原料药行业月报：业绩延续恢复态势，价格保持平稳

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical raw materials industry [4]. Core Insights - The overall price of pharmaceutical raw materials remained stable last month, with heparin raw material prices showing a month-on-month increase. Some vitamin prices experienced a pullback [2][7]. - Heparin raw material prices increased by 18% month-on-month in August, although they decreased by 48% year-on-year. Year-to-date export volume has risen by 24% year-on-year, with a slight decline in August [2][7]. - The vitamin sector showed mixed trends, with prices for VA and VE decreasing by 22% and 2% respectively month-on-month, while year-on-year increases were 194% and 105% [2][7]. - Iodine import prices rose by 2% month-on-month in August but fell by 1% year-on-year, remaining at historically high levels [2][7]. Summary by Sections Price Trends - The heparin raw material price is currently at a relative bottom, with expectations for recovery in the second half of the year due to inventory reduction and demand recovery [2][7]. - Vitamin prices have shown a divergence, with VD3 prices stable while VA and VE have seen declines [2][7]. - Hormone and antibiotic prices remained stable month-on-month [2][8]. Investment Recommendations - The second quarter saw improvements in gross and net profit margins for the pharmaceutical raw materials sector, continuing the recovery trend from the first quarter. This is attributed to the end of inventory reduction and the beginning of restocking, alongside decreasing upstream chemical costs [3][41]. - The report suggests focusing on bottom investment opportunities in the pharmaceutical raw materials sector, which is entering a phase of high-quality development [3][41].