医药行业深度研究：2024Q2扣非净利润加速增长，板块内盈利分化显著

Investment Rating - The report maintains a "Positive" outlook for the pharmaceutical industry [1][2]. Core Insights - The pharmaceutical sector, particularly the generic drug segment, has shown a steady revenue growth with a significant acceleration in non-net profit for Q2 2024. The overall revenue for the generic drug sector reached 931 billion yuan, a year-on-year increase of 0.16%, while the non-net profit grew by 12.27% [1][10][14]. - There is a notable divergence in profitability within the sector, with some companies experiencing substantial profit growth while others face declines. The report highlights that 51% of companies had net profit growth ranging from -40% to 40% [20][22]. - The report emphasizes the ongoing optimization of centralized procurement policies, which are expected to reduce the marginal impact on gross margins for generic drugs, allowing for continued improvement in profitability [14][26]. Summary by Sections Section 1: Profit Growth and Industry Performance - The generic drug sector's revenue for H1 2024 was 1,870 billion yuan, with a year-on-year growth of 0.48%. The net profit was 200 billion yuan, up 1.63%, and the non-net profit was 188 billion yuan, reflecting a 9.92% increase [5][10]. - The gross margin for H1 2024 was 50.47%, with a net margin of 12.08%. For Q2 2024, the gross margin was 51.03% and the net margin was 11.67% [14][16]. Section 2: Profitability Divergence and Industry Concentration - The revenue growth distribution among 85 generic drug companies was concentrated, with 86% of companies showing revenue growth between -20% and 20%. In terms of net profit, 48 companies saw an increase while 37 experienced a decline [17][20]. - The top 10 companies in the generic drug sector contributed 57% of the total revenue, indicating a high concentration within the industry [24]. Section 3: Investment Recommendations - The report suggests focusing on companies with strong supply chain advantages and those poised for growth in both hospital and outpatient markets, such as Fuyuan Pharmaceutical and Jingxin Pharmaceutical [28][29]. - Companies with innovative drug pipelines that are entering commercialization phases, like Yifan Pharmaceutical and Sangfor Pharmaceutical, are also highlighted as potential investment opportunities [29][30]. Section 4: Valuation and Market Outlook - As of September 23, 2024, the price-to-earnings (PE) ratio for the chemical preparation sub-sector was 25.45, indicating that the sector is currently at a historically low valuation level, which may lead to a recovery as profitability improves [26][28].