医药板块2024三季报总结：板块分化，把握创新与复苏主线

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical sector [2]. Core Insights - The pharmaceutical sector is experiencing performance pressure in most sub-sectors for the first three quarters of 2024, but there is potential for sequential improvement. Chemical and biological drugs are showing stable growth, and cost reduction and efficiency enhancement are expected to continue driving growth [2][3]. Summary by Sections CXO/API Sector - The operating trend in Q3 has improved, and Q4 is expected to continue this trend. For Q1-Q3 2024, overseas investment and financing have improved, while domestic investment and financing have faced pressure. The CXO sector, excluding large orders, is seeing a recovery in regular business growth, with new and existing orders showing positive trends [3][5]. - The CXO sector's revenue for A-share listed companies in Q1-Q3 2024 was 67.06 billion yuan, a year-on-year decrease of 5.9%. The net profit attributable to shareholders decreased by 48.6% [7][9]. Pharmaceutical Sector - The growth of innovative products and cost reduction are driving growth in the pharmaceutical sector. Chemical pharmaceuticals are benefiting from the rapid release of innovative drugs and cost control, leading to accelerated profit growth. The biological pharmaceutical sector is stable, but there is significant short-term performance differentiation due to price differences in insulin products [3][32]. - The overall pharmaceutical sector is expected to improve gradually as external environmental disturbances decrease [3][4]. Medical (Non-Pharmaceutical) Sector - Short-term growth is under pressure but is expected to recover sequentially. The industry is undergoing normalization of regulation, and the overall hospital environment is tightening, leading to pressure on growth in most sub-sectors [3][4]. - Different segments are experiencing varied performance, with high-value consumables showing relatively good growth despite challenges [3][4]. Raw Material Drug Sector - The raw material drug sector is nearing the end of its destocking cycle, with Q3 profitability improving year-on-year. The sector's revenue for A-share listed companies was 92.62 billion yuan in 2023, a year-on-year decline of 1.3%, but Q1-Q3 2024 revenue increased by 3.5% [19][20]. - The profitability of the sector is expected to continue improving as the destocking cycle ends and production processes are optimized [20][21]. Chemical and Biological Drugs - The chemical drug sector is seeing steady performance with a revenue of 302.1 billion yuan in Q1-Q3 2024, a 2% increase year-on-year. The net profit attributable to shareholders increased by 24% [32][34]. - The biological drug sector's revenue growth is stable, but there is internal performance differentiation among companies [33][36]. Recommended Stocks - The report recommends several stocks across different segments, including pharmaceutical companies like Heng Rui Medicine, BeiGene, and others in the API & CXO sector such as WuXi AppTec and Kelun Pharmaceutical [3].