医药与健康护理行业月报：成长+价值均衡，季报季关注真成长

Investment Rating - The investment rating for the industry is "Outperform the Market" and is maintained [1][17]. Core Insights - The report highlights a balanced approach between growth and value, emphasizing the importance of identifying true growth during quarterly reports. Notable revenue growth was reported by several companies, with increases such as 154.42% for Ailisi and 205.49% for Innotec's non-COVID business [3][4]. - The pharmaceutical sector showed a recovery in February, with the Shanghai Composite Index rising by 8.1% and the SW Pharmaceutical Bio Index increasing by 10.5%, ranking 9th among 28 first-level industries [7][9]. - The report suggests focusing on respiratory multi-detection and innovative flu drugs due to the increased incidence of respiratory infectious diseases following the Spring Festival [3]. Summary by Sections Market Performance - In February, the pharmaceutical sector's performance was notable, with the SW Pharmaceutical Bio Index rising by 10.5%. The best-performing sub-sectors included biological products (+14.9%), chemical pharmaceuticals (+10.9%), and chemical raw materials (+10.3%) [9][10]. - The top three individual stock performers were Antu Biology (+41.0%), Changshan Pharmaceutical (+40.1%), and Zhongsheng Pharmaceutical (+38.9%) [10][12]. February Portfolio Review - The February portfolio included Huatai Medical, New Industry, Heng Rui Pharmaceutical, Zhi Fei Biology, WuXi AppTec, Lao Bai Xing, Tian Tan Biology, and Pai Lin Biology, with an average increase of 12.5%, outperforming the overall pharmaceutical index by 0.6 percentage points [4][5][6]. Valuation Insights - As of the end of February 2024, the pharmaceutical sector's price-to-earnings ratio (TTM) was 25.45 times, representing a premium of 88.85% compared to the overall A-share market [12].