20230103_东方证券_药用辅料：行稳致远东风渐暖_32页.pdf

|1 2021 8.0%2027 210 12 7 2 2022H1 20 26 30%2021 25%57%31.3%39.1%2017 2020-2021(300452)(603351)/2022 12 31 S0860522070001 S0860522090003 2022-07-14 2.5 1.1.6 1.2.6.8 2.1.8 2.2.9.11 3.1.11 3.1.1 11 3.1.2 15 3.1.3 18 3.2.19 3.2.1 19 3.2.2 23 3.2.3 27.29 3 1.5 2.6 3.6 4.6 5.8 6.8 7.11 8.11 9.12 10 2021.15 11.15 12.15 13.15 14%.16 15.16 16.16 17.16 18/.17 19/.17 20.17 21/.18 22.19 23.19 24.20 25.20 26.20 27.20 28.21 29 2022Q3.21 30.23 31 80.23 32 80%.23 33.24 34.24 4 35.24 36 2017.25 37 80.25 38.25 39.26 40.26 41.26 42 API.27 43.28 44.28 45.28 46/.28 1.5 2.7 3.8 4.9 5.12 6.13 7 2022H1.14 8.19 9.22 5 1 2020 335 1,.M.,2008.6 1.1 1978 2006 2016 8 2 1.2 470 23%17%60%3 4 7 JRS 2()1997 80 20()()1887 1897 JRS 1877 1933 600 1962,11 22 2001 30 80 2000 80 20 23%17%60%8 1989 00 0#0 1#1 2 3 4 5#300 2016 2000 1950()33 9 7 2015 2.1 2020 8.5%2021 8.0%2021 8.6%139 2021-2027 7.1%2027 210 5 6 12 7 3 15.0%13.4%11.0%8.3%7.6%6.3%4.8%-8.5%8.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%05000100001500020000 yoy8.6%6.5%6.1%7.0%8.3%7.1%7.7%0%2%4%6%8%10%050100150200250 yoy 9 80()39 2.2 2016 3 2016 2016 8 4 1 10 2016/03 2016/08 2016/11 2017/11 2018/04 2021/12 2022/01 1 7 294 45%-60%11 35%2 7.J.,2022(4):5-11.8 3.1 3.1.1 2001 37 CDE A 25 25 32 55 45 61 16 60 52%59%53%53%52%56%48%48%12 2022 4 9 5 5%20%10%30%0.25%2.0%2-8%13 0.15 3 K30 0.5-5%SH-CG1 SH-101 SH-102 15 9500/77%1800/115%3500 2500 78%81%6 SH-CG1 50 m SH-101 50 m 14 SH-102 90 m SH-103 50 m 3%SH-105 30 m SH-112 90 m 3%SH-200 180 m SH301 50 m SH-302 90 m 102 SH-802 50 m SH-12 150 m 200 SH-101B 50 m SH-101 SH-102B 90 m SH-102 7 2022H1/9500 3660.8 3480.1 77.1%95.1%1800 1033.7 1072.6 114.9%103.8%1500 500.2 486.5 66.7%97.3%300 99.9 123.9 66.6%124.0%16500 4225.6 3993.5 51.22%94.51%12000 2562.8 2179.1 42.71%85.03%3500 1356.4 1315.2 77.51%96.96%2500 1009.7 755.7 80.77%74.84%2500 963.9 955.8 77.11%99.16%2000 750.4 710.0 75.04%94.61%K30 1000 352.0 326.5 70.4%92.7%300 73.9 74.4 49.3%100.6%10 4.2 3.6 84.8%84.7%2022H1 161 18%8 40 11 15 2021 2680 47.9%2022H1 4.75%1 2 2022 4 10 2021 11 3.1.2 35%2018-2021 15.4%12.9%2022H1 50%12 13 64.7%8.8%19.2%1.6%5.6%14.20 16.19 18.12 26.80 17.09 3.31%3.49%3.41%4.35%4.75%0.00%1.00%2.00%3.00%4.00%5.00%0.005.0010.0015.0020.0025.0030.002018 2019 2020 2021 2022H1 43%42%44%46%50%31%31%32%28%24%9%9%9%9%10%16%17%15%16%17%0%20%40%60%80%100%2018 2019 2020 2021 2022H1 144 186 196 236 285 178 29%5%21%21%27%0%5%10%15%20%25%30%35%0.0050.00100.00150.00200.00250.00300.002017 