医药行业周报：2024中报总结，重点关注血制品、创新药、原料药板块

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [3]. Core Insights - The pharmaceutical manufacturing industry is showing a clear upward trend, recovering from the negative impacts of the pandemic. In the first half of 2024, the cumulative revenue reached 1.24 trillion yuan, a year-on-year decline of 0.9%, which is a significant improvement compared to 2023. The cumulative profit was 180.59 billion yuan, reflecting a year-on-year growth of 0.7% [5][12][14]. Summary by Sections 1. Industry Overview - The pharmaceutical manufacturing sector has clearly escaped the negative impacts of the pandemic, with a defined upward trend. The revenue and profit are expected to recover to positive growth in 2024, with a quarterly upward trend anticipated [5][12][14]. 2. Subsector Performance - Blood products continue to show high demand and profitability, with revenue and profit growth in the first half of 2024. The market remains in a state of high demand, with supply constraints primarily due to plasma collection volume [5][28]. - The chemical preparation sector is showing signs of recovery, with revenue in the first half of 2024 reaching 210.99 billion yuan, maintaining a year-on-year growth of 0%. The net profit increased by 13% to 23.05 billion yuan, indicating a reversal in profitability due to the clearance of the impact from generic drug procurement policies [15][20]. - The raw material drug sector reported revenue of 42.93 billion yuan, a year-on-year increase of 1.9%, although net profit decreased by 9.7% due to intensified competition [21][22]. - The CXO sector experienced a revenue decline of 11.1% in the first half of 2024, totaling 43.1 billion yuan, with net profit down by 37.1% [24][26]. 3. Market Performance - The pharmaceutical and biotechnology sector index increased by 2.0% during the week of August 26 to August 30, 2024, outperforming the CSI 300 index by 2.2%. However, year-to-date, the sector index has decreased by 23.5%, underperforming the CSI 300 index by 20.3% [6][69]. 4. Investment Strategy - The report suggests a structural market outlook for the pharmaceutical industry, focusing on two main lines: products with increasing proportions in total medical insurance expenditures and companies with global competitiveness in the export chain. Key areas include innovative drugs, traditional Chinese medicine, raw materials, and certain medical devices [6][69]. 5. Monthly Investment Portfolio - Recommended stocks include: Hehuang Pharmaceutical, Kangfang Biotech, Zhejiang Pharmaceutical, Palin Biotech, Renfu Pharmaceutical, Xinhua Medical, Yuyue Medical, and Guizhou Sanli [6].