医药生物行业周报（20240902-0906）：寒冬渐逝，重拾信心

Investment Rating - The industry investment rating is maintained at "Overweight" [6][12]. Core Viewpoints - The SW pharmaceutical and biotechnology index fell by 21.09% in the first half of 2024, underperforming the CSI 300 index by 21.98 percentage points. Among sub-industries, the SW Traditional Chinese Medicine II index had the best performance, declining by 12.73%, while SW Medical Services saw the largest drop at 38.23% [6][7]. - Overall revenue remains stable, with an improvement in sales expense ratio and an increase in R&D expense ratio. The total revenue for the SW pharmaceutical and biotechnology sector in H1 2024 was CNY 12,650.18 billion, a year-on-year decrease of 1.43%, while net profit attributable to shareholders was CNY 1,041.50 billion, down 9.79% year-on-year [6][7]. - The second quarter of 2024 saw a revenue of CNY 6,232.59 billion for the SW pharmaceutical and biotechnology sector, reflecting a year-on-year increase of 3.85%, with a net profit of CNY 501.56 billion, down 7.70% year-on-year [6][7]. Summary by Sections Revenue and Profitability - The gross margin for the SW pharmaceutical and biotechnology sector was 33.05%, up 1.03 percentage points year-on-year, while the net margin was 8.70%, down 0.89 percentage points year-on-year [6]. - In Q2 2024, the gross margin was 33.27%, an increase of 1.43 percentage points year-on-year, and the net margin was 8.47%, down 1.00 percentage point year-on-year [6]. Sub-industry Performance - The top three sub-industries in terms of revenue growth in H1 2024 were chemical pharmaceuticals (+1.92%), pharmaceutical commerce (-0.04%), and medical devices (-0.18%). The net profit growth leaders were chemical pharmaceuticals (+14.09%), medical devices (-6.38%), and pharmaceutical commerce (-7.96%) [7]. - In Q2 2024, the revenue growth leaders were medical devices (+37.64%), chemical pharmaceuticals (+16.37%), and medical services (+4.65%). The net profit growth leaders were medical devices (+21.58%), chemical pharmaceuticals (-9.43%), and traditional Chinese medicine (-11.45%) [7]. Policy Support and Recommendations - Continuous supportive policies are being introduced, with a focus on innovation in drugs and medical devices. The government aims to strengthen policy guarantees across the entire chain, optimizing pricing management, medical insurance payments, and drug supply mechanisms [7][8]. - The report suggests focusing on sub-sectors with strong Q2 performance, particularly chemical pharmaceuticals and medical devices, and highlights specific companies such as Kangfang Biotech, Ailisi, United Imaging, Yuyue Medical, and Aohua Endoscopy [8].