国君研究|2024 三季报总结(四)

Pharmaceutical Sector - The CXO/API sector shows improvement in Q3, with expectations for further growth in Q4, driven by a recovery in regular business and a positive trend in new and existing orders[1] - The pharmaceutical segment benefits from the rapid release of innovative drugs and cost control, leading to accelerated profit growth in chemical pharmaceuticals[2] - The traditional Chinese medicine sector faces short-term pressure due to high inventory levels and policy impacts, requiring close monitoring of procurement policies and inventory cycles[2] Building Materials Sector - The building materials industry maintains an "overweight" rating, with expectations for revenue growth to stabilize as companies improve cash flow and manage costs[4] - Cement prices are stabilizing in the off-season, with expectations for substantial improvement in Q4 and 2025 due to effective supply-side measures[6] - The glass industry is seeing a bottoming out of profits, with cold repairs starting to stabilize prices[7] Machinery Sector - The machinery industry remains in a low-growth phase, with total revenue of 1.69 trillion yuan in the first three quarters of 2024, a year-on-year increase of 4.3%[8] - Semiconductor equipment continues to show strong growth, with revenue up 36.7% year-on-year and net profit up 26.6%[8] - The general equipment sector is still struggling, with automation control revenue up 16.2% but net profit down 1.7%[8]