贝达药业：扣非高增50%，核查通过，贝美纳FDA获批在即

Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Insights - The company continues to show growth in revenue and profit, with a significant increase in net profit attributable to the parent company by 50.12% year-on-year for the first three quarters of 2024 [2][3]. - The company has improved its efficiency in distribution, reducing the ratio of operating expenses to revenue from 73.30% to 67.54% [3]. - The company is advancing its international market presence with the upcoming approval of its first-class new drug, Beimeina, for treating ALK-positive late-stage non-small cell lung cancer in the U.S. [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue, net profit attributable to the parent, and net profit excluding non-recurring items of 2.345 billion, 416 million, and 362 million yuan respectively, representing year-on-year growth of 14.73%, 36.61%, and 50.12% [2]. - The net cash flow from operating activities reached 831.34 million yuan, up 48.46% year-on-year, with a net profit cash conversion rate of 199.73% [3]. Future Projections - The revenue forecast for 2024, 2025, and 2026 is set at 3.1 billion, 3.7 billion, and 4.4 billion yuan respectively, with net profit projections adjusted to 465 million, 598 million, and 747 million yuan [4][6]. - The report anticipates a compound annual growth rate (CAGR) in revenue of 25.80% for 2024 and 21.04% for 2025 [6]. Product Pipeline and Innovation - The company has a robust pipeline with multiple drugs under development, including a CDK4/6 inhibitor for breast cancer and a small molecule inhibitor for advanced solid tumors [3]. - The company has successfully passed FDA inspections for its clinical and manufacturing processes, indicating readiness for market entry in the U.S. [3].