贝达药业（300558）：2024年报点评：营收利润稳健增长，多个新品种上市在即

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 66.1 CNY [2][9]. Core Insights - The company achieved a revenue of 2.892 billion CNY in 2024, representing a year-on-year growth of 17.74%. The net profit attributable to shareholders was 403 million CNY, up 15.67%, while the net profit excluding non-recurring items reached 410 million CNY, marking a significant increase of 55.92% [2][5]. - The company has multiple new products set to launch, which are expected to drive future growth. The R&D investment for 2024 was 717 million CNY, accounting for 24.80% of total revenue [2][5]. - The company is expanding its product pipeline with promising candidates in various clinical stages, including a CDK4/6 inhibitor and a plant-derived recombinant human serum albumin [9]. Financial Performance Summary - 2024 Actuals and Future Estimates: - Total revenue for 2024 was 2.892 billion CNY, with projections of 3.562 billion CNY for 2025, 4.198 billion CNY for 2026, and 5.345 billion CNY for 2027, reflecting growth rates of 23.2%, 17.9%, and 27.3% respectively [5][10]. - Net profit attributable to shareholders for 2024 was 403 million CNY, with estimates of 496 million CNY for 2025, 689 million CNY for 2026, and 945 million CNY for 2027, indicating growth rates of 23.2% and 38.9% for the following years [5][10]. - Valuation Metrics: - The company’s price-to-earnings (P/E) ratio is projected to decrease from 52 in 2024 to 22 by 2027, while the price-to-book (P/B) ratio is expected to decline from 3.7 to 2.8 over the same period [5][10]. Product Pipeline and Market Expansion - The company is set to launch several innovative products, including a third-generation EGFR-TKI and a long-acting ophthalmic formulation, which have shown promising results in clinical trials [9]. - The company is also focusing on expanding its early-stage pipeline with multiple new molecular entities that are currently in Phase I clinical trials [9].