原料药行业月报：VE、VD3及咖啡因价格上涨，关注顺周期投资机会

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical raw materials industry [5][3]. Core Insights - The prices of vitamins VE and VD3, as well as caffeine, have shown an upward trend, indicating potential cyclical investment opportunities [2][3]. - The overall price of pharmaceutical raw materials remained stable, with specific increases in vitamin prices and fluctuations in heparin raw material prices [2][8]. - The industry is experiencing a recovery in performance, with gross margins improving and a shift towards a replenishment phase in inventory [3][26]. - The report suggests that the raw materials sector is entering a phase of high-quality development, driven by technological upgrades and value chain enhancements [3][26]. Price Trends - Vitamin VE and VD3 prices increased by 16% and 9% respectively as of November 8, 2024, following a period of stabilization [2][8]. - Caffeine export prices rose by 11% month-on-month and 5% year-on-year in September, indicating a recovery from previous lows [2][8]. - Heparin prices have been volatile, with a recent decline in export prices, but are expected to recover as demand increases [2][8]. - Iodine prices saw a slight increase of 3% in September, remaining at historically high levels [2][8]. Financial Performance - The gross margin for the pharmaceutical raw materials sector has shown continuous improvement, with net profit margins also maintaining an upward trend year-on-year [3][26]. - Companies are enhancing management efficiency and reducing costs, contributing to improved financial performance despite some fluctuations in net profit margins [3][26].