Placco (603566): The growth of innovative mobile insurance platform is more promising at the time

Placco (603566): The growth of innovative mobile insurance platform is more promising at the time

Investment points: 1.

China’s leading innovation-driven dynamic insurance company.

The company is committed to the development, production and promotion of new and efficient veterinary biological products and animal-specific drugs. The products cover a series of genetically engineered vaccines for swine and poultry, whole virus vaccines, antibodies, chemical preparations, disinfectants, Chinese veterinary drugs, etc .;With three major national R & D platforms, the innovation ability and comprehensive strength are among the best in the industry.

The company’s gross profit level and R & D investment ratio are in the forefront of the industry.

Affected by the swine fever caused by African swine fever, the company ‘s pig vaccine performance has been under short-term pressure; thanks to the high demand of the poultry sector and non-plague interest, the demand for disinfectants on farms has increased.The performance of Hehua Medicine continued to shine.


In the post-African swine fever cycle, the inflection point of the animal vaccine plate is approaching.

According to data from the Ministry of Agriculture and Rural Affairs, in October, the nationwide breeding sow stock increased by 0% month-on-month.


The first pick-up of fertile sow stocks is expected to drive the demand for pig vaccines back, which is conducive to the recovery of pig vaccines.

Poultry vaccines are expected to increase continuously in the context of continued high prosperity in the poultry sector.

Assuming that African swine fever vaccine can be successfully marketed, its potential market size is 50-80 trillion, and the animal vaccine sector will usher in a huge market expansion.

We believe that the most difficult time for the industry is about to pass.

In the future, companies with continuous R & D and innovation capabilities that can lead product and technology innovation, while providing customers with full-service services can fully enjoy the dividends brought by the rising volume and price of animal vaccines.


Technology, products and talents are the “troikas” that drive the company’s growth.

In reviewing the company’s development, we believe that technological advantages are the foundation of the company’s success, product advantages are the driving force for the company’s success, and talent team advantages are the necessary guarantee for the company’s continuous development.

The company has a leading technology platform. It has established and improved reverse genetic operations, bacterial artificial chromosomes, antigen protein expression and other technology platforms to ensure the company’s product research and development.

The company’s products are genetically engineered series of vaccines with advantages and characteristics, and have created multiple internal firsts in product development, such as the first domestic swine circovirus type 2 inactivated vaccine (SH strain), the first domesticInactivated vaccine with one shot and two defenses against circular disease and Mycoplasma pneumoniae, the first swine pseudorabies inactivated vaccine (HN1201-ΔgE strain) against the gE gene of an epidemic strain, and the first domestic chicken tributary (LaSota strain + M41 Strain + Re-9 strain) triple inactivated genetic engineering vaccine and so on.

In addition, the company not only insists on independent training in 深圳桑拿网 the construction of research and development teams, but also provides continuous technical guidance for the company’s research and development, sales, etc., directed at the introduction of high-end talents.


Earnings forecast and rating: The company has strong R & D strength in the field of animal biological products, and has good endogenous growth momentum. The growth should be in addition to most comparable companies in the same industry.

We are optimistic about the company’s stable performance growth in the poultry vaccine, antibody and chemical medicine sectors in the short term, and long-term optimistic about the considerable increase brought by the recovery of the pig vaccine sector in the breeding industry; the company is expected to achieve operating income in 2019-2021.



29 trillion (previous 武汉夜网论坛 value was 6.



3.3 billion), net profit attributable to mothers1.



10,000 yuan (previous value was 1.



820,000 yuan), EPS is 0.



63 (previous value was 0.41/0.


57 yuan), the corresponding PE is 47.

35x / 39.

61x / 30.

95x, maintain “Recommended” rating.

Risk warning: the risk of epidemic situation in the breeding industry, the risk of uncertain R & D results, the risk of intensified market competition, and the risk of product quality