(Report Producer/Author: AVIC Securities, Peng Hailan, Chen Yi)
First, industry expansion, research and development and innovation have become the core of industry competition, and it is expected to usher in industry reshaping
1.1 The scale of the veterinary drug industry continues to expand
1) Frequent outbreak of epidemic diseases, expansion of veterinary drugs and scale
Livestock and poultry animal diseases occur frequently and the mutation situation is complex, vaccination is an important way to prevent and control diseases, animal diseases have promoted the research and development and promotion of related veterinary drugs, the category continues to increase, and the scale of the industry continues to expand. According to the Ministry of Agriculture and Rural Affairs, important animal diseases such as highly pathogenic avian influenza and foot-and-mouth disease still occur frequently in recent years. Since 2011, foot-and-mouth disease has been a total of 4,425 cases and 34,081 have been killed. Judging from the occurrence of avian influenza in recent years, H5 subtype of highly pathogenic avian influenza is the main flow trend, of which H5N6 and H5N8 are the main circulating serotypes. Between 2015 and 2018, the incidence of avian influenza was high, with a total of 36 cases and 199795 poultry deaths. Although biosafety prevention and control measures can effectively reduce the risk of epidemic transmission, immunization is still an important measure for epidemic prevention and control.
With the outbreak of animal diseases and the increase in prevention and control pressure, the number of corresponding animal vaccine batches has increased rapidly in the years after the outbreak of the disease, and the number of avian influenza vaccine batches issued in 2015-2021 has exceeded 4,000 times per year. At the same time, with the frequent occurrence of epidemic diseases and the improvement of epidemic prevention awareness, the veterinary drug industry continues to expand, according to the China Veterinary Drug Association, from 2010 to 2020, the sales of China's veterinary drug industry increased from 26.6 billion yuan to 61.2 billion yuan, CAGR was 8.85%, and the market showed a steady growth trend.
2) Large-scale breeding, increased willingness and investment in epidemic prevention
The scale of aquaculture has been continuously promoted. In the context of low pig prices and the threat of non-plague, free-range farmers with limited funds and limited epidemic prevention capabilities have accelerated their departure from the market, and the production of large breeding groups means that their market share has gradually increased, the concentration of the breeding market has increased, and the proportion of large-scale breeding in the overall industry has increased. The annual output of farmers with less than 100 heads has accelerated their clearance, and in 2019, it has decreased to 22.17 million households, down 58.64% from 2012, while the proportion of large-scale farms (annual output is higher than 500 heads) has continued to increase.
Breeding scale households and group households pay more attention to epidemic prevention safety and quality. The large breeding density of large-scale aquaculture enterprises leads to a greater risk of disease loss, so the reliability requirements for veterinary biological products will be more stringent. At the same time, under the situation of homogenization of some vaccines, large-scale farms are more sensitive to vaccine quality and cost performance, and the demand for biological products with safer biological epidemic prevention, more significant epidemic prevention effect, and better overall quality and cost performance is greater.
Large-scale farming supports the expansion of the veterinary drug and vaccine markets. In 2020, the overall medical and epidemic prevention fee of the pig breeding industry is 24.48 yuan, and the cost of medical epidemic prevention in the industry includes the biological control cost of some large-scale breeding enterprises in addition to the cost of drugs and vaccines. The average cost of drugs and vaccines in 2020 was 63.07 yuan, although with the previous partial excessive immunization withdrawal and the reduction of immunization density, the cost of head medicine vaccines has declined, but it is still significantly higher than the overall medical and epidemic prevention costs of the industry as a whole. Therefore, with the continuous advancement of large-scale breeding and heading, the large-scale use of quality veterinary drugs and vaccines will continue to increase the market size of veterinary drugs and biological products.
3) Market seedling promotion, quality and price synchronous improvement
The industry has accelerated its transformation to marketization. In November 2020, the Ministry of Agriculture and Rural Affairs issued the "Notice on Deeply Promoting the Reform of the Implementation Mechanism of the Compulsory Epidemic Exemption Subsidy Policy for Animal Diseases", promoting the marketization of vaccine circulation, liberalizing the operation of compulsory exemption vaccines, implementing independent procurement by farm households, and clarifying that in 2022, large-scale farms in all provinces in the country will achieve "first hit and then make up", and before the end of the year, the government will bid to purchase vaccines and stop supplying large-scale farms; in 2025, the government will gradually cancel the government bidding to purchase vaccines. Since 2017, the market share of non-compulsory vaccines has exceeded that of compulsory vaccines, and the market share of non-compulsory vaccines in 2020 has reached 63.9%, and the trend of market-based vaccine substitution continues to accelerate.
