证 券 研 究 报 告 行业周报 医药供给端变量增加 医药行业周报 投资评级： 报告日期： 推荐 （ 维持 ） 2026年03月01日 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 1.供给端变量增加，提价范围进一步扩大 受反内卷、两用物项管理、反倾销等一系列政策影响，医药供给端变量增加，促进价格周期的转变。首先原料药产业供给 端变化最为敏感，青霉素产业链已开始价格的反弹。2026年1月末，印度商工部外贸总局（DGFT）发布对青霉素工业盐、 6-APA和阿莫西林的进口限价，其中6-APA限价为3405 印度卢比/公斤，截止日期至 2027-01-28。按照印度的限价标准，6- APA折合人民币约260元/kg，高于目前出口报价，国内企业已开始逐步提高报价。2月25日起星湖伊品计划对赖氨酸、苏氨 酸及小品种氨基酸上调50-300元/吨，同日，象屿生化苏氨酸报价上调300元/吨。从产能供给来看，包括赖氨酸、苏氨酸和 蛋氨酸在内的饲用氨基酸添加剂供给都过剩，但2025年下半年以来价格普遍处于低位，行业开工率普遍不足，产量的 ...

市场应该重点关注下游可传导价格的产品，比如氧化锆粉体、氧化锆瓷块，最利好的就是爱迪特（主产瓷块，参 股粉体公司）、国瓷材料（粉体瓷块一体化）。 价差80倍，东曹粉体的氧化钇成本已经超过了终端产品售价，涨价是100%的事情。 价差80倍，东曹粉体的氧化钇成本已经超过了终端产品售价，涨价是100%的事情。 氧化钇海内外价差80倍，历史罕见，短期中日对立基本无反转可能。 氧化钇海内外价差80倍，历史罕见，短期中日对立基本无反转可能。 市场应该重点关注下游可传导价格的产品，比如氧化锆粉体、氧化锆瓷块，最利好的就是爱迪特（主产瓷块，参 股粉体公司）、国瓷材料（粉体瓷块一体化）。 ...

Core Viewpoint - Dongfang Zirconium (002167) emphasizes the superior properties of its zirconia powder, which includes corrosion resistance, oxidation resistance, high-temperature resistance, and thermal shock resistance, making it suitable for aerospace and naval applications [1] Group 1: Product Applications - The company's zirconia powder is widely used in aerospace and naval fields due to its excellent performance characteristics [1] - The company's electric melting zirconium products can be further processed into industrial-grade zirconium sponge [1] - Industrial-grade zirconium sponge is commonly utilized in chemical, aerospace, metallurgy electronics, and corrosion-resistant equipment sectors [1]

Core Viewpoint - The company is actively optimizing its supply chain and reducing reliance on overseas suppliers, particularly in Japan, while investing in domestic production capabilities [2]. Group 1 - In 2023, the company sourced 15.26% of its zirconia powder from Japan, indicating a significant bilateral supply chain relationship [2]. - MORIMURA BROS., INC. remains one of the company's suppliers for zirconia powder [2]. - The company has invested in a domestic powder manufacturer, Jingdezhen Wanwei New Materials Co., Ltd., to enhance its upstream raw material capabilities [2]. Group 2 - The company is committed to dynamic optimization of its supply chain layout, taking into account market conditions and cost-effectiveness [2]. - The focus is on strengthening the supply chain's risk resistance to ensure stable production and operations [2]. - The company aims to protect investor interests through these strategic supply chain enhancements [2].

Core Viewpoint - The company, Aidi Te (301580.SZ), has indicated that it is open to future acquisitions related to zirconia production, contingent upon regulatory disclosures [2] Group 1 - The company has a stake in Jingdezhen Wanwei New Materials Co., Ltd., which primarily engages in the production and sales of zirconia powder [2] - The company will adhere to relevant regulations for any future acquisition plans [2]

