Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [2] Core Insights - The pharmaceutical and biotechnology industry index increased by 5.16%, ranking 7th among 31 primary industries, outperforming the CSI 300 index which rose by 2.29% [5][13] - The overall performance of the industry in 2023 was under pressure, with significant differentiation among sub-sectors. The total revenue for all listed pharmaceutical and biotechnology companies reached 2.5 trillion yuan, a slight increase of 0.81% year-on-year, while the net profit attributable to shareholders was 160.32 billion yuan [5][8] - The industry valuation as of May 10, 2024, was a PE ratio of 27.90x, up from 26.33x in the previous period, indicating an upward trend but still below the average [17] Summary by Sections Industry Review - The pharmaceutical and biotechnology industry faced overall pressure in 2023, with a clear differentiation among sectors. The raw materials and medical consumables sectors showed strong performance with increases of 10.87% and 7.96%, respectively, while vaccines and hospitals lagged behind with increases of 2.81% and 2.93% [5][13] - A total of 21 listed companies in the industry experienced a net reduction in shareholder holdings amounting to 107 million yuan, while 11 companies increased their holdings by 178 million yuan [5] Important Industry News - The National Health Commission and other departments issued guidelines to strengthen the capacity of critical care medical services, aiming for significant improvements by 2025 and 2027 [22] - BMS received approval for the world's first cardiac myosin inhibitor, "Mavacamten," for treating obstructive hypertrophic cardiomyopathy in adults [24] - Zhengda Tianqing's "Ankine" capsule was approved for use in patients with ROS1-positive locally advanced or metastatic non-small cell lung cancer [25] Investment Recommendations - Despite the poor performance of listed companies in 2023, certain sectors such as traditional Chinese medicine, hospitals, and other biological products showed promising results. The chemical preparation sector, while not as strong, still outperformed the overall industry and is expected to see recovery in 2024 [8] - The report suggests focusing on companies in the chemical preparation sector that have passed the performance inflection point and those in the other biological products sector with strong profitability [8]
医药生物行业双周报2024年第10期总第108期：医药生物行业2023年业绩总结：行业整体承压，板块分化明显
Great Wall Glory Securities·2024-05-14 10:02