医药板块24年三季报总结：三季报分化，Pharma和创新药表现优异

Investment Rating - The report maintains an investment rating of "Outperform" for the pharmaceutical and biotechnology sector [1]. Core Insights - The pharmaceutical sector has shown a significant divergence in performance, with innovative drugs performing exceptionally well. The overall market for pharmaceuticals is currently at a low valuation, and there is potential for a reversal in the industry due to the easing of performance pressures and the implementation of medical insurance negotiations [3][4]. Summary by Sections Market Review - The pharmaceutical index has decreased by 9.78%, underperforming the CSI 300 index by 23.19 percentage points, ranking 29th among 30 sectors [10]. - Public fund holdings in pharmaceuticals have decreased, with the total public fund's pharmaceutical heavy holdings at 9.9%, down 0.2 percentage points from the previous quarter [19]. Macro Situation - The pharmaceutical manufacturing sector showed a month-on-month improvement in Q3 2024, with revenues in the first nine months of 2024 growing by 0.1% year-on-year, while total profits decreased by 0.6% [4]. - Significant supportive policies have emerged, including equipment renewal action plans and long-term special treasury bonds, which are expected to stimulate demand for medical institution purchases [4]. Subsector Performance 1. Chemical Pharmaceuticals: Revenue reached 264.9 billion yuan in the first three quarters of 2024, with a year-on-year growth of 1.2% and a net profit increase of 9.3% [5]. 2. Biological Products: Revenue decreased by 18% year-on-year to 93.07 billion yuan, with net profit down 30% [5]. 3. Traditional Chinese Medicine: Revenue fell by 3% year-on-year to 272.04 billion yuan, with net profit down 10.4% [7]. 4. Medical Devices: Revenue increased by 2% year-on-year to 168.67 billion yuan, but net profit decreased by 5.3% [7]. 5. Pharmaceutical Distribution: Revenue grew by 0.9% year-on-year to 700.51 billion yuan, with net profit down 2.7% [7]. 6. Raw Materials: Revenue increased by 7.9% year-on-year to 114.33 billion yuan, with net profit up 32.8% [7]. 7. Medical Services: Revenue grew by 4.6% year-on-year to 59.46 billion yuan, with net profit slightly up by 0.6% [7]. 8. Pharmacies: Revenue increased by 7.2% year-on-year to 85.22 billion yuan, but net profit decreased by 22.3% [7]. 9. Life Science Services: Revenue decreased by 3% year-on-year to 25.71 billion yuan, with net profit down 35% [7]. 10. CXO: Revenue decreased by 9.2% year-on-year to 61.91 billion yuan, with net profit down 36.1% [7]. Fund Holdings - The pharmaceutical sector's heavy holdings in public funds have decreased, with the total public fund's pharmaceutical heavy holdings at 9.9%, down 0.2 percentage points from the previous quarter [19]. - The top five stocks held by all funds include Heng Rui Medicine, Mai Rui Medical, WuXi AppTec, Aier Eye Hospital, and Tiger Medical, with significant changes in their market values [27].