The promotion of animal vaccine marketization has forced enterprises to "take the customer as the center" and continuously promote the quality and efficiency of products and services. At the same time, high-quality seedlings enjoy a high premium, and "quality" and "price" simultaneously enhance the performance of supporting advantageous enterprises. On the one hand, research and development promote the improvement of vaccine quality, and multivalent seedlings with high quality, high quality, low safety and low residue have become an important development direction. Judging from the batch issuance data of domestic veterinary biological products since 2015, the number of high-efficiency vaccine batches represented by triple seedlings and quadruple vaccines has been increasing, and a total of 1785 batches of triple-quadruple vaccines have been issued in 2021, an increase of 65.9% over 2015. On the other hand, the marketization of animal vaccines has boosted the performance of head animal protection enterprises, and the sales scale has continued to improve. The total revenue of the five major animal insurance companies in 2016-2020 has increased significantly, although the disturbance of the epidemic such as non-plague in 2019 has declined, but with the gradual return of immunization procedures to normalization, the total revenue of the five major animal insurance companies in 2020 will reach a new high of 10 billion, and the future vaccine immunization density will be significantly improved, and the performance of market seedling advantages enterprises is expected to reach a new level.
1.2 The threshold of veterinary drugs and biological products industry is high, and the concentration of the industry is increased
1) Approval threshold
R&D license: The R&D model of the animal vaccine industry is mainly divided into two types: 1) independent research and development. For the vaccine research and development of three or four types of pathogenic microorganisms that are not restricted by the state, the general enterprise can carry out it independently, with reference to the conventional strain screening - vaccine construction - pilot research - clinical research - veterinary drug registration - veterinary drug production approval procedures. 2) Cooperate with scientific research institutes or institutions that meet R&D qualifications to receive their R&D results. Generally speaking, such research and development can only be carried out in qualified P3 laboratories, and when it comes to experimental activities related to animal pathogenic microorganisms that have not yet been discovered or declared extinct in the mainland, or when it comes to the isolation and identification of specific highly pathogenic animal pathogenic microorganisms (such as foot-and-mouth disease, avian influenza, etc.) stipulated by the state, live virus culture, nucleic acid extraction of infectious materials, animal vaccination tests and other related experimental activities, it is also necessary to obtain the approval of the Ministry of Agriculture.
Production qualifications: Vaccine manufacturers need to obtain a production license to produce, in addition, veterinary drug production is also subject to the management of the national GMP specification. The new version of veterinary drug GMP puts forward higher regulatory requirements in terms of hardware facility investment, standardized management, production and operation, and requires all veterinary drug manufacturers to meet the standards by June 1, 2022. With the improvement and improvement of the requirements of the GMP specification, small and medium-sized enterprises with insufficient software and hardware support and weak financial strength will be eliminated at an accelerated pace, the head enterprises with R&D capabilities and financial support will face little pressure on the new version of GMP certification, and the advantages of large-scale standardized animal protection enterprises will be further highlighted. In terms of industry concentration, the concentration of veterinary drugs and biological products industry is relatively high, and cr24 of large veterinary pharmaceutical enterprises in 2020 is 74.01%. The new version of GMP has raised the entry threshold for veterinary drug manufacturers, accelerated the reshuffle period of the industry, and the concentration of the veterinary pharmaceutical industry is expected to further increase in the future.
2) R&D technical threshold
The research and development and production of veterinary drugs and biological products are highly dependent on the R & D technology level of enterprises, forming a moat of industry competition. The R&D investment of pharmaceutical enterprises has continued to increase in recent years, reaching a record high in 2020, and the total R&D investment reached 1.669 billion yuan, an increase of 24.93% year-on-year. At the same time, the development and application of modern biotechnology is an important trend in the research and development of veterinary drugs in recent years, first, the continuous increase of modern biotechnology vaccines, and the continuous strengthening of research and development reserves of genetically engineered vaccines by advantageous enterprises. The second is the transformation and upgrading of key production processes, the upgrading of related traditional vaccines to biotechnology vaccines, and the gradual transformation of head enterprises to suspension culture processes. The third is to improve traditional vaccines, design and develop multi-linked and multivalent vaccines, and continuously introduce products with one injection and multiple prevention and improve the efficiency of epidemic exemption. The head advantage enterprise can rely on its strong technical reserves and high standard production process to build a solid technical threshold and establish a strong core competitive advantage.
