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Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The supply side of hydrochloric acid amprolium exhibits an oligopolistic characteristic, with a favorable competitive landscape, and domestic products are primarily for export [6] - The global market demand for hydrochloric acid amprolium is estimated to be between 1,200 tons and 1,500 tons annually, with a significant portion of production focused on exports to Europe and North America [6] - The price of hydrochloric acid amprolium in the domestic market is currently 322 RMB per kilogram, with expectations of price increases due to supply disruptions from geopolitical conflicts [7] Summary by Sections Industry Overview - Hydrochloric acid amprolium is recognized as an effective anti-coccidial drug, primarily used in poultry, cattle, and sheep [5] - The drug has a unique mechanism of action, showing significant efficacy against Eimeria species, with advantages such as low toxicity, minimal residue, and high cost-effectiveness [5] Supply and Demand Dynamics - The supply side is characterized by high technical barriers and strict control requirements, with major suppliers being domestic listed company Dayang Biological and US-based Hovione [6] - Dayang Biological has nearly 15 years of experience in hydrochloric acid amprolium production and holds several patents, giving it a competitive edge over Hovione [6] Market Trends - The geopolitical tensions, particularly in the Middle East, may impact the production and shipping operations of Hovione, leading to potential supply disruptions [7] - The report highlights the opportunity for price increases in hydrochloric acid amprolium due to these supply-side disturbances [7] Beneficiary Companies - Dayang Biological's main products include potassium carbonate, hydrochloric acid amprolium, and fluorine-containing chemicals, with a production capacity of 600 tons per year for hydrochloric acid amprolium [8] - The company has received FDA certification for its hydrochloric acid amprolium products and has established a foothold in high-end markets in Europe and North America, breaking Hovione's monopoly [8]