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原料药板块2024Q1跟踪报告：VB1价格环比略增，肝素报价环比下滑明显
Southwest Securities·2024-05-22 03:02

Investment Rating - The report suggests a focus on companies such as Jianyou Co., Borui Pharmaceutical, and Jiuzhou Pharmaceutical for potential investment opportunities in the raw material pharmaceutical sector [4]. Core Insights - In April 2024, VB1 and Sulfacycline prices saw significant year-on-year increases, while Heparin and its salts experienced a notable month-on-month decline. It is recommended to closely monitor the price trends of vitamins, antibiotics, and heparin [4]. - Long-term growth potential for specialty raw materials is identified through three pathways: integration of raw materials and formulations, strong capabilities in the M-end leading to performance elasticity, and high-barrier businesses based on innovative technology platforms [4]. Summary by Sections Raw Material Prices Overview - Vitamin B2 price is 104 CNY/kg (up 20.2% YoY), Vitamin B6 is 150 CNY/kg (down 1.6% MoM, up 15.4% YoY), Sulfacycline is 550 CNY/kg (up 10.0% YoY), and Dexamethasone Sodium Phosphate is 45,000 CNY/kg (up 361.5% YoY) [2][6]. - Heparin and its salts are priced at 3,833.2 USD/kg (down 29.8% MoM, down 57.8% YoY) [2][6]. Vitamin Market Analysis - The vitamin market remains stable, with Vitamin B6 showing a month-on-month price decrease. Prices for Vitamin A, E, B1, and B2 increased slightly in April 2024 [7][9]. - Major producers of Vitamin E include Zhejiang Medicine, which held an 81.79% market share in 2023 [9]. Antibiotics and Intermediates - 7-ACA and Sulfacycline prices increased to 480 CNY/kg (up 3.2% MoM, up 6.7% YoY) and 550 CNY/kg (up 5.26% MoM, up 10.0% YoY) respectively [28]. - Prices for 6-APA and Penicillin Industrial Salt decreased to 320 CNY/kg (down 3.0% MoM, down 13.5% YoY) and 130 CNY/BOU (down 13.3% MoM, down 23.5% YoY) [28]. Analgesics and Antipyretics - Prices for Anodyne, Aspirin, and Paracetamol remained stable, while Ibuprofen and Caffeine prices decreased to 170 CNY/kg (down 5.6% MoM, down 10.5% YoY) and 125 CNY/kg (down 10.7% MoM, down 26.5% YoY) respectively [30][31]. Hormonal Drugs - Dexamethasone Sodium Phosphate and Soap prices remained unchanged, with Dexamethasone showing a significant year-on-year increase of 361.5% [36]. Cardiovascular Raw Materials - Prices for cardiovascular raw materials such as Maleate Enalapril and Lisinopril remained stable, with slight year-on-year decreases for some products [39][42].