3) Sales service threshold
The scale of downstream breeding drives upstream animal vaccine suppliers to provide comprehensive solutions for animal protection to upgrade and transform, innovate marketing service models and enhance brand influence will be the key to strengthening the position of the industry. On the one hand, the needs of downstream customers have gradually changed from a single vaccine product in the past to a comprehensive epidemic prevention supporting service, and enterprises that can provide comprehensive services such as aquaculture environment assessment, epidemic detection and diagnosis, epidemic monitoring and early warning, and medication guidance, and meet the multi-faceted needs of customers may continue to improve their competitive strength. On the other hand, the sales of veterinary biological products have the characteristics of brand effect and high user stickiness, and customers rely on the brand image and product reputation of vaccine companies when selecting products, so the channel laying ability and service strength of veterinary drug biological products enterprises are the focus of enhancing brand image and customer stickiness. The leading enterprises have gradually transformed from a single animal insurance product sales to a comprehensive animal insurance solution provider, continued to build a competitive advantage in sales and services, and the market share is expected to continue to increase. (Source: Future Think Tank)
1.3 R&D and innovation ability is the core of future competition in the veterinary drug industry
The core philosophy of global animal protection giant Zoeteng is "Customer Obsessed", which is committed to helping customers do business in a better way, understanding and solving the challenges they face in raising and caring for animals. The core of customer-oriented products and services depends on continuous innovation and application. Referring to the core values and models of Shuoteng, we believe that domestic veterinary drug enterprises should seize the opportunities in the changing industry, form thresholds and continuous competitiveness, base themselves on the global market, and R&D and innovation are the core.
The first is "fast", research and development innovation support enterprises to respond quickly to frequently mutated epidemic viruses. In 2013, when an outbreak of the Porcine Epidemic Diarrhea Virus killed millions of piglets in the United States, Zoeter developed and obtained conditional permission from the U.S. Department of Agriculture (USDA) in just 14 months to help pork producers and swine veterinarians protect healthy pregnant sows from this devastating disease. In 2014, the Zoetis Zulvac SBV vaccine was authorized in the European Union to quickly help farmers control the spread of porcine epidemic diarrhea.
The second is "good", research and development innovation support enterprises to improve the veterinary drug development process and process, and enhance product service capabilities. Many of Solten's R&D operations are located in the same location as the production site. This enables Zoeteng's R&D innovation team and manufacturing team to work side by side, embed production design directly into the R&D process of our laboratory, continuously improve the development process and manufacturing technology, and more effectively transfer R&D projects to commercial-scale production, and continuously improve product strength. Veterinarians and livestock producers benefit from this collaborative development and manufacturing and help Zoetsen bring new, great products to market faster.
The third is "full", R & D and innovation support enterprises to expand categories, improve services, and provide customers with comprehensive solutions. Zoeter focuses its innovations on identifying and developing integrated solutions for veterinary and livestock producer customers, covering the entire chain of animal disease prediction, prevention, detection and treatment. Zoeteng takes animal health drugs and vaccine development technology as the core, and in addition, diagnostic products, genetic testing, biological equipment, sensor technology and data analysis systems jointly support its products and services throughout the whole product.
Second, Preco is based on innovation and sails to protect the blue ocean
2.1 Twenty years of innovation and careful management
Since its inception, the company has always focused on the research and development, production, sales and related technology transfer of veterinary biological products, chemicals and Chinese veterinary drugs, providing high-quality veterinary drugs and services for breeding users and pet owners. The company seizes the market opportunity, relying on strong technology research and development strength and basic achievements industrialization ability, to achieve a steady increase in revenue and profitability, in 2020 the company's revenue and net profit reached 929 million and 228 million yuan, 10 years compound growth rate of 14% and 12%, has become one of the leading enterprises in the domestic veterinary drug industry with comprehensive strength. The company pursues a multi-product line, multi-brand development strategy, wholly-owned subsidiary Preco (Nanjing) and the shareholding company Zhongpu Biological production of highly pathogenic avian influenza and foot-and-mouth disease vaccines respectively, the two products are poultry and pig biological products in the market largest single product, wholly-owned subsidiary Huizhong Animal Insurance and shareholding company Mengbang focus on pet drugs and vaccines, the future development prospects can be expected. As of the first half of 21, PRECO has 6 production bases and more than 50 production lines, which can produce more than 50 kinds of biological products and more than 200 kinds of chemicals for pigs and poultry, with a complete range of products.
