贝达药业：2023年报及2024年一季报点评：商业化增长稳健，多款产品获批

Investment Rating - The investment rating for the company is "Strong Buy" with a target price of 58.2 CNY [2][3]. Core Views - The company has shown steady commercial growth with multiple products approved, leading to new revenue growth points. In 2023, the company achieved a revenue of 2.456 billion CNY, a year-on-year increase of 3.35%, and a net profit of 348 million CNY, a year-on-year increase of 139.33% [2][3]. - The company has successfully entered the National Medical Insurance Directory with four products, significantly enhancing accessibility and potential for further volume growth [2]. - The company continues to advance its pipeline, with significant R&D investments and several new drug applications under review, including a new generation ALK inhibitor and various other innovative products [2][3]. Financial Summary - In 2023, the total revenue was 2.456 billion CNY, with a year-on-year growth of 3.3%. The net profit was 348 million CNY, reflecting a year-on-year growth of 139.3% [4]. - The projected revenues for 2024, 2025, and 2026 are 2.724 billion CNY, 3.262 billion CNY, and 4.073 billion CNY, with respective year-on-year growth rates of 10.9%, 19.7%, and 24.9% [4][9]. - The projected net profits for the same years are 370 million CNY, 475 million CNY, and 675 million CNY, with year-on-year growth rates of 6.3%, 28.4%, and 42.3% [4][9].