医药生物行业周报&三季报总结：医药生物板块2024Q1-Q3收入端及归母净利润增速承压，2024Q3单季收入增速相比上季度有所改善

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index in the next 6-12 months [19]. Core Insights - The pharmaceutical and biotechnology sector has shown long-term growth potential, supported by demographic trends such as aging populations and changing disease profiles, which create unmet clinical needs [4][13]. - The sector's valuation has rebounded from the lows seen in July-August 2024 but remains at historically low levels, with a current price-to-earnings ratio (TTM) of 28.48 times as of November 8, 2024 [9][4]. - The SW Pharmaceutical and Biotechnology Index increased by 6.43% from November 4 to November 8, 2024, outperforming the CSI 300 Index by 0.92 percentage points [4][6]. Summary by Sections Overall Market Performance - The SW Pharmaceutical and Biotechnology Index rose by 6.43% during the period from November 4 to November 8, 2024, ranking 14th among sectors [4]. - The CSI 300 Index increased by 5.50% during the same period, indicating a relative outperformance of the pharmaceutical sector [4]. Valuation Performance - As of November 8, 2024, the SW Pharmaceutical and Biotechnology Index's TTM P/E ratio is 28.48, showing a significant recovery from the valuation lows observed in mid-2024 [9]. Individual Stock Performance - The top ten stocks by price increase from November 4 to November 8, 2024, include: - Haooubo (+148.84%) - Wuxi Jinghai (+39.29%) - Dongfang Ocean (+36.93%) - Hainan Haiyao (+35.79%) - Boxun Biological (+34.78%) [11][12]. Revenue and Profit Growth - For Q1-Q3 2024, the pharmaceutical and biotechnology sector faced revenue and net profit growth pressures, with median revenue growth of -0.51% and net profit growth of -6.73% year-on-year [13]. - In Q3 2024, the sector showed improvement with a median revenue growth of 0.53% compared to Q2 2024 [13]. - The chemical pharmaceutical segment achieved positive growth in both revenue and net profit during the same period, with median revenue growth of 0.62% and net profit growth of 4.05% [13]. Subsector Performance - The biopharmaceutical segment reported a median revenue growth of 1.05% but a net profit decline of 5.70% for Q1-Q3 2024 [13]. - The medical device sector experienced a median revenue decline of -0.51% and a net profit decline of -9.03% during the same period, affected by industry restructuring and procurement delays [14].