医药生物行业2024年三季报总结：Q3营收同比实现正增长

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [1]. Core Viewpoints - The pharmaceutical industry is currently undervalued, with public fund holdings in pharmaceutical stocks at a relative low over the past decade [1][14]. - In the first three quarters of 2024, the net profit growth rate for the pharmaceutical and biotechnology industry has narrowed, with total revenue of 1,824.34 billion yuan, a year-on-year decrease of 0.51%, and a net profit of 152.50 billion yuan, down 8.22% [1][16]. - The segments showing positive revenue growth in Q3 2024 include APIs (Active Pharmaceutical Ingredients), chemical preparations, pharmaceutical commerce, and medical devices [1][17]. - The report highlights a good growth trend in APIs, with increased R&D investment, while chemical preparations are expected to develop steadily [1][26][30]. Summary by Sections Q3 Revenue Growth - Q3 2024 saw a year-on-year revenue increase, with APIs, chemical preparations, pharmaceutical commerce, and medical devices showing positive growth [1][20]. - The overall pharmaceutical sector underperformed compared to the CSI 300 index due to industry restructuring and centralized procurement [5][20]. Growth Potential in the Pharmaceutical and Biotechnology Industry - The report expresses optimism about the growth potential in the pharmaceutical and biotechnology industry, particularly in the APIs and chemical preparations segments [1][26]. - The APIs segment achieved a total revenue of 72.55 billion yuan in the first three quarters of 2024, with a year-on-year growth of 3.46% [26]. - The chemical preparations segment reported a revenue of 3,170.28 billion yuan, up 3.98% year-on-year, with a significant net profit increase of 31.49% [30]. Investment Recommendations - The report suggests focusing on specific companies within various segments: - APIs: Chuan Ning Biological, Garden Biological - Chemical preparations: Heng Rui Pharmaceutical, Bai Li Tianheng - Traditional Chinese medicine: Da Ren Tang, Tian Shi Li - Biological products: Zhi Fei Biological, Tian Tan Biological - Pharmaceutical commerce: Shanghai Pharmaceutical, Yi Feng Pharmacy - Medical devices: Mai Rui Medical, Ao Hua Endoscopy - Medical services: WuXi AppTec, Tong Ce Medical [1].