生物医药Ⅱ行业周报：电生理赛道梳理，24Q1增长强劲，PFA技术加速布局

Investment Rating - The industry is rated as "Positive" with expectations of overall returns exceeding the CSI 300 index by more than 5% in the next six months [34]. Core Insights - The electrophysiology sector showed strong growth in Q1 2024, driven by increased global surgical volumes and the commercialization of new products such as QDOT Micro and OCTARAY TM [6][8]. - Major companies like Johnson & Johnson, Boston Scientific, and Abbott reported significant revenue increases in their electrophysiology segments, with Johnson & Johnson's electrophysiology business growing by 23% year-on-year [6][8]. - The report emphasizes the importance of innovation in the pharmaceutical sector, highlighting opportunities in single product innovation, overseas expansion, and domestic demand driven by an aging population [2][14][15]. Summary by Sections Electrophysiology Business Performance - Johnson & Johnson reported Q1 2024 revenue of $21.383 billion, with a 2.3% increase, largely due to a 23% growth in electrophysiology [6]. - Boston Scientific achieved $3.856 billion in revenue, a 13.8% increase, with a 72% growth in its electrophysiology business [8]. - Abbott's total revenue for Q1 2024 was $9.964 billion, up 2.2%, driven by double-digit growth in diabetes care and electrophysiology [12]. Investment Recommendations - The report suggests focusing on "key few" opportunities, including single product innovations in CNS and innovative medical devices [2][14]. - Companies recommended for investment include Mindray Medical, Huada Gene, and Micro Electrophysiology, all rated as "Buy" [33]. Market Overview - The pharmaceutical sector experienced a decline of 1.98% in the week of May 13-17, 2024, underperforming the CSI 300 index by 2.30 percentage points [18]. - The report notes that all sub-sectors within the pharmaceutical industry saw declines, with chemical preparations experiencing the largest drop of 2.81% [18].