医药生物行业双周报2024年第18期总第116期：行业分化明显，关注化学制剂、原料药和CXO板块

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [4] Core Insights - The industry shows significant differentiation, with a focus on chemical preparations, raw materials, and CXO sectors [3] - In the first half of 2024, the total revenue of listed pharmaceutical and biotechnology companies in A-shares was 1.27 trillion yuan, a year-on-year decline of 0.28%, while the net profit attributable to shareholders was 104.32 billion yuan, a year-on-year decline of 2.11% [2][4] Summary by Sections Industry Review - The pharmaceutical and biotechnology industry index declined by 3.07% during the reporting period, ranking 27th among 31 primary industries, underperforming the CSI 300 index, which fell by 0.72% [4][12] - The PE ratio (TTM) for the industry as of August 30, 2024, was 23.12x, down from 23.99x, indicating a downward valuation trend [4][16] Performance Overview - In the first half of 2024, 455 tracked listed companies in the pharmaceutical and biotechnology sector reported their performance, with 48 companies achieving a net profit growth rate of 100% or more [2] - The chemical pharmaceutical, medical device, and traditional Chinese medicine sectors showed strong performance, with 88, 57, and 28 companies, respectively, reporting positive net profit growth [2][5] Investment Recommendations - The report suggests focusing on investment opportunities in innovative drugs, raw materials, and the CXO sector, as these areas have shown significant performance improvements [7]