华创医药周观点：海外CXO 2024财报总结2025/04/12

Market Review - The overall performance of the pharmaceutical sector is currently at a low valuation, with public funds (excluding pharmaceutical funds) having low allocation to the sector. The macroeconomic environment, including the recovery of US Treasury yields, is expected to positively influence the industry growth outlook for 2025 [8][9] - The CITIC Pharmaceutical Index fell by 5.42%, underperforming the CSI 300 Index by 2.54 percentage points, ranking 19th among 30 CITIC first-level industries [5][6] Stock Performance - The top ten stocks with the highest gains this week include Jinhe Biology, Yirui Technology, and Yipinhong, with gains ranging from 12.69% to 20.54% [4][5] - The top ten stocks with the largest declines include Rundu Co., Duorikang Pharmaceutical, and Boteng Co., with declines ranging from 27.21% to 27.81% [4][5] Investment Themes - Innovative Drugs: The domestic innovative drug sector is transitioning from quantity to quality, focusing on differentiated and internationalized pipelines. Companies expected to deliver profits include Hengrui, Baiji, and Betta [8] - Medical Devices: The bidding volume for imaging equipment has significantly rebounded this year, with ongoing equipment updates. Companies like Mindray and United Imaging are highlighted for their growth potential [8] - CXO and Life Science Services: The investment environment is expected to improve, with a recovery in demand for life science services. Companies in this sector are anticipated to experience high profit elasticity as they enter the return phase [8] - Pharmaceutical Industry: The specialty API sector is expected to see cost improvements, with valuations at a near ten-year low, indicating a new growth cycle. Companies like Tonghua Dongbao and Huahai Pharmaceutical are recommended for attention [8] Industry Outlook - Traditional Chinese Medicine: The market for essential medicines is expected to see growth, particularly for unique products. Companies like Kunming Pharmaceutical and Kangyuan Pharmaceutical are recommended [10] - Pharmacy Sector: The prescription outflow and market optimization are expected to enhance the pharmacy sector's investment opportunities, with companies like YaoBai and YiFeng Pharmacy highlighted [10] - Medical Services: The anti-corruption measures and centralized procurement are expected to improve the market environment for private medical services, with companies like Guoshengtang and Aier Eye Hospital recommended [10] Financial Performance - CRL: In 2024, CRL's revenue was $4.05 billion, a 1.9% decline year-on-year, with a significant drop in net profit due to goodwill impairment [14] - Labcorp: Labcorp's 2024 revenue reached $13.01 billion, a 7% increase year-on-year, with a net profit of $746 million, reflecting strong growth in diagnostic laboratory services [23][31] - IQVIA: IQVIA reported a 2.8% increase in revenue for 2024, reaching $15.40 billion, with a net profit of $2.04 billion, driven by strong performance in its TAS segment [38][39] Company-Specific Insights - Medpace: Medpace's 2024 revenue was $2.11 billion, a growth of 11.8%, with a net profit of $404 million, indicating strong performance driven by small and mid-sized pharmaceutical companies [58] - Lonza: Lonza's 2024 revenue was 6.57 billion Swiss Francs, with strong demand in the commercial phase and a recovery in early-stage biopharmaceuticals [80][81]