2.2 R&D innovation ability is the cornerstone of PLECO's competition
Internal and external to improve the company's R & D strength, independent innovation and joint research and development to drive long-term growth. In terms of independent innovation, the company has 3 national R & D institutions, namely the National Veterinary Drug Engineering Technology Research Center, the National Enterprise Technology Center, and the Joint Engineering Laboratory for Diagnostic Reagents and Vaccine Development of Animal Infectious Diseases, and has built a complete research and development technology platform for reverse genetic technology, prokaryotic expression technology, eukaryotic cell expression technology, and polyvalent vaccine technology. In terms of joint research and development, we have actively promoted the establishment of industry-university-research cooperation with the Harbin Veterinary Research Institute of the Chinese Academy of Agricultural Sciences, the Lanzhou Veterinary Research Institute of the Chinese Academy of Agricultural Sciences, the Military Veterinary Research Institute of the Military Medical Research Institute of the Military Academy of Sciences, and the China Agricultural University, and conducted research and development for major animal diseases or key technologies.
The company has achieved a leading position in domestic R & D technology and products. Preco has always adhered to the innovation-driven development strategy, ranking first in the industry in the number of patent applications for vaccines, and the number of original new veterinary drugs research and development and transformation in the industry. In addition, Preco's many vaccine products lead the industry, such as pig ring type 2 inactivated vaccine, avian influenza H9 subtype genetic engineering triple vaccine, mutant strain pig pseudo rabies inactivated vaccine and other products are the first in China, research and development and technical strength lead the industry, its veterinary biological products continue to innovate, lead the industry, and seize the first opportunities in the blue ocean market.
Excellent R & D team to help the company enhance its core competitiveness. In recent years, the company has continuously expanded the team of R&D talents, introduced high-level technical talents, and formed a R&D team led by special allowance experts of the State Council, with a doctoral degree with an international vision as the main body, senior industry technical experts and masters. In 2020, the number of technical personnel reached 271, the proportion of technical personnel remained in the range of 15%-20%, and the composition of academic qualifications was continuously optimized. The number of employees with master's and doctoral backgrounds continues to increase, reaching 184 in 2020, an increase of 30% over 2017. The improvement of the strength of the R&D team can promote the continuous innovation of enterprises and enhance their scientific research capabilities and core competitiveness.
R&D investment remains industry-leading, and scientific research output continues to expand. Preco has always maintained a high level of R & D investment, the proportion of R & D investment leading the animal protection peer enterprises, the proportion of R & D expenses in the past 3 years is more than 10% of the operating income, as high as 13.69% in 2019, the scale of R & D investment is at the forefront of the industry, the continuous high proportion of R & D investment to ensure the smooth development of the company's R & D activities, to enhance the company's innovation capabilities to provide financial support. Therefore, Preco has obtained many research and development results, the cumulative number of invention patents and the number of authorizations have increased year by year, as of the semi-annual report of 2021, the company has submitted 503 invention patent applications and obtained 253 invention patent authorizations, of which 26 are international invention patents.
2.3 Product line expansion, performance growth can be expected
1) Pig seedlings: the ring vaccine series has been deepened and developed, and the prospects of large single products of foot-and-mouth disease are promising
The pig ring vaccine was the first in the country, and the whole series of products continued to deepen their development and barriers gradually formed. Preco is a pioneer in the domestic swine ring virus series vaccine, and in 2010, it took the lead in launching the swine circovirus type 2 inactivated vaccine - "Yuanjian" on the market, filling the gap of the mainland pig ring vaccine and creating a national standard for the product. For more than ten years, the company has worked hard to refine and deepen the pig ring vaccine products, and the ring series products have been continuously updated and iterated. In 2016, the first all-virus porcine cyclic virus type 2 inactivated vaccine (SH strain, II) developed by PRECO with water adjuvant obtained the new veterinary drug certificate of the Ministry of Agriculture and Rural Affairs; in 2017, PRECO's first pure virus-like granular porcine circovirus type 2 genetically engineered subunit vaccine (E. coli source) - "YuanKexin" was listed; in 2020, preco swine circovirus type 2, parabophilic biploids bi-inactivated vaccine (SH strain + 4 type JS strain + 5 ZJ strain) - "round pair." "Listing. The company has successively developed and launched ring-mycoplasma diptych seedlings, ring-sub-pig diptych seedlings and other co-seedling products, which is expected to further enhance its market position in the field of ring vaccines. 2021H1 Pig Round Branch Binary Inactivated Vaccine and Pig Ring Genetic Engineering Subunit Vaccine Products doubled their sales revenue.
