医药与健康护理行业月报：医药板块三季报总结，化学制药、医药商业、医疗器械板块相对表现较好

Investment Rating - The investment rating for the pharmaceutical and healthcare industry is "Outperform the Market" and is maintained [3]. Core Insights - The pharmaceutical sector showed a decline in October, with the Shanghai Composite Index down 1.7% and the SW Pharmaceutical Bio Index down 4.3%, ranking 27th among the Shenwan first-level industries [4][9]. - The chemical preparation, pharmaceutical commerce, and medical device segments performed relatively well, with the chemical preparation segment showing a year-on-year revenue growth of 3.49% for the first three quarters of 2024 [5]. - As of the end of October 2024, the pharmaceutical sector's price-to-earnings ratio (TTM) was 27.26 times, with a premium rate of 79.59% compared to the entire A-share market [4][14]. Summary by Sections Revenue Performance - The revenue growth rates for the pharmaceutical segments in the first three quarters of 2024 were led by SW Chemical Preparation at 3.49%, followed by SW Pharmaceutical Commerce at 1.43%, and SW Medical Devices at 1.08% [5]. - In the third quarter alone, the top performers were SW Pharmaceutical Commerce with a growth of 4.56%, SW Chemical Preparation at 4.08%, and SW Medical Devices at 2.69% [5]. Net Profit Performance - The net profit growth rates for the pharmaceutical segments in the first three quarters of 2024 were led by SW Chemical Preparation with a growth of 28.49%, while SW Pharmaceutical Bio and SW Medical Devices saw declines of 7.48% and 7.65%, respectively [5]. - In the third quarter, SW Chemical Preparation increased by 16.71%, while SW Traditional Chinese Medicine II and SW Medical Devices experienced declines of 10.66% and 12.09% [5]. Monthly Portfolio Performance - The October portfolio of Haitong Pharmaceuticals outperformed the index by 0.71 percentage points, with an average decline of 6.1% compared to the overall pharmaceutical index decline of 6.8% [6][7]. - The top three performers in the October portfolio were Aopu Mai (+14.3%), Aohua Endoscopy (+8.2%), and Tebao Biological (+7.9%) [6][7]. Market Comparison - The pharmaceutical sector's performance in October was weaker than the overall market, with a decline of 4.3% compared to the Shanghai Composite Index's 1.7% drop [9][11]. - The individual stock performance showed significant variances, with Shuangcheng Pharmaceutical leading with a gain of 128.5%, while Notai Biological faced a decline of 29.4% [14].