KAIYUAN SECURITIES·2026-02-10 13:43Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights that the prices of methionine and vitamins are currently at historical lows, with expectations for a rebound in prices supported by cost factors and stable demand growth. Companies with cost and scale advantages are likely to see profit recovery [6] Summary by Sections Methionine - Since January 2026, methionine prices have rebounded due to strong pricing attitudes from factories amid downstream stocking for the Spring Festival, with prices reaching 18.50 CNY/kg. The average prices for solid and liquid methionine in February 2026 are 18.50 CNY/kg and 14.30 CNY/kg, respectively, reflecting year-on-year declines of 15.5% and 7.7% [4][9] - The domestic export volume of methionine in 2025 was 319,000 tons, up 22.7% year-on-year, while imports were 182,000 tons, up 13.8% year-on-year. The net export volume increased by 37,000 tons year-on-year [4] - Global methionine production capacity is 2.6 million tons, with China accounting for 1.07 million tons (41%). The top three companies (Evonik, ADM, and New Hope Liuhe) hold a 74% market share [12][14] Vitamins - The report indicates that the supply-demand imbalance for vitamins has intensified, with current prices at historical lows. Manufacturers are maintaining a firm pricing stance due to low inventory levels among distributors and increased export demand [5] - As of February 9, 2026, the market prices for various vitamins are as follows: VA (60.5 CNY/kg), VE (57.0 CNY/kg), VD3 (195.0 CNY/kg), and VB6 (107.5 CNY/kg), with historical percentiles indicating low pricing levels [8] - The report notes that the price of vitamin E has seen a rebound due to factors such as low inventory and increased demand from downstream sectors [5] Investment Recommendations - The report recommends focusing on companies with strong positions in methionine (e.g., New Hope Liuhe, Hebang Biotechnology) and vitamins (e.g., New Hope Liuhe, Zhenhua Co., Ltd.) as potential beneficiaries of the expected price recovery [6]