贝达药业（300558）：2025年第一季度收入快速增长，展望今年即将迎来多项进展

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][8]. Core Insights - The company reported a revenue of 2.892 billion yuan for 2024, representing a year-on-year growth of 17.74%. The net profit attributable to the parent company was 403 million yuan, up 15.67% year-on-year, while the non-recurring net profit reached 410 million yuan, marking a significant increase of 55.92% [1]. - In Q1 2025, the company achieved a revenue of 918 million yuan, reflecting a year-on-year growth of 24.71%, with a net profit of 100 million yuan, a slight increase of 1.99% [1]. - The company is focusing on enhancing management efficiency by streamlining R&D expenses while increasing sales promotion efforts, with sales expenses for 2024 amounting to 1.094 billion yuan, a 28.10% increase from 2023 [2]. Financial Performance - The company expects revenues of 3.702 billion yuan, 4.516 billion yuan, and 5.162 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is projected to be 661 million yuan in 2025, 930 million yuan in 2026, and 1.030 billion yuan in 2027 [6][12]. - The EBITDA for 2024 is estimated at 1.324 billion yuan, with a net profit margin of 14.17% for 2024 [12][13]. Product Development and Market Position - The company's core product, the ALK inhibitor Ensartinib, is experiencing steady growth due to its long treatment duration and has been included in the medical insurance directory for first-line treatment of ALK-positive NSCLC [3]. - The company is actively expanding its product portfolio in the lung cancer field, with four candidates in development, including MCLA-129 and CFT8919, aimed at enhancing its competitive edge [4]. - Several products are nearing commercialization, including Ensartinib, which has received approval for first-line treatment in the U.S. and is progressing well in clinical trials [5].