兴证医药2024年09月投资月报：2024年中报延续稳健增长，下半年业绩趋势有望向好

Investment Rating - The report maintains a "Buy" rating for 恒瑞医药 and 信达生物, and an "Accumulate" rating for 百济神州, 翰森制药, 爱博医疗, 恩华药业, and 鱼跃医疗 [1][20]. Core Insights - The pharmaceutical sector is expected to continue its steady growth, with a positive performance outlook for the second half of 2024, driven by innovative drugs and internationalization [2][3]. - The report highlights that the pharmaceutical industry has experienced a 0.39% year-on-year increase in revenue for the first half of 2024, while net profit attributable to shareholders decreased by 0.01% [3][9]. - The report emphasizes the importance of innovation as a key trend in the industry, with companies that have blockbuster products likely to thrive [3][14]. Summary by Sections 1. September 2024 Pharmaceutical Industry Strategy and Recommended Portfolio - The report reviews the performance of the pharmaceutical sector in August 2024, noting a decline in the CSI 300 index by 3.51% and a 3.27% drop in the CITIC Pharmaceutical Index, which outperformed the broader market [7][23]. - The investment strategy for September 2024 focuses on high-growth areas, including innovative drugs and medical devices, while considering performance catalysts and industry trends [9][15]. 2. Pharmaceutical and Biological Sector Performance in August 2024 - The pharmaceutical sector's valuation as of August 30, 2024, stands at 23.12 times TTM, with a premium of 112.81% over the CSI 300 index [25]. - The report indicates that 175 stocks in the pharmaceutical sector rose in August, with notable performers including *ST 景峰 and 乐心医疗 [29][30]. 3. Recommended Companies and Rationale - Recommended companies include: - 恒瑞医药: Transitioning through innovation, with multiple new drugs gaining traction [20]. - 信达生物: Entering a rapid growth phase with significant product launches expected [20]. - 百济神州: Experiencing strong performance from its flagship product, 泽布替尼 [20]. - 翰森制药: A comprehensive pharmaceutical company with expanding international opportunities [20]. - 爱博医疗: Growth driven by innovative product launches [20]. - 恩华药业: Steady growth in the anesthetic sector [20]. - 鱼跃医疗: Leading in home medical devices with stable growth [20].