医药行业专题：2024Q1-3医药行业整体承压，期待后续基本面改善

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the pharmaceutical industry [4]. Core Insights - The pharmaceutical sector is experiencing overall pressure in 2024 Q1-3, with expectations for improvement in the fundamental performance in the future [1]. - The overall revenue of the pharmaceutical sector (excluding new and ST stocks) decreased by 0.71% year-on-year, while net profit attributable to shareholders fell by 7.65% [1]. - The PE valuation of the pharmaceutical sector is currently around 30.99 times, which is still at a historically low level [1]. Summary by Sections 1. Overall Industry Situation - The pharmaceutical industry has faced challenges in 2024 Q1-3, with a revenue decline of 0.71% and a net profit drop of 7.65% [1][35]. - The third quarter saw a revenue decrease of 0.46% and a net profit decline of 12.53% [1][35]. 2. Performance of Sub-sectors 2.1. Chemical Preparations - The chemical preparations sector saw a revenue growth of 3.03% and a net profit increase of 15.36% in 2024 Q1-3 [2]. 2.2. Chemical Raw Materials - The chemical raw materials sector experienced a revenue growth of 1.16% and a net profit increase of 27.17% in 2024 Q1-3 [2]. 2.3. Biological Products - The biological products sector faced significant challenges, with a revenue decline of 23.26% and a net profit drop of 38.77% in 2024 Q1-3 [3]. 2.4. Medical Services - The medical services sector's revenue decreased by 0.10% and net profit fell by 10.52% in 2024 Q1-3 [9]. 2.5. Medical Devices - The medical devices sector saw a revenue growth of 1.14% but a net profit decrease of 1.8% in 2024 Q1-3 [11]. 2.6. Pharmaceutical Commerce - The pharmaceutical commerce sector's revenue grew by 1.44%, but net profit declined by 8.24% in 2024 Q1-3 [12]. 2.7. Traditional Chinese Medicine - The traditional Chinese medicine sector experienced a revenue decline of 3.40% and a net profit drop of 9.98% in 2024 Q1-3 [14]. 3. Fund Holdings - As of 2024 Q1-3, the proportion of public funds holding the pharmaceutical sector is 8.72%, a decrease of 1.44 percentage points [1][44]. - The pharmaceutical sector's share in the total market capitalization of A-shares increased to 6.9%, up by 0.16 percentage points [1][44].