CXO行业2024Q3数据跟踪：CXO行业收入逐季回升，行业长期看好

Investment Rating - The report maintains a positive long-term outlook for the CXO industry, indicating a recovery in revenue and potential valuation opportunities due to macroeconomic factors [1][4]. Core Insights - The CXO industry is experiencing a gradual recovery in revenue, with a projected increase in global pharmaceutical R&D investment at a steady growth rate of 2.6% from 2021 to 2028 [3][17]. - The report highlights a significant decline in investment activities in the domestic market, with Q3 2024 showing a total financing amount of 76.7 billion yuan, down 74.4% year-on-year [3][31]. - The report identifies key players in the CXO sector, including WuXi AppTec, Tigermed, and others, which are expected to benefit from the ongoing recovery and innovation in drug development [3][40]. Summary by Sections Macroeconomic Perspective - The report notes that the geopolitical landscape is stabilizing, which may lead to a recovery in the pessimistic expectations surrounding the sector. The Federal Reserve's two interest rate cuts this year are expected to improve the investment environment for biopharmaceuticals [4][7]. - The valuation of the CXO sector has returned to historical lows, with individual stock valuations showing significant differentiation [3][15]. Industry Perspective - Global pharmaceutical R&D investment is projected to grow steadily, with a total investment of 238 billion USD in 2021, reflecting a compound annual growth rate of 7.3% from 2014 [17][19]. - The report indicates that the number of new INDs and NDAs in China has seen substantial growth, with 1,561 new INDs (+26.6%) and 257 new NDAs (+61.6%) approved in 2023 [36][37]. Company Perspective - The revenue of 20 representative CXO companies reached 628 billion yuan in the first three quarters of 2024, reflecting an 8% decline year-on-year, while net profit decreased by 33.9% [40][44]. - In Q3 2024, the revenue for these companies was 226.1 billion yuan, showing a slight year-on-year decline of 1.8% but a quarter-on-quarter increase of 7.6% [44][44]. - The report highlights that while revenue is recovering, profit margins remain under pressure due to the high base effect from previous commercial orders [40][44].