gross margin was 84.1%, up from 82.3% in the same period of 2023, due to increased sales volume and improved production efficiency [3][4] Product Development - The company announced that its KRAS G12C inhibitor, Daberit®, received NMPA approval for use in adult patients with advanced non-small cell lung cancer (NSCLC) with KRAS G12C mutations. This is the first KRAS G12C inhibitor approved in China and marks the company's 11th product [3] Future Growth Prospects - The company has a robust pipeline with 11 approved products and 3 new products in the NDA stage. Six additional product applications are currently under review. The company aims to commercialize 20 products by 2027, targeting sales revenue of 20 billion CNY [3][4] Profit Forecast - The company is projected to have a net profit of -6.05 billion CNY in 2024, followed by 3.04 billion CNY in 2025 and 10.22 billion CNY in 2026, with year-on-year growth rates of 41%, 150%, and 236% respectively. The long-term development outlook is positive, leading to the maintenance of the "Buy" rating [3][4]
信达生物：产品销售强劲增长，经调整LBITDA显著收窄