医药行业周报：2024三季报总结，化学制剂、原料药、血制品表现较好

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [1] Core Insights - The pharmaceutical manufacturing industry has shown a clear upward trend, recovering from the negative impacts of the pandemic, with cumulative revenue reaching 1.84 trillion yuan, a year-on-year growth of 0.2% [2][13] - The chemical preparation and raw material drug sectors have demonstrated significant signs of recovery, with chemical preparations achieving a revenue growth of 1.3% and a net profit growth of 19.9% in Q3 2024 [3][19] - The report highlights the importance of innovative drugs as a new growth driver, especially as the impact of generic drug procurement policies has diminished [3][19] Summary by Sections 1. Q3 2024 Overview - The pharmaceutical manufacturing sector has clearly escaped the negative effects of the pandemic, with cumulative profits at 254.39 billion yuan, a slight decline of 0.4% year-on-year [2][13] - The chemical preparation sector reported a total revenue of 261.35 billion yuan for the first three quarters, down 8.7% year-on-year, while net profits fell by 8.5% [15] - The raw material drug sector achieved a revenue of 726 billion yuan, a year-on-year increase of 3.5%, with net profits declining by 1.5% [20] 2. Market Performance - The pharmaceutical sector index fell by 2.9% in the week of October 28 to November 1, 2024, underperforming the CSI 300 index by 1.2% [4] - The report identifies key stocks with significant gains, including Haooubo (43.99%) and Xiangxue Pharmaceutical (30.54%) [4] 3. Investment Strategy - The report suggests a structural market outlook for the pharmaceutical industry, focusing on products with increasing proportions in total medical insurance expenditures and globally competitive companies in the export chain [4] - Recommended sectors include innovative drugs, traditional Chinese medicine, raw materials, and certain medical devices [4] 4. Subsector Analysis - Chemical Preparations: Q3 2024 saw a revenue of 840 billion yuan, with a net profit of 78.1 billion yuan, indicating a recovery trend [17] - Raw Materials: The sector reported a revenue of 204.5 billion yuan in Q3 2024, with a net profit increase of 26.2% [20] - CXO: The sector experienced a revenue decline of 8.1% year-on-year, with net profits down 35.2% [23] - Blood Products: Revenue reached 150.2 billion yuan, with net profits growing by 11.6% [27] - Vaccines: The sector faced a significant revenue drop of 33.1% year-on-year, with net profits down 57.2% [31] - Traditional Chinese Medicine: Revenue decreased by 3.15%, with net profits down 9.28% [34] - Medical Services: Revenue fell by 2%, with net profits down 22.3% [37] - Medical Devices: Revenue increased by 1.08%, but net profits decreased by 7.65% [42] - Pharmacies: Revenue grew by 7.2%, but net profits fell by 22.3% [46]