贝达药业：新品驱动+费用管控，三季报业绩略超预期

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's Q3 2024 performance slightly exceeded expectations, with revenue of 2.345 billion yuan, a year-on-year increase of 14.73%, and a net profit attributable to shareholders of 416 million yuan, up 36.61% year-on-year [4][5] - The main drivers for the profit exceeding expectations are new product launches and effective management of operating expenses, with the expense ratio decreasing from 73.30% to 67.54% [5] - The company is focusing on internationalization and introducing new products, which are expected to enhance its growth prospects [6] Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 2.345 billion yuan, with a net profit of 416 million yuan [4][9] - The projected net profits for 2024, 2025, and 2026 are 426 million yuan, 563 million yuan, and 759 million yuan respectively, indicating a strong growth trajectory [7][9] - The gross profit margin is expected to remain stable, with estimates of 83.5% for 2024 and gradually increasing to 84.5% by 2026 [7]