医药生物行业双周报2024年第9期总第107期：年报披露进入尾声期，关注业绩超预期或边际变化明显的公司

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [2]. Core Insights - As of April 26, 2024, among the 477 tracked listed companies in the pharmaceutical and biotechnology sector, 430 have disclosed their 2023 performance. Of these, 45 companies reported a net profit growth of 100% or more, while 66 companies had a growth of 30% or more but less than 100%. Additionally, 64 companies had a net profit growth of 30% or more in 2023, with a positive net profit in 2022 [2]. - The pharmaceutical and biotechnology industry index increased by 2.66% during the reporting period, ranking 8th among 31 primary industries, underperforming the CSI 300 index, which rose by 3.12%. Sub-industries such as blood products and chemical preparations saw gains of 5.22% and 5.07%, respectively, while vaccines experienced a decline of 6.41% [4][12]. - The overall price-to-earnings (PE) ratio for the pharmaceutical and biotechnology industry as of April 26, 2024, is 26.33x, up from 24.99x at the end of the previous period, indicating an upward valuation trend, yet still below the negative one standard deviation [15]. Summary by Sections Industry Review - The pharmaceutical and biotechnology industry index increased by 2.66%, ranking 8th among 31 primary industries, and underperformed the CSI 300 index [4][12]. - The PE ratio for the industry is 26.33x, indicating a valuation increase [15]. Important Industry News - The National Health Commission released the "Primary Liver Cancer Diagnosis and Treatment Guidelines (2024 Edition)" to improve the standardization of diagnosis and treatment [20]. - The NMPA optimized the registration application process for transferring drugs produced overseas to domestic production, aiming to enhance the investment environment and drug accessibility [21]. - Roche's Alecensa received FDA approval for a new indication for ALK-positive NSCLC as adjuvant therapy [28]. - Fuhong Hanlin's biosimilar trastuzumab received FDA approval for breast and gastric cancer treatment [33]. Company Dynamics - Among the 430 companies that disclosed their 2023 performance, 111 reported a net profit growth of 30% or more, accounting for 25% of the total [7]. - The overall performance of the pharmaceutical and biotechnology sector in 2023 was subpar, with a year-to-date decline of 11.97% [7].