贝达药业：2023年利润端符合预期，商业化品种持续拓展

Investment Rating - The report maintains a "Buy" rating for the company, citing its continuous expansion of the R&D pipeline and the disclosure of effective data for early-stage new products [4] Core Views - The company's 2023 financial performance met expectations, with revenue reaching 2.456 billion yuan, a year-on-year increase of 3.35%, and net profit attributable to the parent company reaching 348 million yuan, a year-on-year increase of 139.33% [1] - The company's commercialized products, such as the ALK inhibitor Ensartinib and EGFR inhibitor Icotinib, have shown steady growth, with Ensartinib's first-line treatment for ALK-positive NSCLC included in the medical insurance catalog [3] - The company's R&D pipeline continues to expand, with multiple projects, including BPI-16350 (CDK4/6) and EYP-1901, progressing well and expected to contribute to future growth [3] Financial Performance - In 2023, the company's sales expense ratio was 34.76%, an increase of 1.98 percentage points year-on-year, while the management expense ratio decreased by 8.49 percentage points to 10.66% [2] - R&D expenses in 2023 were 1.002 billion yuan, accounting for 40.80% of revenue, maintaining a similar level to 2022 [2] - The company's 2024 Q1 revenue was 736 million yuan, a year-on-year increase of 38.4%, with net profit attributable to the parent company reaching 98 million yuan, a year-on-year increase of 90.95% [1] Product Pipeline and Market Position - The company's EGFR inhibitor Befotertinib showed excellent clinical data, with a median progression-free survival (mPFS) of 22.1 months, outperforming other third-generation EGFR inhibitors [5] - The combination of MCLA-129 (EGFR/cMet) and Befotertinib is undergoing clinical trials for first-line treatment of EGFR-sensitive NSCLC, with strong potential to enhance the company's market position in the NSCLC field [3][5] - The company's early-stage R&D projects, such as BPI-460372 (TEAD inhibitor) and BPI-585359 (KRAS G12 PROTAC), have disclosed data at AACR, indicating promising future developments [3] Financial Forecasts - The report revised the company's 2024 and 2025 revenue forecasts to 2.991 billion yuan and 3.609 billion yuan, respectively, due to factors such as equity incentive expense amortization and market competition [4] - Net profit attributable to the parent company is expected to reach 398 million yuan in 2024 and 537 million yuan in 2025, with further growth projected to 690 million yuan in 2026 [4]