Key investment points:
The new materials industry index this week underperformed the Shanghai Composite Index by 7.02 percentage points. This week (2022.02.07-2022.02.11, the same below), the new materials industry index fell 4.00%, underperforming the Shanghai Composite Index by 7.02 percentage points and outperforming the gem index by 1.59 percentage points; As of February 11, 2022, the new materials industry index had fallen by 3.55% in the past year, outperforming the Shanghai Composite Index by 2.23 percentage points and the gem index by 13.73 percentage points.
Weekly market of each segment of new materials. In terms of degradable materials, the prices of PLA and PBAT remained stable. As of February 11, 2022, the average price of PLA was 25000 yuan / ton, the price was the same as last week, and the average price of PBAT was 25500 yuan / ton, the price was the same as last week. In terms of semiconductor materials, as of February 11, 2022, the Shenwan semiconductor materials index closed at 8359.96 points, down 4.29% month on month (MOM) from the same period last week, and the pullback phenomenon was obvious. The Philadelphia Semiconductor Index fell to 3365.20, down 2.55% from the same period last week. In terms of new lithium battery materials, lithium iron phosphate quoted 141000 yuan / ton this week, a record high; In December 2021, a total of 15.05 GWH of lithium iron phosphate batteries were loaded, up 118.54% year-on-year and 30.05% month on month. Since July 2021, the loading volume of lithium iron phosphate batteries has exceeded that of ternary batteries for six consecutive months.
New material sector and individual stock recommendation. Give the industry “leading city” rating; We suggest looking for investment opportunities from the following four main lines: 1. New energy lithium battery sector. With the recovery of the proportion of lithium iron phosphate installed back, the demand for phosphoric acid of upstream raw materials will rise rapidly. It is suggested to pay attention to phosphorus chemical related enterprises, such as Hubei Xingfa Chemicals Group Co.Ltd(600141) , Chengdu Wintrue Holding Co.Ltd(002539) , Xinyangfeng Agricultural Technology Co.Ltd(000902) , Yunnan Yuntianhua Co.Ltd(600096) . 2. Semiconductor material sector. The localization of semiconductor materials is the general trend. It is suggested to pay attention to the high-quality companies in the subdivision of upstream semiconductor materials, including the field of semiconductor photoresist: at present, China’s only Jiangsu Nata Opto-Electronic Material Co.Ltd(300346) with ARF photoresist production capacity, Jingrui Co., Ltd., which arranges the whole industrial chain of semiconductor photoresist, KrF photoresist high-quality enterprise Red Avenue New Materials Group Co.Ltd(603650) and domestic photoresist high-quality company Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) ; Subdivided head enterprises in the field of electronic special gas Jiangsu Nata Opto-Electronic Material Co.Ltd(300346) , Jiangsu Yoke Technology Co.Ltd(002409) , Guangdong Huate Gas Co.Ltd(688268) , Suzhou Jinhong Gas Co.Ltd(688106) , etc; Wet electronic chemicals leading company Jiangyin Jianghua Microelectronics Materials Co.Ltd(603078) etc. 3. Degradable material sector. Degradable materials are the focus of China’s policy. At present, PLA and PBAT materials are the most mature and may be popularized on a large scale. It is suggested to pay attention to Henan Jindan Lactic Acid Technology Co.Ltd(300829) and Cofco Biotechnology Co.Ltd(000930) with PLA lactide core technology, Hengli Petrochemical Co.Ltd(600346) with PBAT integrated industrial chain, and Red Avenue New Materials Group Co.Ltd(603650) with BASF PBAT core patent. 4. Salt lake lithium extraction sector. It is estimated that the mainstream technologies for extracting lithium from salt lakes in China in the future are adsorption method, membrane method and extraction method. From the current time point, the adsorption method of Sunresin New Materials Co.Ltd Xi’An(300487) has been used in zangge and Jintai with good effect, and Sunresin New Materials Co.Ltd Xi’An(300487) is recommended. At the same time, it is suggested to pay attention to Jiangsu Jiuwu Hi-Tech Co.Ltd(300631) and Suntar Environmental Technology Co.Ltd(688101) for membrane method and Zhejiang Xinhua Chemical Co.Ltd(603867) for extraction method.
Risk warning: the policy is not as expected; Price fluctuation of raw materials; Macroeconomic growth slowed down and downstream demand was lower than expected; The intensification of Sino US trade friction has slowed down the growth of downstream demand.
