Guoxin Securities·2025-09-10 11:42Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][41]. Core Views - The pharmaceutical sector has shown resilience, outperforming the overall market with a 1.40% increase, while the total A-share market declined by 1.17% [1][32]. - The ANGPTL3 target has gained significant interest from multinational pharmaceutical companies (MNCs) due to its unique mechanism of action, which is non-LDLR dependent, making it effective in patients with LDLR deficiencies [3][30]. - The report highlights the potential for ANGPTL3 therapies to significantly lower LDL-C levels, especially in high-risk populations such as HoFH patients, and suggests a diversified drug development landscape with various forms of ANGPTL3 inhibitors [3][16]. Market Performance - The overall A-share market saw a decline of 1.17%, with the Shanghai Composite Index down 0.81% and the ChiNext Index up 2.35%. The biotechnology sector's performance was notably strong, with chemical pharmaceuticals rising by 3.92% [1][32]. - The TTM price-to-earnings (P/E) ratio for the pharmaceutical and biotechnology sector stands at 40.75x, compared to the overall A-share market's 19.80x [37][41]. Key Companies and Investment Recommendations - Mindray Medical (300760.SZ): Rated "Outperform" with a projected net profit of 116.7 billion CNY for 2024 [4]. - WuXi AppTec (603259.SH): Rated "Outperform" with a projected net profit of 93.5 billion CNY for 2024 [4]. - Aier Eye Hospital (300015.SZ): Rated "Outperform" with a projected net profit of 35.6 billion CNY for 2024 [4]. - New Industries (300832.SZ): Rated "Outperform" with a projected net profit of 18.3 billion CNY for 2024 [4]. - Huitai Medical (688617.SH): Rated "Outperform" with a projected net profit of 6.7 billion CNY for 2024 [4]. - Kaili Medical (300633.SZ): Rated "Outperform" with a projected net profit of 1.4 billion CNY for 2024 [4]. - Aohua Endoscopy (688212.SH): Rated "Outperform" with a projected net profit of 0.2 billion CNY for 2024 [4]. - Edding Biological (300685.SZ): Rated "Outperform" with a projected net profit of 2.5 billion CNY for 2024 [4]. - Aibo Medical (688050.SH): Rated "Outperform" with a projected net profit of 3.9 billion CNY for 2024 [4]. - Kingdom Medical (603882.SH): Rated "Outperform" with a projected net profit of -3.8 billion CNY for 2024 [4]. ANGPTL3 Development Landscape - The report emphasizes the growing interest in ANGPTL3 as a therapeutic target, with MNCs like Novartis, Lilly, Amgen, and AstraZeneca actively pursuing drug development in this area [3][16]. - ANGPTL3 therapies are expected to provide significant benefits in managing lipid levels, particularly in patients with mixed dyslipidemia and high triglycerides [30][31].