医药生物行业跟踪分析：头孢、青霉素及激素上游价格小幅提升

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical and biotechnology industry, consistent with the previous rating [2]. Core Insights - The report indicates that the prices of raw materials for pharmaceuticals have stabilized at the bottom. The Producer Price Index (PPI) for chemical drug raw materials fell below 100 in January 2023, primarily due to downstream inventory reduction. The PPI reached its lowest point in May and June 2023 at 94.4, with a slight recovery to 95.9 in June 2024, indicating a stabilization trend [6][7]. Summary by Sections 1. Raw Material Prices Stabilization - The PPI for chemical drug raw materials was recorded at 99.60 in January 2023, with the entire year showing values below 100. The lowest PPI was 94.4 in May and June 2023, and it slightly increased to 95.9 in June 2024, indicating a stabilization of the overall raw material price system [6]. 2. Specialty Raw Materials (1) Hypertension Products - The price of valsartan fluctuated significantly due to supply constraints from a contamination incident in late 2018, peaking at 1800 CNY/kg before stabilizing around 720 CNY/kg from June 2023 to July 2024 [13]. (2) Hyperlipidemia Products - The export price of atorvastatin has been declining since August 2020, stabilizing at 1300 CNY/kg from July 2023 to July 2024. Lovastatin saw a significant price drop to 350 CNY/kg in January 2023, maintaining that level until July 2024 [17][19]. 3. Antibiotic Products (1) Cephalosporins - The price of 7-ACA has shown an upward trend, increasing from 450 CNY/kg in January 2024 to 480 CNY/kg in April 2024. The price of cefoperazone sodium has also seen fluctuations, with a recent increase from 700 CNY/kg in January 2024 to 720 CNY/kg in April 2024 [22][23]. (2) Penicillins - The price of penicillin industrial salt rose significantly from 80 CNY/BOU in Q3 2020 to a peak of 205 CNY/BOU in February 2022, before stabilizing around 160 CNY/BOU in January 2024 [29]. 4. Hormonal Products - The price of steroid raw materials has remained stable, with a slight increase in the price of doubleene from 90,000 CNY/ton in July 2023 to over 100,000 CNY/ton in April 2024 [36]. 5. Veterinary Products - The price of florfenicol has been on a downward trend since Q4 2021, dropping from 725 CNY/kg to 188 CNY/kg by July 2024 [40]. 6. Investment Recommendations - The report suggests that in 2024, with low inventory levels, some downstream formulation companies are beginning to replenish stock. The report recommends focusing on companies such as Xianju Pharmaceutical, Puluo Pharmaceutical, Huahai Pharmaceutical, Tianyu Co., Aorite, and Aoxiang Pharmaceutical [7].