贝达药业：24H2存在贝福替尼一线适应症医保谈判催化，多个产品有序推进中

Investment Rating - The investment rating for the company is maintained at "Buy - A" with a target price of 51.34 CNY per share [2][3]. Core Insights - The company reported a revenue of 1.501 billion CNY for the first half of 2024, representing a year-on-year growth of 14.22%. The net profit attributable to shareholders was 224 million CNY, up 51.00% year-on-year, and the net profit excluding non-recurring items was 217 million CNY, reflecting a significant increase of 144.98% [1]. - The company is expected to benefit from the upcoming negotiations for the inclusion of Beifu in the National Medical Insurance catalog for first-line treatment of NSCLC, which could lead to substantial sales growth in 2025 [1]. - The company is actively advancing multiple products, including Ensartinib and CDK4/6 inhibitors, with significant clinical research progress noted [1]. Financial Performance - Revenue growth is projected at 24.78%, 24.90%, and 23.04% for 2024, 2025, and 2026 respectively, with net profit growth expected at 23.46%, 25.59%, and 22.23% for the same periods [2]. - The earnings per share (EPS) are forecasted to be 1.03 CNY, 1.29 CNY, and 1.58 CNY for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 33.5, 26.7, and 21.9 [2][7]. Product Pipeline and Clinical Research - The company has several products in various stages of development, including Ensartinib for ALK-positive NSCLC and CDK4/6 inhibitors for HR+/HER2- breast cancer, both of which have received regulatory acceptance [1]. - Ongoing clinical trials include Ensartinib for postoperative adjuvant therapy and Beifu for postoperative adjuvant therapy, with positive data reported for the EGFR/cMET dual antibody MCLA-129 [1].