医药生物行业跟踪分析：特色原料药价格底部震荡，双烯价格小幅提升

Investment Rating - The industry investment rating is "Buy" [1] Core Insights - The price of raw materials for pharmaceuticals has stabilized at the bottom, with the PPI index for chemical drug raw material manufacturing dropping below 100 in January 2023, reaching a low of 94.4 in May and June 2023. As of August 2024, the PPI index has slightly increased to 95.1, indicating a potential recovery trend [2][9][10] - The prices of specialty raw materials have shown fluctuations at the bottom, with hypertension-related products experiencing price stability from January to July 2024, while some lipid-lowering products have seen significant price drops [2][11][12] - Antibiotic products have seen notable price increases, particularly in penicillin products, which have experienced higher price increases compared to cephalosporins. The price of 7-ACA has increased from 450 CNY/kg in January 2024 to 480 CNY/kg in April 2024 [2][19][20][21] - Hormonal products have maintained stable prices, with slight increases in upstream prices. The price of doubleene has risen from 900,000 CNY/ton in July 2023 to 1,080,000 CNY/ton in August 2024 [2][33][34] - The price of veterinary drugs, specifically florfenicol, has stabilized at a low level, dropping from 725 CNY/kg in October 2021 to 188 CNY/kg in July 2024 [2][38] Summary by Sections Raw Material Prices Stabilization - The PPI index for chemical drug raw material manufacturing has shown a downward trend, reaching a low of 94.4 in mid-2023, but has started to recover slightly as of August 2024 [9][10] Specialty Raw Materials - Prices for hypertension products have stabilized, while lipid-lowering products like atorvastatin and lovastatin have seen significant price drops [11][12][15][17] Antibiotic Products - The antibiotic market is dominated by β-lactam antibiotics, with significant price increases noted in penicillin products. The price of 7-ACA has shown a slight upward trend in 2024 [19][20][21] Hormonal Products - Hormonal product prices have remained stable, with doubleene prices increasing significantly over the past year [33][34] Veterinary Drugs - The price of florfenicol has seen a significant decline since 2021, stabilizing at a low level as of mid-2024 [38]