贝达药业（300558）：季度收入新高，扣非净利率提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company is expected to enter a multi-product commercialization phase in 2025, with key products like Ensartinib and others anticipated to drive significant revenue and profit growth from 2025 to 2027 [2][5] - The international approval of Ensartinib in the US and its ongoing EMA approval process are seen as major catalysts for performance [3] - The company is focusing on building an ecosystem through strategic partnerships, which is expected to enhance its competitive edge and drive performance [4] Financial Performance - In Q1 2025, the company achieved a record revenue of 918 million yuan, representing a year-over-year increase of 24.71%, and a net profit of 100 million yuan, with a non-GAAP net profit of 164 million yuan, reflecting an 83.59% increase year-over-year [11] - The non-GAAP net profit margin reached 17.86%, up 5.64 percentage points year-over-year, indicating strong operational performance [11] - The company forecasts revenues of 3.75 billion yuan in 2025, with a year-over-year growth of 29.75%, and expects EPS to rise to 1.71 yuan [12] Valuation and Earnings Forecast - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected to be 1.71 yuan, 2.42 yuan, and 3.07 yuan respectively, reflecting significant growth compared to previous forecasts [5][12] - The price-to-earnings (P/E) ratio for 2025 is estimated at 29 times, indicating a favorable valuation relative to expected earnings growth [5][12]