医药生物2024H1报告总结：医药承压亦有边际改善，关注化学药大板块

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The report highlights that the pharmaceutical industry is under pressure but shows signs of marginal improvement, particularly in the chemical drug sector, which has demonstrated the best performance in terms of revenue and net profit growth [1][11]. - The overall growth rate of the industry has not improved significantly, but there are signs of marginal recovery in certain sub-sectors such as raw materials, medical devices, and medical services [1][11]. Summary by Sections 1. Medical Insurance Cost Control - The report notes that the growth rate of medical insurance fund expenditures has outpaced that of revenues, leading to a decline in cumulative balances, influenced by pandemic factors and government policies aimed at controlling medical costs [8][9]. 2. Marginal Improvement in the Industry - The pharmaceutical manufacturing sector has shown a relative improvement compared to previous years, with the overall revenue for the pharmaceutical sector in H1 2024 at 12,332.72 billion yuan, a decrease of 0.82% year-on-year, and a net profit of 1,099.54 billion yuan, down 5.83% year-on-year [11][12]. - The chemical preparation sector has shown the best performance with revenue growth of 4.03% and net profit growth of 40.07% in H1 2024 [11][12]. - The report indicates that the raw materials and medical devices sectors have also shown signs of improvement, while the biological products and medical services sectors remain under pressure [11][12]. 3. Investment Recommendations - The report suggests focusing on specific companies within various sub-sectors: - Raw materials: Chuaning Biological, Zhejiang Medicine - Chemical preparations: Hengrui Medicine, Baile Tianheng-U, Haishike - Traditional Chinese medicine: Lingrui Pharmaceutical, cautious on Darentang, Tianshili - Biological products: Tiantan Biological, Palin Biological - Pharmaceutical commerce: Yifeng Pharmacy, Shanghai Pharmaceuticals - Medical services: WuXi AppTec, Tongce Medical [1][11].