医药生物行业双周报2024年第22期总第120期：2024年前三季度业绩总结，关注化学制药板块

Investment Rating - The investment rating for the industry is optimistic [1] Core Insights - As of November 4, 2024, 453 out of 455 tracked pharmaceutical and biotechnology companies have disclosed their performance for the first three quarters of 2024, with 41 companies achieving a net profit growth of 100% or more, and 62 companies achieving a growth of 30% or more but less than 100% [2][6] - The chemical pharmaceuticals, medical devices, and traditional Chinese medicine sectors have shown strong performance, with 85, 48, and 24 companies respectively reporting positive net profit growth [2][6] - The overall pharmaceutical and biotechnology industry index increased by 0.12%, ranking 23rd among 31 primary industries, outperforming the CSI 300 index, which decreased by 0.90% [3][13] - The price-to-earnings (PE) ratio for the pharmaceutical and biotechnology industry as of November 1, 2024, is 27.02x, which is an increase from the previous period's 26.66x and remains below the average [3][17] Summary by Sections Industry Review - The chemical preparation and medical consumables sectors have the highest number of companies with a net profit growth of 30% or more, totaling 36 and 15 companies respectively [2][6] - The performance of offline pharmacies and in vitro diagnostics has been notable, with increases of 12.47% and 2.96% respectively, while vaccines and medical consumables have seen declines of 4.31% and 1.42% [3][13] Important Industry News - The NMPA and the National Administration of Traditional Chinese Medicine have announced support for the development of substitutes for rare and endangered traditional Chinese medicinal materials [22][23] - BMS's innovative heart muscle myosin inhibitor "Mavacamten" has received NMPA approval for market entry, marking a significant advancement in treatment options for obstructive hypertrophic cardiomyopathy [31][32] - The 2024 National Medical Insurance Drug List adjustment negotiations have concluded successfully, indicating potential changes in drug coverage and pricing [44] Investment Recommendations - The report suggests focusing on the currently well-performing sub-sectors and related companies, particularly in chemical pharmaceuticals, medical devices, and traditional Chinese medicine [6][38]