医药生物行业2020年中报业绩综述：受疫情影响分化明显，器械、CXO维持高景气
机构：万和证券
业绩总结：
2020H1，医药行业上市公司实现营收合计 7,674 亿元，同比增加1%；实现归属母公司净利润合计 803 亿元，同比增加 18%；实现扣除非归母净利润合计 722 亿元，同比增加 20%；期间费用中销售费用率因差旅受限下降显著，其他费用维持稳定。细分行业比较：上半年行业业绩受疫情影响呈分化态势，医疗器械、原料药、CXO 企业表现亮眼。
原料药：疫情影响下，部分原本给印度的订单向国内转移，行业整体业绩表现较好。化学制剂、中药、生物制品：受疫情影响业绩下滑明显。医疗器械：受疫情影响，医疗器械细分领域业绩分化，疫情相关产品（新冠检测、防护耗材、呼吸机、CT 等）生产企业业绩表现优越。医疗服务：受疫情影响，除金域医学为新冠检测服务提供方，其他连锁医疗服务机构业绩下滑显著，CXO领域海外产能持续转移，行业发展空间大。医药商业：医药流通领域受疫情影响医院诊疗量大幅减少业绩下滑；医药零售板块H1 业绩受益于疫情。
投资策略：目前，我们已经进入了后疫情时代，疫情相关的投资方向有以下 4 条主线：1）防疫相关疫苗研发企业；2）疫情相关特效药在研管线且具备较强研发能力的药企；3）国内局部疫情爆发和国外疫情蔓延带来的新冠检测、防护耗材等需求持续；4）随着国内疫情影响逐步消化，前期受压制的患者需求释放，非疫情相关产品的生产、服务企业将迎来较大反弹。
中长期来看，医药生物行业具备强刚需属性，随着全国人口老龄化和科学技术的进步，行业整体发展前景十分乐观。我们认为相关投资主线应该有以下 5 条：1）创新药行业产业链（包括化药创新药、生物制药、疫苗、CXO）；2）产品研发迭代能力强的医疗器械细分领域龙头。3）连锁医疗服务机构； 4）血制品行业；5）原料药龙头企业及部分转型升级为“原料药+制剂”一体化企业。
风险提示：宏观经济下行风险，医改政策不及预期风险，药品降价超预期风险，药品研发不及预期。
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