原料药行业深度分析：从原料药行业现状看河南相关产业发展

Investment Rating - The report maintains an "Outperform" rating for the chemical raw materials sector relative to the pharmaceutical market [3]. Core Insights - The chemical raw materials sector achieved a revenue of 90.71 billion yuan in the first half of 2024, a year-on-year increase of 2.06%, but the net profit attributable to shareholders decreased by 4.09% to 9.53 billion yuan, indicating a situation of revenue growth without profit growth [11][12]. - The overall gross margin of the raw materials sector has declined due to the implementation of centralized procurement and price pressures from upstream raw materials [12]. - The sector has shown improvement in operating cash flow, with a net cash inflow of 9.71 billion yuan, a year-on-year increase of 24.72% [18]. - The report highlights the potential for a decrease in raw material costs, particularly for corn and soybeans, while prices for vitamins A and E are expected to remain high [28]. Summary by Sections 1. Mid-Year Report Summary of the Chemical Raw Materials Sector - The sector's revenue and net profit figures indicate a trend of increasing revenue but declining profitability, primarily due to high base effects and decreasing product gross margins [11][12]. - The sector's cash flow and turnover rates for accounts receivable and inventory have improved, indicating enhanced operational efficiency [19][20]. 2. Industry Development Trends and Q3 Performance Outlook - The report anticipates a downward shift in raw material cost centers, with vitamin prices expected to remain elevated due to environmental regulations impacting production [28]. - The performance of vitamin companies is expected to benefit from price recoveries in Q3, while integrated raw material formulation companies may see improved growth rates [34]. 3. Overview of the Raw Materials Industry in Henan Province - Henan's raw materials industry is characterized by a focus on chemical innovation and the development of various pharmaceutical raw materials across different cities [4]. - The report suggests that the industry should focus on cluster development, green low-carbon initiatives, and innovation to drive growth [4].