基础化工行业点评：叶酸拐点已现，关注圣达生物

Investment Rating - The report maintains an "Accumulate" rating for the basic chemical industry [8] Core Viewpoints - The folic acid market has reached a turning point with prices rising significantly, indicating a potential upward trend in the industry [2][4] - Folic acid is an essential vitamin with rigid demand, and its global consumption reached 2,100 tons in 2023, with domestic demand growing from 310 tons in 2019 to 600 tons, reflecting a compound annual growth rate of 17.95% [3] - The industry has seen a significant reduction in the number of major players, with the concentration of production capacity now dominated by 6-7 companies, accounting for over 90% of global capacity [4] Summary by Sections Market Dynamics - As of November 15, 2024, the average price of folic acid is 210 RMB/kg, with a weekly increase of 19.32%, and the main manufacturers are still facing tight supply [2] - The previous peak price of folic acid reached 3,100 RMB/kg in May 2015, marking an increase of 18.4 times from 160 RMB/kg in January 2014 [3] Industry Structure - The folic acid industry has transitioned from a period of over a decade of stagnation, with inventory levels now cleared and a concentrated market structure emerging [4] - The main synthesis method for folic acid relies on trichloroacetone, which poses environmental and supply challenges due to its toxicity and the waste generated during production [5] Company Focus - The report suggests focusing on Shengda Biology, which has a folic acid production capacity of 500 tons and is expected to benefit from the upcoming market trends in biotin and clean label products [6] - Shengda Biology's clean label segment has shown significant growth, with a 143% year-on-year revenue increase in the first half of 2024, driven by rising health demands in the food market [6]