医药生物行业：医保基金预付文件发布，积极布局2025年改善方向

Investment Rating - The report maintains a rating of "Buy" for key companies in the pharmaceutical sector, including WuXi AppTec, China Resources Sanjiu, Dong-E E-Jiao, Xianju Pharmaceutical, and others [2][4][38]. Core Insights - The pharmaceutical sector's performance is closely tied to market trends, with a recommendation to shift focus towards 2025. The report notes that the sector has experienced a decline of 3.92% this week, underperforming the broader market [3][15]. - The recent release of the medical insurance fund prepayment policy is expected to alleviate some financial pressures on medical institutions, enhancing their sustainability and operational efficiency [17][18]. - The report emphasizes the importance of identifying companies with improving fundamentals, particularly those in high-growth or turnaround situations, as the market transitions towards 2025 [3][15]. Summary by Sections Key Company Performance - WuXi AppTec: 2024E EPS forecast at 3.41, PE ratio at 15.51, rated "Buy" [2]. - China Resources Sanjiu: 2024E EPS forecast at 2.57, PE ratio at 18.73, rated "Buy" [2]. - Dong-E E-Jiao: 2024E EPS forecast at 2.25, PE ratio at 25.89, rated "Buy" [2]. - Xianju Pharmaceutical: 2024E EPS forecast at 0.69, PE ratio at 18.28, rated "Buy" [2]. - Other companies such as Kangfang Biotech and Aier Eye Hospital also received "Buy" ratings with positive EPS forecasts [2]. Market Dynamics - The pharmaceutical sector has seen a year-to-date return of -9.8%, significantly underperforming the CSI 300 index, which has a return of 15.7% [23]. - All sub-sectors within pharmaceuticals experienced declines this week, with medical services down 5.51% and chemical pharmaceuticals down 4.08% [5][23]. Valuation Metrics - The current valuation of the pharmaceutical sector is 23.8x PE based on 2024 earnings forecasts, with a premium of 19% over the broader A-share market [27]. - Using TTM valuation, the sector stands at 27.7x PE, below its historical average of 35.3x PE, indicating potential undervaluation [27]. Individual Stock Performance - Notable performers include Nuotai Biological, which saw a monthly increase of 11.68% and a weekly increase of 3.16% [37][38]. - The average performance of recommended stocks was a monthly increase of 3.88%, outperforming the pharmaceutical sector by 2.26% [37].