医药行业2024年11月投资月报：创新药国谈和三季报落地，看好结构性行情

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, emphasizing structural opportunities in the market [1]. Core Insights - The pharmaceutical industry has underperformed, with the Shenwan Pharmaceutical Index down 11.19% from January to October 2024, lagging behind the CSI 300 Index by 23.4 percentage points [2][8]. - The report highlights the potential for investment opportunities in innovative drugs and the recent quarterly reports from pharmaceutical companies [2]. - The report outlines three main investment themes for the second half of 2024: undervalued stocks, overseas expansion, and essential hospital needs [2]. Summary by Sections Industry Performance Review - From January to October 2024, the raw material drug sector had the highest cumulative increase at 0.8%, while offline pharmacies saw the largest decline at -35.3% [10]. - In October 2024, the raw material drug sector experienced a slight decrease of -2.2%, and blood products had the smallest increase at -9.8% [10]. Investment Strategy and Recommendations - The report recommends a focus on three main lines: high-dividend OTC stocks, medical devices for overseas markets, and essential hospital needs such as blood products and anesthetics [2]. - The recommended stock portfolio includes companies like Shanghai Laishi, Yifan Pharmaceutical, and Betta Pharmaceuticals, among others [3][26]. Market Valuation - As of October 31, 2024, the pharmaceutical industry's price-to-earnings (P/E) ratio is 27 times, which is below the median level of the past decade [21]. - The report notes that the hospital sector has the highest P/E ratio at 42 times, while the pharmaceutical distribution sector has the lowest at 16 times [23].