医疗服务行业周报：预计基本面改善将带动估值继续修复

Investment Rating - The industry is rated as "Overweight" [8] Core Views - The medical service sector has shown strong performance with a 13.95% increase, driven by expectations of consumer recovery and a rebound in CXO business [5][40] - Despite a recent rebound, the overall valuation of the medical service sector remains at historical low levels, indicating potential for further recovery [21][41] Summary by Sections Industry Performance - The pharmaceutical and biological sector rose by 11.15%, ranking 8th among 31 primary industries [2][10] - The medical service II sub-sector reported a 13.95% increase, outperforming other sub-sectors [16][20] Valuation Metrics - The current PE (ttm) for the medical service sector is 33.25X, with a PB (lf) of 2.99X [3][21] - The PE has increased by 4.02X and the PB by 0.37X compared to the previous week [21] Market Dynamics and Announcements - The Nobel Prize in Physiology or Medicine was awarded for breakthroughs in microRNA, highlighting advancements in the field [36][37] - Companies like Ruizhi Pharmaceutical and Yaokang Bio have made strategic moves, including partnerships and share buybacks, indicating active market engagement [38][39] Future Outlook - The report anticipates gradual improvement in performance for major private medical companies in the second half of 2024, despite a challenging first half due to high base effects [5][41] - The report suggests focusing on high-growth segments such as clinical CRO, ADC CDMO, and private medical services, as well as third-party medical testing laboratories expected to improve profitability [41]