医药：CXO及API板块2024H1财报总结-调整接近尾声，业绩有望环比改善

Investment Rating - The report rates the pharmaceutical manufacturing industry as "Buy" and the pharmaceutical services industry as "Buy" [3][4]. Core Insights - The CXO and API sectors are expected to see performance improvements in the second half of 2024, following a period of pressure in the first half [4][5]. - The report highlights a positive trend in new orders for CXO, while the API sector is nearing the end of its destocking cycle, indicating potential for sequential profit recovery [4][5]. Summary by Sections CXO Sector - The CXO sector experienced revenue of 431.6 billion yuan in 2024H1, a year-on-year decrease of 10%, with a net profit of 69.7 billion yuan, down 31% [5][12]. - New order trends are improving, with major companies like WuXi AppTec reporting an order backlog of 431 billion USD, a 33.2% increase when excluding specific commercial orders [15][17]. - The demand side shows a significant increase in overseas financing, with 131.9 billion USD in 2024H1, up 16% year-on-year, while domestic financing remains under pressure [7][10]. API Sector - The API sector reported revenues of 564.7 billion yuan in 2024H1, a slight decline of 2% year-on-year, but net profit increased by 11% to 6.2 billion yuan [36][37]. - The destocking cycle is nearing completion, with profitability expected to improve gradually as product prices stabilize [38][44]. - Key players are focusing on integrated operations across intermediates, APIs, and formulations, enhancing competitive positioning in the market [38][44]. Investment Recommendations - Recommended stocks in the API sector include Xianju Pharmaceutical, Pro Pharmaceutical, and Huahai Pharmaceutical, while in the CXO sector, companies like Tigermed and Kanglong Chemical are highlighted [5][36]. - Catalysts for growth include unexpected demand in end products, easing price competition, and improvements in financing conditions [5][36].