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國海證券:維生素景氣度加速上行
格隆匯 08-11 10:53

國海證券研報指出,據百川盈孚,維生素下游約71%為飼料。維生素的需求波動主要來源於在飼料中的添加量變化,其添加量具有較大的調整空間。當養殖端盈利能力提升時,下游對維生素的添加量及價格均有較高的容忍度。2023年以來,國內生豬養殖在經歷疫情疊加長期虧損後,生豬產能有較大幅度的去化,目前下游養殖已經進入盈利週期,有望對維生素的需求形成有力支撐。同時,2024年,海外維生素迎來補庫週期,我國作為維生素主要供應國,維生素出口大幅提升。據海關總署,2024年上半年,VA、VE出口量分別同比提升17.4%、29.5%。國內外需求共振,對維生素價格形成有力支撐。行業評級及投資策略考慮到維生素供需兩方利好支撐,景氣度加速上行,維持行業“推薦”評級。重點關注個股新和成、浙江醫藥、花園生物、振華股份、兄弟科技、安迪蘇。

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