Three quarters of bulk drug industry downturn

In addition to vitamins third quarter due to higher prices causedthe company to accelerate revenue growth,other types of APIs quarter salesrevenue growth rate has declined over the second quarter,third quarter netprofit of the industry in addition to heparin compared with second quarter growth rate decline,the vitamin industry and other manufacturing industries APInet profit growth has rebounded.

Vitamin Price Outlook:

VE:vitamin E present price weakness,lack of positive news to supportthe market,but due to the price level at historically low levels,isexpected to fall sharply again not much pressure is expected to graduallystabilize.

VA:raw citral price stability,the user has completed the majorityof the downstream market for the fourth quarter stocking,aquaculturedownstream costs increased,resulting in vitamin market trading atmospherelight.Expected short-term feed grade vitamin A or a slight decline.

VC:Vitamin C production returned to normal,the market price ofvitamin C,upload a message.Vitamin C is a certain degree of export prices toreverse the situation,showing the current rising trend.

The next twelve months,to maintain API industry"neutral" rating

API industry is expected in November is still in the doldrums,except for some product categories prices,the current points appear difficultto see a focus on vitamin C,vitamin A and D3 price fluctuations.Given theindustry a "neutral" rating.Recommendations concern the company:Dawei,NorthChina Pharmaceutical,the sea is medicine,Jingxin Pharmaceutical.

By Joseph