300317, 1-minute "20cm" limit up! Vitamin enters price increase channel, beneficiary stocks are scarce (list attached)

Investors are optimistic about the performance of vitamin prices.

300317, 1-minute “20cm” limit-up

On the morning of March 18, Joway New Energy (300317) opened significantly higher, and within about one minute after the bidding, it hit the “20cm” limit-up. By the close of trading this morning, the stock was at 6.03 yuan per share, up nearly 15%.

According to the company’s 2025 semi-annual report, Joway New Energy’s main businesses include new energy power generation and the research, production, and sales of photovoltaic consumer products. Among these, the new energy power generation segment can be divided into EPC and operation & maintenance of photovoltaic power stations, investment and operation of photovoltaic power stations, and related industrial and commercial energy storage; photovoltaic consumer products involve the integrated use of solar cell technology and LED light sources, specifically generating electricity through solar photovoltaic power and applying it to LED lighting, leading to various lighting applications. Main products include solar lawn lights, garden lights, low-voltage lamps, and more.

The strong performance of the green power concept may be a key reason for the stock’s movement today. This morning, several other stocks such as Yabo Co., Jicheng Electronics, and Meili Cloud also hit the daily limit.

Vitamins enter a price increase channel

Recently, prices of products like vitamin A and vitamin E have surged significantly. According to Pacific Securities research reports citing Baichuan Yingfu data, since the outbreak of Middle Eastern conflicts at the end of February, vitamin A prices have risen from 59 yuan/kg to 80 yuan/kg, a 35% increase, and vitamin E prices from 57 yuan/kg to 79 yuan/kg, a 38% increase. The firm pointed out that Europe has large production capacity for vitamin A and E, and future tight oil and gas supplies could significantly impact production, benefiting leading domestic companies.

China Post Securities also stated that the prices of vitamin raw materials were at historically low levels before the recent increases. Rising upstream chemical raw material costs and higher shipping prices have stimulated industry control and increased willingness to raise prices. Since vitamins are mainly used as feed additives with a very low cost proportion, downstream customers are less sensitive to price changes, making price hikes easier and with more room to grow. China Post Securities believes that under multiple catalysts, vitamins are just beginning to enter a price increase channel, and historical experience suggests significant potential for future elasticity.

Scarcity of beneficiary stocks

China Post Securities recommends paying attention to four related stocks.

Yifan Pharmaceutical: The company is one of the leaders in calcium pantothenate, with cost advantages. Rising calcium pantothenate prices will expand profit margins. Meanwhile, the company’s innovation and diversification are steadily progressing, which could support fundamentals during a cyclical recovery.

Zhejiang Medicine: The company has production capacity for VA, VE, VD3, and other varieties. Vitamin business accounts for a high proportion of revenue, and rising prices will amplify the company’s profit elasticity.

Nengte Technology: The company is a key producer of VE. Its controlling subsidiary, Nengte Technology (Shishou) Co., Ltd., and the joint venture Yimante Health Industry (Jingzhou) Co., Ltd., operate VE businesses. The rebound in VE prices will benefit the company.

Brothers Technology: The company has an integrated layout of VB1, VB3, calcium pantothenate, and vitamin K3. Benefiting from the prosperity of B1 and the synergistic rise of B3, along with cost reduction, efficiency improvements, and product upgrades, profit recovery is ongoing. The rise in calcium pantothenate prices will further boost the company’s performance.

Related concept stocks in A-shares are scarce. Wind data shows there are 14 vitamin concept stocks in total. Among them, Xinhecheng has a market value exceeding 100 billion yuan and is the only company in the sector with a market cap over 100 billion. Huatai Securities states that in the medium to long term, Xinhecheng’s methionine and vitamin capacities are significantly more competitive than overseas companies in terms of energy, labor, and manufacturing costs. As overseas supply stability declines and potential exits increase, the company’s global market share is expected to continue growing.

Based on recent institutional research, stocks like Xinhecheng, Weixin Kang, Minsheng Health, and Jindawi have received high attention. Xinhecheng recently indicated that vitamin prices have stabilized and rebounded since Q4 last year. Additionally, companies like Brothers Technology have also mentioned price increases in related products in their earnings forecasts. Brothers Technology stated that its 2025 performance is expected to grow year-over-year, mainly due to higher prices for some vitamins, increased production and sales of benzophenone, and reduced costs for certain products, leading to overall improved profitability compared to last year.