贝达药业：季报点评：盈利能力有效提升，新兴分子配合商业合作打造长期空间

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's revenue for Q3 2024 reached 844 million yuan, a year-on-year increase of 15.65%, while the net profit attributable to the parent company decreased by 4.88% to 145 million yuan. For the first three quarters of 2024, revenue totaled 2.345 billion yuan, up 14.73% year-on-year, and the net profit attributable to the parent company increased by 50.12% to 362 million yuan [1]. - The company has effectively improved its profitability, with significant growth in net profit and a reduction in R&D expenses by approximately 17.95% year-on-year, indicating a strategic focus on product sales and pipeline optimization [1][2]. - The clinical pipeline is advancing rapidly, with recent approvals for clinical trials of new molecules, including MCLA-129 and CFT8919, which are expected to contribute to long-term growth [2]. - A commercial cooperation agreement was signed with Wuhan Heyuan Biotech for the commercialization of a new product, indicating strong collaboration efforts [2]. - The company is recognized as a rare innovative drug stock in the A-share market, with a well-structured R&D pipeline and a strong sales team, supporting a positive long-term outlook [3]. Financial Summary - The projected revenues for 2024-2026 are 3.211 billion yuan, 3.746 billion yuan, and 4.432 billion yuan, representing year-on-year growth rates of 30.7%, 16.7%, and 18.3% respectively. The net profit attributable to the parent company is expected to be 482 million yuan, 665 million yuan, and 818 million yuan for the same periods, with growth rates of 38.6%, 37.9%, and 23.0% respectively [3][4]. - The company's earnings per share (EPS) are projected to increase from 1.15 yuan in 2024 to 1.95 yuan in 2026, reflecting strong growth potential [4][3]. - The price-to-earnings (P/E) ratio is expected to decrease from 41 times in 2024 to 24 times in 2026, indicating improving valuation metrics as earnings grow [4][3].