医药生物行业24H1中报业绩点评：板块整体业绩平稳，创新药血制品稳健增长，关注设备板块拐点机会

Investment Rating - The report maintains a "Positive" outlook on the pharmaceutical and biotechnology industry [3][4]. Core Insights - The overall performance of the pharmaceutical sector in the first half of 2024 was stable, with 471 A-share pharmaceutical companies achieving a total revenue of 1,254.5 billion yuan, a year-on-year decrease of 0.4%, and a net profit of 102.1 billion yuan, down 2.6% year-on-year [4][5]. - The innovative drug and blood products sectors showed robust growth, with innovative drug companies generating 41.3 billion yuan in revenue in the first half of 2024, a year-on-year increase of 51.2% [4][6]. Summary by Relevant Sections Overall Sector Performance - In Q2 2024, the pharmaceutical sector's total revenue was 617.8 billion yuan, down 1.4% year-on-year and 3.0% quarter-on-quarter, with a net profit of 48.8 billion yuan, reflecting a year-on-year decline of 5.4% and a quarter-on-quarter decline of 8.2% [4][5]. Subsector Performance 1. Pharmaceuticals: - The innovative drug and blood products sectors performed well, while the vaccine sector faced pressure. Blood products showed stable performance with revenue growth exceeding 10% year-on-year and profit growth of 18.6% [4][7]. - The innovative drug sector saw revenue growth of over 30% in Q2 2024, aided by significant loss reduction from companies like BeiGene [7]. 2. Medical Devices: - The consumables segment exhibited strong growth, with a net profit increase of 12.8% year-on-year in Q2 2024. However, the medical equipment and IVD segments experienced around a 10% decline in net profit due to high base effects from the previous year [4][7]. 3. Healthcare Services: - The CXO (Contract Research Organization) segment reported a 9.4% year-on-year revenue decline and a 32.0% drop in net profit, but showed signs of recovery with a 9.3% revenue increase and a 52.1% profit increase quarter-on-quarter in Q2 2024 [4][7]. Investment Recommendations - The report recommends focusing on companies in the innovative drug and blood products sectors, including Heng Rui Medicine, Xin Nuo Wei, BeiGene, and others. It also suggests monitoring potential investment opportunities in the medical device sector as it approaches a turning point [4][6].