贝达药业（300558）：2025H1利润端承压，展望今年即将迎来多项进展

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 1.731 billion yuan for H1 2025, representing a year-on-year growth of 15.37%. However, the net profit attributable to shareholders decreased by 37.53% to 140 million yuan due to increased depreciation and amortization expenses [1] - The sales of drugs are stable, with a strong product portfolio reinforcing the company's competitive advantage in the lung cancer market. The drug Alectinib has shown significant improvements in disease-free survival (DFS) and overall survival (OS) rates in clinical trials [2] - The company is actively developing innovative products in the lung cancer field and has received approval for a plant-derived albumin product, which is expected to positively impact future revenues [5] Financial Performance - The company expects revenues for 2025, 2026, and 2027 to be 3.520 billion, 4.295 billion, and 5.148 billion yuan, respectively. The net profit estimates have been revised down to 578 million, 745 million, and 854 million yuan for the same years [6] - The EBITDA for H1 2025 was reported at 498 million yuan, reflecting a year-on-year growth of 13.10% [1] Product Development - The company is focusing on a robust pipeline of innovative products, including multiple candidates for lung cancer treatment, which are currently in various stages of clinical trials [4] - Two KRAS-targeted drugs have shown promising results in preclinical studies, indicating potential for addressing current treatment challenges [3] Market Position - The company maintains a competitive edge in the lung cancer treatment market, with its products showing favorable clinical outcomes compared to competitors [2] - The strategic partnership with He Yuan Bio for the plant-derived albumin product is expected to enhance the company's market presence and revenue streams [5]