兴证医药2024年10月投资月报：进入2024Q4，医药板块有望迎来触底回升

Investment Rating - The report provides a "Buy" rating for 恒瑞医药 and "Hold" ratings for 信达生物, 百济神州, 翰森制药, 爱博医疗, 恩华药业, and 鱼跃医疗 [2] Core Views - The pharmaceutical sector is expected to experience a rebound in Q4 2024, driven by policy support for innovative drugs and medical devices, alongside a gradual recovery in performance metrics [11][12] - The report emphasizes the importance of "differentiated innovation + internationalization" as a core strategy for the pharmaceutical industry, particularly in the context of innovative drugs and devices [12][14] Summary by Sections 1. October 2024 Pharmaceutical Industry Strategy and Recommended Portfolio - The report highlights a positive outlook for the pharmaceutical sector in Q4 2024, anticipating a recovery from the low performance seen earlier in the year due to various external pressures [11] - It notes that the sector is currently at historical low valuation levels, with a potential for improvement as market conditions stabilize [11] 2. Pharmaceutical and Biological Sector Performance in September 2024 - The 中信医药 index increased by 9.40% in September 2024, underperforming the沪深 300 index which rose by 20.97% [22] - The report indicates that the pharmaceutical sector's valuation was at 28.20 times TTM as of September 30, 2024, with a premium of 122.82% over the沪深 300 index [24] 3. Recommended Companies - 恒瑞医药 is noted for overcoming transitional challenges with multiple innovative drugs beginning to gain market traction [19] - 信达生物 is entering a phase of accelerated growth, with significant products expected to launch in the coming year [19] - 百济神州 continues to exceed expectations with its product泽布替尼 and is moving towards profitability [19] - 爱博医疗 is recognized for its innovative product launches, particularly in the field of ophthalmology [19] - 恩华药业 is highlighted for its strong position in the psychiatric anesthetics market, supported by high policy barriers [19] - 鱼跃医疗 is identified as a leading player in the domestic home medical device market, with steady growth across key segments [19] 4. Investment Strategy - The report suggests focusing on high-growth areas such as innovative drugs and devices, while also considering high-return assets characterized by strong ROE, ROA, and dividend yields [12][14] - It emphasizes the ongoing trend of "differentiated innovation + internationalization" as a key driver for future growth in the pharmaceutical sector [12][14]