2024Q3医药生物行业业绩综述：行业慢恢复，公司快分化

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [5] Core Viewpoints - The pharmaceutical and biotechnology industry is experiencing a slow recovery with significant differentiation among companies due to external environmental fluctuations since 2020 [1][17] - The overall performance of the pharmaceutical and biotechnology sector shows a slight increase in revenue but a notable decline in net profit for Q3 2024 [1][34] - The industry is undergoing structural adjustments, leading to discrepancies in growth data across different segments [3][34] Summary by Sections Q3 Review: Slow Recovery, Fast Differentiation - The pharmaceutical sector has seen significant stock price adjustments across various sub-sectors from January 1 to October 31, 2024, with vaccines down by 35.3% and other biological products down by 34.5% [1][17] - As of October 31, 2024, the PE-TTM for the pharmaceutical and biotechnology sector is at 31.6X, which is historically low since 2020 [1][17] Profitability: Supply-Side Adjustments and Economic Fluctuations - The overall profitability of the pharmaceutical and biotechnology sector has declined, with a gross margin of 31.57% and a net margin of 7.17% for Q3 2024, both showing year-on-year decreases [3][34] - The revenue growth for the sector in Q3 2024 is 0.16%, while net profit has decreased by 13.49% compared to the previous year [34] Operational Quality: Fluctuating Efficiency and Cautious Capital Expenditure - The operational efficiency of the pharmaceutical sector continues to decline, particularly in traditional medicine, vaccines, and medical devices, indicating a cautious approach to capital expenditure [5][40] - The report highlights that all sub-sectors are experiencing a downward trend in capital expenditure intensity, reflecting the ongoing supply-side adjustments [6][40] Investment Recommendations - The report suggests focusing on companies with strong brand power and good control over downstream channels, such as Dong-E E-Jiao and Tong Ren Tang [7] - It also highlights the potential of companies in the CXO sector, like WuXi AppTec and Tigermed, to sustain performance growth [7] - The report emphasizes the importance of innovation in pharmaceuticals and the potential for valuation increases in companies like Zai Lab and Innovent Biologics [7]