医药行业专题：25Q1医药板块分化明显，创新引领中长期增长

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the pharmaceutical sector [4] Core Insights - The pharmaceutical industry has shown significant performance differentiation, with innovation leading to long-term growth despite overall revenue declines in 2024 and Q1 2025 [1][17] - The overall revenue for the pharmaceutical sector in 2024 decreased by 1.73% year-on-year, with net profit attributable to shareholders declining by 14.06% [1][19] - In Q1 2025, the sector's revenue further declined by 4.34%, and net profit decreased by 8.87% [1][19] - The valuation of the pharmaceutical sector has seen a notable increase since September 2024, with the PE ratio stabilizing around 30 times, although still considered low historically [1][38] Summary by Sections 1. Overall Industry Situation - The pharmaceutical sector's overall performance has been analyzed through a systematic optimization of company classifications, excluding companies with non-core pharmaceutical operations [17] - The revenue and profit trends indicate a challenging environment, with a focus on innovation as a key driver for future growth [1][17] 2. Performance of Sub-sectors 2.1. Chemical Preparations - In 2024, the chemical preparations sector's revenue grew by 1.97%, while net profit decreased slightly by 0.24% [2] - Q1 2025 saw a revenue decline of 1.83%, but net profit increased by 3.14%, indicating a gradual recovery [2] 2.2. Chemical Raw Materials - The chemical raw materials sector experienced a revenue increase of 0.90% in 2024, with net profit soaring by 133.78% [2] - In Q1 2025, net profit continued to grow by 6.81%, reflecting stable pricing for certain raw materials [2] 2.3. Biological Products - The biological products sector faced significant challenges, with a revenue decline of 28.01% in 2024 and a further drop of 34.48% in Q1 2025 [3] 2.4. Medical Services - The medical services sector's revenue grew by 0.46% in 2024, but net profit fell by 27.82% [9] - Q1 2025 showed a revenue decline of 1.27%, yet net profit increased by 10.71%, indicating signs of recovery [9] 2.5. Medical Devices - The medical devices sector's revenue grew by 0.64% in 2024, but net profit decreased by 8.47% [10] - In Q1 2025, revenue declined by 6.71%, with net profit down by 15.14%, reflecting ongoing pressures [10] 2.6. Pharmaceutical Commerce - The pharmaceutical commerce sector's revenue grew by 0.63% in 2024, but net profit fell by 15.60% [11] - Q1 2025 saw a slight revenue decline of 0.90% and a net profit decrease of 2.59% [11] 2.7. Traditional Chinese Medicine - The traditional Chinese medicine sector's revenue decreased by 4.50% in 2024, with net profit down by 15.02% [11] - In Q1 2025, revenue further declined by 8.22%, but there are expectations for gradual recovery as inventory issues are resolved [11] 3. Fund Holdings - As of Q1 2025, the proportion of public funds holding pharmaceutical stocks increased to 9.05%, up by 0.47 percentage points [1][45] - The pharmaceutical sector accounted for 6.25% of the total market capitalization of A-shares, reflecting a slight increase [1][45]