2018 2019 2020 2021 2022H1 yoy 16 14%2022H1 8600 4%24%16500 2022H1 51%12000 2022H1 43%52%2017 1.06 2017 9 2020 2021 47 774 2021 613 2022H1 4600 118 2021H1 5237-249 15 16 2020 2021 N 17 87 132 145 169 175 86 52%10%17%4%-4%-10%0%10%20%30%40%50%60%0.0020.0040.0060.0080.00100.00120.00140.00160.00180.00200.002017 2018 2019 2020 2021 2022H1 yoy32.1 91.8 84.2 94.5 100.3 46.0 5.3 14.9 12.1-0.5-7.7-1.2-20.00.020.040.060.080.0100.0120.02017 2018 2019 2020 2021 2022H1 0.005.0010.0015.0020.0025.0030.0035.0040.0045.00 2018 2019 2020 2021 2022H1 17 18/19/wind wind 1 2021 4891 16%2021 11 2023 20 02,0004,0006,0008,0002019 2020 2021 2022H1400060008000100001200014000160001800020000220002018/1/32018/3/282018/6/202018/9/72018/12/32019/2/262019/5/202019/8/82019/11/12020/1/212020/4/262020/7/172020/10/122020/12/302021/3/252021/6/172021/9/62021/11/302022/2/232022/5/172022/8/52022/10/31:18 wind 2 2021 7522 25%12 Mysteel Mysteel 2022 30-40 21/wind 3.1.3 2021 25 20%2022H1 30%0.0020.0040.0060.0080.00100.00120.00140.00160.00180.002012/012012/052012/092013/012013/052013/092014/012014/052014/092015/012015/052015/092016/012016/052016/092017/012017/052017/092018/012018/052018/092019/012019/052019/092020/012020/052020/092021/012021/052021/092022/012022/052022/09:0.00500.001,000.001,500.002,000.002,500.003,000.003,500.004,000.004,500.002017/11/302018/1/102018/2/262018/4/92018/5/212018/6/292018/8/82018/9/172018/11/22018/12/122019/1/232019/3/112019/4/192019/6/32019/7/122019/8/212019/10/82019/11/152019/12/252020/2/132020/3/232020/5/62020/6/152020/7/272020/9/32020/10/212020/11/302021/1/82021/2/242021/4/62021/5/192021/6/292021/8/62021/9/152021/11/32021/12/132022/1/212022/3/92022/4/202022/6/22022/7/132022/8/222022/9/302022/11/16:():19 2022H1 67%4895 14 DMF 8 EXCIPACT HALAL KOSHER 22 23 2023 5000 2800 500 500 200 10 3.84 9360 8 33,500 21,000 5000 2800 500 500 200 29,040 8,000 3,000 3,000 6 5,5 4 0 3 2,0 0 0 3.2 3.2.1 41%36%37%24%31%8%67%0%10%20%30%40%50%60%70%80%0.0010.0020.0030.0040.0050.0060.0070.00 yoy92%92%90%89%90%86%8%8%10%11%10%14%0%20%40%60%80%100%2017 2018 2019 2020 2021 2022H1 20+2000 2011 2019 20000t/a 2021 9 6 2021 25%57%24 25 26 27 74%74%57%65%71%70%64%71%67%17%19%33%29%26%26%31%25%28%0%20%40%60%80%100%61%60%36%39%45%46%37%41%33%35%61%58%51%50%58%57%0%20%40%60%80%100%2014 2015 2016 2017 2018 2019 2020 2021 21 28 29 2022Q3 50%58%75%68%62%65%65%63%21%26%25%21%20%23%19%17%0%10%20%30%40%50%60%70%80%2014 2015 2016 2017 2018 2019 2020 2021 