China Post Securities: Vitamin prices have entered an upward trend, with potential for significant increases in the future.

China Securities pointed out that the prices of raw materials for vitamins were at historical lows before the price increases. With the increase in upstream chemical raw material prices and rising oil freight prices stimulating the industry, there is a strong willingness to increase prices. Vitamins are mainly used as feed additives, with a very low proportion of costs, and downstream customers are not sensitive to prices, so price increases are smooth and there is a large price increase space. With the catalysis of many factors, vitamins have just started to enter the price increase channel, and according to historical experience, there is great elasticity in the future.