医药生物行业24Q3业绩前瞻：原料药、创新药维持高增长，器械板块增长趋势向好

Investment Rating - The report maintains a positive outlook on the pharmaceutical and biotechnology industry, indicating a "Look Favorably" rating for the sector [3][19]. Core Insights - The pharmaceutical and biotechnology industry is expected to see stable overall performance, with significant growth in innovative drugs and blood products, while the medical device sector shows a positive growth trend [3]. - As of October 10, 2024, 11 companies in the industry have released earnings forecasts for the first three quarters of 2024, with 9 companies expected to achieve positive profit growth, primarily in the chemical drug formulation sector [5][6]. - The report predicts that 31 companies in the pharmaceutical and biotechnology sector will show varying profit growth rates in Q3 2024, with some companies expected to achieve over 100% growth [7][8]. Summary by Sections Earnings Forecasts - As of October 10, 2024, 11 companies have provided earnings forecasts, with 9 companies expected to achieve positive profit growth, mainly in the chemical drug formulation sector [5][6]. - The report predicts profit growth rates for 31 companies, with 4 companies expected to grow by over 100%: Zhejiang Medicine (400 million, yoy +1275.6%), New Harmony (1.7 billion, yoy +175.1%), Tianxin Pharmaceutical (182 million, yoy +120.0%), and Boji Pharmaceutical (11 million, yoy +100.0%) [7][8]. Revenue Forecasts - The report forecasts revenue growth for 30 companies, with 3 companies expected to achieve over 40% growth: Nocare (260 million, yoy +60.0%), Boji Pharmaceutical (180 million, yoy +45.0%), and Aibo Medical (380 million, yoy +45.0%) [11][12]. - Companies with revenue growth between 20% and 40% include: Yuyuan Biological (370 million, yoy +25.0%) and Tiantan Biological (1.6 billion, yoy +20.0%) [11][12]. Investment Analysis - The report suggests focusing on the consumer healthcare sector represented by private hospitals and pharmacies, as well as innovative drug companies with overseas licensing opportunities, such as Heng Rui Medicine and Bai Ji Shen Zhou [4]. - It also highlights potential investment opportunities in the medical device sector, particularly with companies like Mindray Medical and United Imaging [4]. - The report notes that the absence of the biological safety law in the NDAA may lead to improved performance for CXO companies in the second half of the year, with a focus on companies like WuXi AppTec and Kanglong Chemical [4].