22 wind 9 2017-03-25 58 1986 7 2000 1.2000 2,.2017-03-25 53 1986 7 2000 1.2000 2,.2017-03-25 58 1985 7 2000 1.2000 2 2003 12,2004 1 2008 11.2008 12,.2019-04-15 59 1981 7 1989 5,1989 6 2003 12.2004 11,.2017-03-25 54 1990 7 2000 1.2000 2,2017 8.23 2017-03-25 56 1986 7 2000 1.2000 2,.3.2.2 2017-2021 6.8%20000t/a 2022H1 32%30 90%90%40%2021 1.22 46%1.44 54%31 80 32 80%5%92%12%1%13%-3%18%32%-20%0%20%40%60%80%100%0501001502002503002014 2015 2016 2017 2018 2019 2020 2021 2022H1 yoy 24 2020 33 34 80 80 80 20 20 300/400 80 2016-2017 9000 40%20 35 0.012EU/mg 95.2 53.1 97.6 50.9 97.7 47.0 0.020.040.060.080.0100.0 80 802015 2016 2017103.54 92.48 96.61 90.29 121.54 100.81 113.22 134.99 135.07 144.10 0501001502002503002017 2018 2019 2020 2021 95.2%92.6%91.7%94.0%92.6%40.9%37.5%46.7%46.2%38.8%0%20%40%60%80%100%2017 2018 2019 2020 2021 25 36 2017 37 80 80 20 80 40 188/407 31.3%6405 39.1%1.43 38 45%6%13%9%8%4%16%80 80 400 4020.51 91.91 91.09 0.0020.0040.0060.0080.00100.002015 2016 2017 80 26 39 40 IPO 20000t/a 20000 3 40%60%80%4 8.63 2.07 2016 41 19.2%0.1%6.7%39.1%0%5%10%15%20%25%30%35%40%45%0204060801001201401602018 2019 2020 2021 2022Q1-3 yoy11.5%-1.0%5.9%31.3%-5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%5,2005,4005,6005,8006,0006,2006,4006,6006,8007,0002018 2019 2020 2021 2022Q1-3 yoy 27 3.2.3 70%99%95%API I V I II III 2021 4.08 26.7%7.37 42 API 0.03 120 PA010 4.80 10%1.08 100%-0.90 100%-0.68 50%50%0.90 100%-0.16 50%50%1.65 100%PolySciTech-0.25-100%0.17-100%1.30 70%30%28 43 44 wind HCFCs HCFC-22 HCFCs 80%HCFC-22 HFCs 2013 2017 45,.J.,2020,047(023):73-75.J 2021 86%J 1.78 1.4 3823 1408 1257 2020-2021 46/3-(C8C10)2 20.0050.00100.00150.00200.00250.00300.00-6%-13%40%26%9%-23%56%16%-30%-20%-10%0%10%20%30%40%50%60%0100200300400500600700800 yoy 29 Wind 1 2 2 9000 3 400060008000100001200014000160001800020000220002018/1/32018/2/82018/3/212018/4/272018/6/52018/7/122018/8/172018/9/252018/11/52018/12/112019/1/172019/2/272019/4/42019/5/142019/6/202019/7/262019/9/22019/10/142019/11/192019/12/252020/2/142020/3/232020/4/282020/6/52020/7/142020/8/192020/9/242020/11/52020/12/112021/1/192021/3/12021/4/72021/5/142021/6/222021/7/282021/9/22021/10/142021/11/192021/12/272022/2/72022/3/152022/4/212022/5/302022/7/62022/8/112022/9/192022/10/282022/12/5:30】Tabl e_Disclai mer 12/15%5%15%-5%+5%-5%5%-5%+5%-5%HeadertTabl e_Discl ai mer HeadertTabl e_Address 318 26 021-63325888 021-63326786 Tabl e_Disclai mer 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