2024年报业绩预告：创新药械及国际化布局领先的企业有望持续领跑

Investment Rating - Investment recommendation: Outperform the market (maintained) [6] Core Insights - The pharmaceutical and biotechnology industry has shown significant divergence in net profit growth, with approximately 41% of companies reporting positive growth and 59% reporting negative growth. High R&D investment sectors like chemical pharmaceuticals and medical devices remain the main drivers of profit growth, while traditional Chinese medicine and medical services face pressure due to policy adjustments and demand fluctuations. Structural divergence in the industry is expected to intensify, with leading companies in innovative drugs and internationalization likely to continue outperforming [3][12][21]. Summary by Sections 1. Performance Forecast - As of January 31, 2025, 278 companies in the pharmaceutical and biotechnology sector have disclosed their 2024 annual performance forecasts, revealing a significant divergence in net profit growth. Companies with net profit growth exceeding 100%, between 50% and 100%, and between 0% and 50% number 43, 32, and 40 respectively. Conversely, companies with net profit declines of -50% to 0, -100% to -50%, and below -100% number 29, 70, and 64 respectively [9][14]. 2. Sector Analysis - Chemical pharmaceuticals and medical devices are the main profit growth drivers, with 21 companies in the chemical pharmaceutical sector reporting net profit growth exceeding 100%. However, there are also 32 companies experiencing declines of 50% or more. The medical device sector shows a similar two-tier growth pattern, with 8 companies exceeding 100% growth and 16 companies declining by 100% or more. Notable high-growth companies include Microelectrophysiology, Dabo Medical, and YK Medical [10][17]. 3. Investment Focus - The report suggests focusing on companies with strong performance expectations for 2024, particularly those leading in innovative drugs and medical devices. Key companies to watch include Innovent Biologics, Heng Rui Medicine, Kelun Pharmaceutical, and Sanofi Biologics in the innovative drug sector, as well as Mindray Medical, United Imaging, Yuyue Medical, and Huatai Medical in the medical device sector [12][23].