Gelonghui on June 29th, Tianfeng Securities reported on the 28th that 002688.SZ specializes in the production, sales, R & D and service of animal health products, and is a leading enterprise in the veterinary chlortetracycline industry. In 2023, the prices of coal and corn will fall, the company's production costs may tend to fall, and the company's profits are expected to be repaired. The introduction of the new version of GMP will accelerate the withdrawal of small and medium-sized veterinary drug enterprises from the market, and the elimination of backward production capacity will also be accelerated, benefiting large-scale enterprises with abundant resources, such as large-scale, technologically leading, standardized management, capital and so on. In addition, feed resistance has been banned, abolishing the quality standards of 15 kinds of drug feed additives such as oxytetracycline and flavomycin, which are only used to promote growth, and only two varieties, including chlortetracycline, have been converted to veterinary drugs, or will be good for chlortetracycline. In addition, the company's active layout of animal vaccines is expected to become a new growth point; strategic layout of the African classical swine fever vaccine track is expected to open up new market space. Thinking that the company's industry position is stable and its business development is orderly, it gives the company 23 times PE in 2024 with a target price of 5.75 yuan, covering it for the first time and giving it a "buy" rating.