回盛生物(300871) - 回盛生物调研活动信息

Company Overview - Wuhan Huisheng Biological Technology Co., Ltd. focuses on the research, production, and sales of veterinary drugs, primarily for pigs, while also expanding into other areas such as poultry, aquaculture, pets, and ruminants [2][3]. - The company ranks among the top ten in the domestic veterinary chemical preparations market according to the China Veterinary Drug Association's report [3]. Competitive Advantages - Research and Development: The company has established a strong R&D system, collaborating with Huazhong Agricultural University and has received 11 new veterinary drug certificates by the end of 2021, with more expected in 2022 [3][4]. - Industry Chain Extension: New raw material projects are set to be completed this year, enhancing production capacity for key raw materials, which will lower costs and improve competitiveness [3][4]. - Smart Manufacturing: The company has automated production lines that have passed the new GMP certification, ensuring high-quality production [3][4]. - Product Quality and Market Share: A robust quality control system has led to increased market share among major clients [3][4]. Financial Performance - In 2021, the company invested approximately 46.89 million yuan in R&D, a 65.20% increase from the previous year, with plans for continued investment [4][5]. - The sales revenue from the aquaculture sector grew by 169.62% in 2021, marking it as a new growth point for the company [5]. Regulatory Environment - The new GMP standards require all veterinary drug manufacturers to pass inspections by June 1, 2022, with over 900 companies already compliant [4][5]. - The "antibiotic ban" policy is expected to increase demand for preventive medications and alternatives to antibiotics, providing new opportunities for the company's products [5][6]. Future Outlook - The company plans to launch new veterinary drugs, including "Taidirol Injection," which is a new generation of antibiotics with a long-lasting effect [5][6]. - Upcoming raw material projects, including the production of 1,000 tons of Tylosin and 600 tons of Tiamulin, are expected to commence in mid-2022, enhancing production capacity [6]. Challenges - The decline in gross margin in 2021 was primarily due to rising raw material costs and the impact of the pig farming industry's losses [6]. - Short-term investments in projects may increase depreciation costs but are expected to enhance long-term competitiveness and product quality [6].