Successfully entered the foot-and-mouth disease market, and the prospects for large items are promising. In 2018, the company, Together with Zhongmu Industry and CITIC Agriculture, jointly invested in the establishment of Zhongpu Biopharmaceutical Co., Ltd., indirectly obtained the production qualification of foot-and-mouth disease vaccine, and the company held 46.5% of the equity of Zhongpu Biotech. According to the 2021 semi-annual report, the company cooperated with the Lanzhou Veterinary Research Institute of the Chinese Academy of Agricultural Sciences to develop a bivalent three-component genetic engineering subunit vaccine for porcine foot-and-mouth disease (type O + A) to carry out preclinical research work as planned, and actively promoted the preparation of clinical trial applications. Foot-and-mouth disease vaccine is the largest single product in the market of pig biological products, and the future development prospects are promising.
2) Poultry seedlings: multi-link multivalent upgrade, highly pathogenic avian influenza vaccine is expected to be released
Multi-linked multivalent optimization and upgrading, genetic engineering vaccine advantages are outstanding. In the poultry viral diseases with the occurrence of multiple diseases as the main feature, the company relies on strong technical strength, promotes the multi-linkage and multivalent upgrading of poultry seedlings, realizes one needle and multiple prevention, and provides practical and effective help for poultry users to reduce their scientific burden and easily breed. In 2009, the company began to enter the field of genetically engineered vaccines and conduct research and development, using a variety of genetic engineering technologies to develop new, safe and efficient vaccines. The company's 16-year-old chicken new tributary (Re-9 strain) genetic engineering triple inactivated vaccine is the first chicken new tributary (Re-9) genetically engineered inactivated vaccine developed using avian influenza gene recombinant technology, marking that the mainland H9 subtype avian influenza vaccine has entered the era of genetic engineering and is a leading industry in technology. The company's main products are new-branch-stream triple inactivated vaccine, new branch-subtraction-flow quadripendant inactivated vaccine, chicken bursal disease refined egg yolk antibody, duck viral hepatitis refined egg yolk antibody market share ranks first in the industry in the market segment.
The production capacity of highly pathogenic avian influenza (H5+H7) is expected to be released, and the incremental contribution of performance can be expected. In 2019, the company completed the wholly-owned acquisition of Nanjing Melia Animal Health Co., Ltd. and obtained the production qualification of the highly pathogenic avian influenza virus (H5+H7) trivalent inactivated vaccine. As of mid-2021, the Company's cooperation with the Harbin Veterinary Research Institute of the Chinese Academy of Agricultural Sciences has submitted clinical trial applications and accepted the highly pathogenic avian influenza (H5+H7 subtype) bivalent three-component genetic engineering subunit vaccine project. At the same time, in order to solve the bottleneck of highly pathogenic avian influenza capacity, Preco (Nanjing) launched the land acquisition, planning and design of the new production base, and is expected to form a highly pathogenic avian influenza vaccine production capacity of 2 billion ml / year, with a high level of automation and intelligent production, and the possibility of future production capacity release is large, which is expected to continue to bring profits and become a new growth point for the company's performance.
3) Pets: Accelerate the entry into the pet market, and give priority to the domestic substitution of pet drugs
The domestic pet drug market has great potential, and animal protection companies have accelerated their entry. At present, the domestic pet vaccine market mainly relies on imported vaccines, and the competitiveness of domestic products is insufficient. According to the 2021 China Pet Industry White Paper, imported brands cover the top 5 of the pet vaccine market. With the continuous increase in the scale of the domestic pet market, it is expected to reach 445.6 billion yuan in 2023, the demand for pet vaccines and drugs will also maintain rapid growth, the market blue ocean emerges, and the growth space can be expected. Domestic animal protection enterprises began to focus on the field of pet drugs, and Preco quickly entered the pet vaccine and drug market with its capital and technology accumulation. In 2021, Luoyang Huizhong Animal Health Co., Ltd. was established, specializing in the research and development, production and marketing of pet vaccines and drugs.
