Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [4]. Core Insights - The pharmaceutical and biotechnology industry index experienced a decline of 0.36%, ranking 6th among 31 primary industries, outperforming the CSI 300 index which fell by 1.15% [4]. - As of August 16, 2024, the industry PE (TTM, excluding negative values) is 23.99x, down from 24.14x in the previous period, indicating a downward trend in valuation [15]. - A total of 68 out of 455 tracked companies in the industry disclosed their performance for the first half of 2024, with 8 companies reporting a net profit growth of 100% or more, and 7 companies showing growth between 30% and 100% [6][20]. Summary by Sections Industry Review - The industry index's performance was led by in vitro diagnostics and traditional Chinese medicine, with increases of 3.86% and 1.67% respectively, while medical research outsourcing and offline pharmacies saw declines of 5.88% and 4.30% [12]. - The industry saw a net reduction of 533 million yuan in shareholder holdings across 17 listed companies, with 5 companies increasing holdings by 47 million yuan and 12 companies decreasing by 580 million yuan [4]. Important Industry News - The National Healthcare Security Administration reported that the total income for basic medical insurance (including maternity insurance) was 1,388.43 billion yuan for the first half of 2024, with total expenditures at 1,173.58 billion yuan [20]. - The market regulator is seeking public opinion on the draft "Antitrust Guidelines in the Pharmaceutical Sector" to prevent monopolistic practices and promote fair competition [21]. - Recursion announced a $688 million all-stock acquisition of Exscientia, marking the largest merger in the AI pharmaceutical sector [33]. Company Dynamics - Key companies in the industry include: - Jiuzhou Pharmaceutical (603456) with a "Buy" rating, projected net profits of 1.26 billion yuan for 2024 [36]. - East China Pharmaceutical (000963) also rated "Buy," with expected net profits of 3.21 billion yuan for 2024 [36]. - Betta Pharmaceuticals (300558) rated "Buy," with projected net profits of 420 million yuan for 2024 [36]. - Notable announcements include the approval of various drugs, such as the first IDH1/2 inhibitor by Servier and the first generics of certain drugs by domestic companies [25][32].
医药生物行业双周报2024年第17期总第115期：《2024年1-6月基本医疗保险统筹基金和生育保险主要指标》发布，关注业绩确定性及创新属性公司
Great Wall Glory Securities·2024-08-19 10:10