医药板块24年中报总结：中报分化，至暗已过，重视Pharma和创新药

Investment Rating - The report maintains an investment rating of "Outperform" for the pharmaceutical and biotechnology sector [1] Core Viewpoints - The pharmaceutical sector is experiencing a recovery phase after a challenging period, with a focus on innovative drugs and key industry policies expected to stimulate growth [3][4] - The overall market for pharmaceuticals is currently at a historical low in terms of valuation, presenting potential investment opportunities [10][19] Market Review - The pharmaceutical index has been under pressure, ranking seventh from the bottom among 30 sectors as of August 30, 2024, with a decline of 22.28% year-to-date [10] - Public fund holdings in pharmaceuticals decreased to 9.9% in Q2 2024, down 1.1 percentage points from the previous quarter, indicating a low level of investment in the sector [23] Subsector Summaries 1. Chemical Pharmaceuticals - Achieved revenue of 193.03 billion yuan in H1 2024, a year-on-year increase of 0.9%, with net profit rising by 10.7% [4][65] - Q2 2024 revenue was 96.62 billion yuan, up 2.2%, and net profit increased by 20.6% [4][65] 2. Biological Products - Revenue for H1 2024 was 66.80 billion yuan, down 11%, with net profit declining by 29% [4][61] - Q2 2024 saw revenue of 32.75 billion yuan, a decrease of 17%, and net profit down 32% [4][61] 3. Traditional Chinese Medicine - H1 2024 revenue was 185.03 billion yuan, down 2.8%, with net profit decreasing by 5.6% [4][61] - Q2 2024 revenue was 86.40 billion yuan, down 5%, and net profit fell by 7% [4][61] 4. Medical Devices - H1 2024 revenue reached 123.92 billion yuan, a slight increase of 0.5%, with net profit down 4.3% [4][61] - Q2 2024 revenue was 64.46 billion yuan, up 3.2%, with net profit down 3.6% [4][61] 5. Healthcare Services - H1 2024 revenue was 38.33 billion yuan, up 5.5%, with net profit increasing by 1.6% [6][61] - Q2 2024 revenue was 20.14 billion yuan, up 5%, and net profit increased by 8% [6][61] 6. Pharmacy - H1 2024 revenue was 57.72 billion yuan, up 8.1%, but net profit decreased by 16.8% [6][61] - Q2 2024 revenue was 28.04 billion yuan, up 4.7%, with net profit down 31.3% [6][61] 7. Pharmaceutical Distribution - H1 2024 revenue was 443.65 billion yuan, a slight decline of 0.3%, with net profit down 4.7% [6][61] - Q2 2024 revenue was 217.83 billion yuan, down 1.6%, with net profit decreasing by 8.4% [6][61] 8. Active Pharmaceutical Ingredients - H1 2024 revenue was 62.83 billion yuan, up 3.5%, with net profit increasing by 15.6% [6][61] - Q2 2024 revenue was 31.81 billion yuan, up 7.5%, with net profit rising by 27.8% [6][61] 9. Life Science Services - H1 2024 revenue was 7.44 billion yuan, up 7.8%, but net profit fell by 20.9% [6][61] - Q2 2024 revenue was 3.91 billion yuan, up 12.1%, with net profit down 10.8% [6][61] 10. CRO (Contract Research Organization) - H1 2024 revenue was 45.82 billion yuan, down 9.4%, with net profit decreasing by 33.8% [6][61] - Q2 2024 revenue was 23.83 billion yuan, down 7.7%, with net profit down 29.8% [6][61] 11. Innovative Drugs - H1 2024 revenue was 20.25 billion yuan, up 46%, with net profit loss narrowing by 34% [6][61] - Q2 2024 revenue was 11.01 billion yuan, up 38%, with net profit loss narrowing by 43% [6][61]