Workflow
业绩重回增长轨道 贝美纳快速放量+新产品贡献业绩增量

Investment Rating - The investment rating for the company is "Buy" [3][8] - The rating is maintained without any changes [3] Core Views - The company has returned to a growth trajectory with significant revenue and profit increases, driven by the rapid launch of its product Beimeina and contributions from new products [2][4] - The company's revenue for 2023 reached 2.456 billion yuan, a year-on-year increase of 3.35%, while the net profit attributable to shareholders was 348 million yuan, up 139.33% [3][4] - In Q1 2024, the company achieved revenue of 736 million yuan, a 38.40% increase year-on-year, and a net profit of approximately 98.14 million yuan, reflecting a 90.95% growth [3][7] Financial Performance - The company reported a significant decrease in management and financial expenses, with management expenses down 42.49% to 262 million yuan [4] - The net profit attributable to shareholders for 2023 was 263 million yuan, a staggering increase of 768.85% [3][4] - The company expects net profits of 420 million, 547 million, and 665 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.00, 1.31, and 1.59 yuan [8][9] Product Development and Pipeline - The product Ensartinib has seen rapid growth and has been included in the National Medical Insurance Directory, significantly enhancing its market accessibility [5][6] - The company has launched two new products, Beifutini and Voronib, which are expected to contribute to future revenue growth [5][6] - The company has over 40 projects in its pipeline, indicating strong long-term growth potential [8]