食品及饲料添加剂行业事件点评：巴斯夫维生素复产推迟，维生素E价格或将企稳回升

Investment Rating - The report maintains an "Overweight" rating for the food and feed additives industry [2][3]. Core Insights - BASF's production resumption for Vitamin A and E has been delayed, which is expected to prolong the tightening of overseas supply. The resumption is now projected for early April 2025 for Vitamin A and early July 2025 for Vitamin E and carotenoids [2]. - The demand for Vitamins A and E is anticipated to improve due to the recovery of profitability in China's pig farming industry, which is expected to turn positive in 2024. This recovery is likely to increase the addition of vitamins in feed, enhancing livestock reproduction and product quality [2]. - Recent price trends indicate a decline in vitamin product prices, but they are expected to stabilize and potentially rise due to the extended supply constraints from BASF's production delays [2]. Summary by Sections Industry Overview - The global market for Vitamins A and E is highly concentrated, with BASF holding a significant share of production capacity [2]. - Domestic production capacity for Vitamin A is expected to increase significantly by the end of 2024, while the supply situation for Vitamin E remains relatively stable [2]. Demand Analysis - The demand for Vitamins A and E is primarily driven by the feed industry, with the potential for increased vitamin inclusion in feed as the profitability of the livestock sector improves [2]. - Export performance for Vitamins A and E has been strong, with cumulative exports from January to August 2024 showing increases of 28% and 31%, respectively [2]. Price Trends - As of October 21, 2024, the price of Vitamin E is reported at 125 RMB per kilogram, reflecting a 35% increase since the BASF incident on July 29, despite a recent decline from August highs [2].