In terms of pet business products, we have comprehensively developed pet vaccines and drugs with high frequency of use, and the progress of related products can be expected. The company's pet drug production workshop insecticides, non-sterile APIs, liniments, creams, ointments, ear drops 6 production lines have completed GMP acceptance and put into use. As of 2021H1, potassium persulfate compound salt effervescent tablets for washing in spaces such as pet cages and florenicol metronidazole ear drops for the treatment of dogs and cat otitis have obtained product approval numbers and will be sold soon. The canine distemper and canine minor diptych vaccine (DP) developed for infectious diseases with greater harm and high mortality rate has basically completed clinical trials and is preparing to apply for new veterinary drug registration. The company's heavy product research layout in the field of pets is at the leading level in China, and it is expected to cash in the future performance and drive the performance into a new stage of growth.
Marketing channels to develop, build a solid market sales foundation. In the second half of 2020, the company launched the establishment of the pet drug sales team, hired personnel with rich industry experience and advantageous marketing resources as sales supervisors, and promoted the construction of sales teams and sales channels. At the same time, it is looking forward to the layout of pet online intelligent business, participating in the investment of Shanghai Mengbang E-commerce Co., Ltd., and carrying out Internet pet hospital, pet travel and other businesses through Mengbang APP. As of the 2021 interim report, the PLECO pet drug marketing team has basically completed the establishment, comprehensive consideration and scientific classification of products, and actively explored the marketing strategy of combining professional channel education and online flagship store publicity such as pet hospitals, so as to smoothly realize the marketing and sales of the company's pet products. (Source: Future Think Tank)
2.4 The non-plague subunit vaccine is progressing smoothly and is expected to be the first to receive dividends
In the research and development of non-plague vaccines, Preco participates in the research and development projects of two major research institutes. First, the live non-plague gene deletion vaccine jointly developed with Harbin Veterinary Research Institute is mainly responsible for quality standard research and participation in clinical trials, of which the Luoyang clinical trial site is fully responsible for the division of labor by the company. The second is to jointly develop non-plague subunit vaccines with the Lan Research Institute, and participate in cooperation in the early research and development division of labor, the construction of subunit proteins, the quality research of semi-finished products, pilot production, and GCP qualification. By participating in the two major technical routes, the company occupies the opportunity to take advantage of the two major technical research results, and is expected to become the biggest beneficiary of the industry in the first time.
Preco's African Swine Fever subunit vaccine research and development cooperation project has made positive progress. On February 21, Preco indicated that the Ministry of Agriculture and Rural Affairs had concluded two rounds of soliciting opinions on emergency evaluations. The follow-up project team will improve the relevant experimental research in accordance with the requirements of the African swine fever sub-unit vaccine emergency evaluation data and the guidelines for vaccine immune efficacy, and strive to apply for emergency evaluation as soon as possible. Since the subunit vaccine is an inactivated vaccine, there is no biosecurity-related risk, the market has a high degree of recognition for non-plague subunit vaccines that meet the guidelines for the evaluation of the national vaccine immune efficacy, and if it is approved for listing, the company is expected to obtain production arrangements and approvals, take the lead in enjoying the commercialization dividend of the non-plague subunit vaccine, and the market share continues to rise.
The market size is expected to open. According to preco's disclosure, if the non-plague subunit vaccine developed in cooperation with Lan Veterinary Research is approved for listing, the factory price is expected to be as low as 25 yuan, and the end-user price is expected to be about 30 yuan after adding the cost of the circulation link, and the cost of immunization after each pig is vaccinated with two injections is expected to be about 60 yuan. Based on the assumption of 650 million pig immunization, the potential market size of non-plague subunit vaccines will reach more than 30 billion yuan, and the market space for swine vaccines will open, and the company is expected to benefit first.
3. Investment analysis
Preco Company is a high-tech enterprise with research and development, production and operation of veterinary biological products and pharmaceuticals as the main industry, and its innovation ability and comprehensive strength are at the forefront of the industry. In recent years, the company has made smooth progress in the layout development and market expansion of large single products for pig, poultry and pet biological products. At present, the company and the Lanzhou Veterinary Research Institute of the Chinese Academy of Agricultural Sciences have carried out technical cooperation with the African swine fever subunit vaccine project has made positive progress. Preco's multi-product line business is expected to gain momentum.
(This article is for informational purposes only and does not represent any of our investment advice.) For usage information, see the original report. ）
Featured report source: [Future Think Tank]. Future Think Tank - Official website