医药生物行业深度研究：原料药板块Q2拐点已至，营收及业绩环比持续改善

Investment Rating - The report maintains a "Positive" outlook on the pharmaceutical industry, specifically the raw material drug sector, indicating a potential recovery in demand in the second half of 2024 [2][3]. Core Insights - In H1 2024, the raw material drug sector achieved total revenue of 606.13 billion yuan, a year-on-year increase of 4.12%. The net profit attributable to shareholders was 85.49 billion yuan, up 16.91% year-on-year, indicating a significant improvement in profitability [2][11]. - The report highlights that the sector is experiencing a recovery phase, with inventory depletion nearing completion and product prices beginning to rise due to the expiration of patents for key products [3][11]. - The profitability of the sector has improved, with gross margins increasing to 37.21% in Q2 2024, up from 36.38% in Q1 2024, and net margins reaching 15.52% [12][13]. Summary by Sections Section 1: Revenue and Profit Growth - The raw material drug sector's revenue and profits have shown significant growth in Q2 2024, with revenue increasing by 9.04% quarter-on-quarter and net profit rising by 27.80% [7][11]. - The sector's performance is attributed to the end of inventory destocking by global downstream manufacturers and the recovery of shipment volumes for raw material drug companies [11][13]. Section 2: Contribution of Top Companies - The top 10 companies in the raw material drug sector contributed 73.55% of total revenue and 81.15% of net profit in H1 2024, indicating a high concentration of revenue among leading firms [19][20]. Section 3: Valuation and Construction Projects - The sector's valuation remains at historical lows, with a PE ratio of 26.71 times as of Q2 2024, which is at the 10% historical percentile [2][19]. - The report notes a decrease in ongoing construction projects, suggesting that some companies are in a phase of rapid capacity expansion [19][20]. Section 4: Investment Recommendations - The report recommends focusing on companies with strong performance in the formulation sector and those with significant new product launches, such as Aorite and Aoxiang Pharmaceutical [3][19]. - Companies that are expected to benefit from the expiration of patents and have a high proportion of new product business are also highlighted as potential investment opportunities [3][19].