According to the Huatai Securities Research Report, replacing soybean meal with amino acids helps food security, and synthetic biology helps the industry reduce costs and expand categories. Amino acids are the basic materials for building proteins, and global demand will exceed 10 million tons in 2023. Looking at the medium to long term: ① In the context of food security, demand for amino acid substitutes for soybean meal is expected to continue to grow; ② synthetic biotechnology helps reduce the cost and expand demand for small varieties of amino acids; ③ future promotion of genetically-modified corn may help reduce the cost of amino acids, boosting the cost effectiveness of amino acid substitutes for soybean meal. Looking at the short to medium term: ① Optimizing the competitive pattern of large varieties such as Lai/Su/Methionine to support product profit centers; ② With the continuous elimination of stocks in the downstream farming sector, pig prices are expected to rebound in the future to drive storage recovery and help amino acid demand; ③ Current low soybean prices or inhibit planting profits, compounded by disturbances such as weather factors, etc., to help increase amino acid prices; ④ Lai/threonine accounts for a high share of exports, and overseas demand is also supported. Recommended attention: Meihua Biology, Huaheng Biology, etc.