Core Viewpoint - The company reported steady growth in revenue and profit for the first three quarters of 2025, driven by multiple sectors including new energy materials and precision ceramics [1][2]. Financial Performance - For the first three quarters of 2025, total revenue reached 3.284 billion yuan, a year-on-year increase of 10.71% - The net profit attributable to the parent company was 478 million yuan, up 5.28% year-on-year - In Q3 2025, revenue was 1.129 billion yuan, a year-on-year increase of 11.52% but a quarter-on-quarter decrease of 4.23% - The net profit for Q3 was 158 million yuan, a year-on-year increase of 3.92% and a quarter-on-quarter decrease of 19.50% [1]. Business Segments - The new energy materials segment generated revenue of 220 million yuan in H1 2025, a year-on-year increase of 27.53% - The precision ceramics segment achieved revenue of 230 million yuan in H1 2025, a year-on-year increase of 40.00% - The electronic materials segment benefits from the recovery in consumer electronics and emerging demands in automotive electronics and AI servers [2][4]. Dividend Distribution - The company announced a cash dividend of 0.50 yuan per 10 shares (before tax), totaling approximately 49.56 million yuan distributed to shareholders [3]. Growth Drivers - The precision ceramics segment is expected to grow due to increasing demand from the new energy sector and robotics, with ceramic balls being a preferred solution for electric motor applications [4]. - The catalyst materials segment is positioned for long-term growth, with revenue of 744 million yuan in H1 2025, a year-on-year increase of 20.46% [5]. Profit Forecast and Valuation - Projected net profits for 2025-2027 are 670 million, 844 million, and 1.034 billion yuan respectively, with corresponding EPS of 0.67, 0.85, and 1.04 yuan - The current price corresponds to PE ratios of 33.31, 26.44, and 21.58 for the respective years [6].

Group 1 - The core point of the article is that Dongfang Zirconium (002167.SZ) has received preliminary recognition from some solid-state battery material manufacturers for its zirconia powder samples [1] Group 2 - The company is actively engaging with solid-state battery manufacturers to test its zirconia powder [1] - The recognition from manufacturers indicates potential future applications of the company's products in the solid-state battery industry [1]

Financial Performance - The company achieved a revenue of 2,154.32 million CNY in the first half of 2025, a year-on-year increase of 10.29% [2] - Net profit attributable to shareholders was 331.71 million CNY, up 0.38% year-on-year [2] - Net profit after deducting non-recurring gains and losses reached 320.77 million CNY, a growth of 4.10% [2] - Net cash flow from operating activities was 333.15 million CNY, showing a significant increase of 116.11% [2] Business Segment Performance - **Electronic Materials**: Growth driven by demand in consumer electronics and automotive sectors, with ongoing capacity expansion [2] - **Catalytic Materials**: Maintained leading position in domestic market, with increasing market share in passenger vehicles [2] - **Biomedical Materials**: Focused on global and diversified branding, enhancing channel efficiency [3] - **New Energy Materials**: Increased market sales with advanced coating technologies and solid-state electrolyte development [3] - **Precision Ceramics**: Accelerated integration of materials, processes, and devices, with significant growth in high-end products [3] - **Digital Printing and Other Materials**: Stable revenue with expansion into overseas markets and new product development [3] New Product Development - Completion of several new products including spherical silica and titanium, aimed at high-end applications [3] - Development of high-refractive inorganic particle dispersion liquid for OLED and AR applications, with successful validation from domestic clients [3] Strategic Initiatives - The company is establishing a joint venture focused on solid-state battery materials, particularly in sulfide technology [5][6] - Continued growth in honeycomb ceramics, with expanded presence in both domestic and international automotive supply chains [7] - Plans to enhance R&D and production capabilities for ceramic substrates used in optical modules [8] Market Outlook - The company anticipates further market share growth in the catalytic materials sector, particularly with the introduction of new products compliant with upcoming regulations [7] - The MLCC segment is expected to maintain growth despite minor impacts from rare earth element regulations [9] - The ceramic ink business is projected to stabilize and expand, particularly in high-end functional products and overseas markets [10]

Group 1 - The core point of the article is that Aidi Te responded to investor inquiries regarding its stake in Jingdezhen Wanwei New Materials Co., Ltd., which primarily focuses on the production and sales of zirconia powder [2] Group 2 - Aidi Te does not directly participate in the management of Jingdezhen Wanwei New Materials Co., Ltd. [2]