Core logic
The field of new chemical materials is an important direction for the future development of the chemical industry. With the slowdown of downstream demand growth in the traditional chemical industry, it is a general trend to concentrate the market share to the leader, and the core competition threshold is cost and efficiency; The downstream is still in the fast-growing field of new materials. The core competitive barriers are R & D capability, industrial chain verification threshold, service capability, etc. with policy support, China’s chemical new materials industry is expected to usher in an accelerated growth period. We recommend high-quality targets of new chemical materials with strong R & D capability and excellent management in the core supply chain, mainly including electronic chemicals (semiconductor materials, display materials, 5g materials, etc.), new energy materials, pharmaceutical intermediates and other fields. Give the industry a “recommended” rating.
Industry information update:
Semiconductor related:
On February 16, Henan Provincial People’s Government: printed and distributed the “14th five year plan” for the development of digital economy and informatization: actively layout the semiconductor material industry. Actively layout the semiconductor material industry, develop the third-generation semiconductor materials focusing on silicon carbide and gallium nitride, improve the R & D and industrialization capacity of large-size monocrystalline silicon polishing wafer, electronic grade high-purity silicon material and zone fused silicon single crystal, promote the R & D and industrialization of new sensitive materials, composite functional materials, electronic grade hydrofluoric acid and semiconductor targets, and improve the ability of integrated circuit design. Fully tap the industrial foundation of the province and develop optical communication chips and power management chips.
New energy materials related:
On February 18, China Energy Network reported that the sales of hydrogen fuel cell passenger vehicles reached a record high in 2021. According to the statistics of information trends, the global sales volume of hydrogen fuel cell passenger vehicles (FCEVs) in 2021 was 16000, setting an all-time record. This is nearly 90% higher than the figure in 2020. In its 2022 Research Report “global market of hydrogen fuel cell vehicles”, information trends said that a total of 44000 hydrogen fuel cell passenger vehicles had been sold since they began selling. In addition, sales of commercial fuel cell trucks and buses are also considerable.
Information update of key enterprises:
Shandong Shida Shenghua Chemical Group Company Limite(603026) : on February 15, the company announced that the wholly-owned subsidiary invested 935 million yuan to build a 20000 t / a cathode lithium supplement project, the wholly-owned subsidiary invested 318 million yuan to build a 10000 t / a new conductive agent project, and the wholly-owned subsidiary invested 380 million yuan to build a 10000 t / a fluorosolvent project.
Focus on the company:
Highlight Valiant Co.Ltd(002643) . The two-way development of OLED + zeolite molecular sieve of the company will drive the continuous growth of the company.
It is suggested to pay attention to Hubei Dinglong Co.Ltd(300054) . The company is the only CMP polishing pad supplier in China who fully master the core R & D technology and production process of the whole process of CMP polishing pad, and is in a leading position in China’s polishing pad Market.
Key recommendation Shandong Sinocera Functional Material Co.Ltd(300285) . The company is a platform company of new inorganic materials in China. It has mastered the core technology of hydrothermal method, and the endogenous MLCC ceramic powder, zirconia and alumina have reached the world-class level; Prince ceramics (ceramic products) and aerchuang (zirconia downstream products) acquired by extension are the downstream of the company’s products, both of which have ushered in rapid growth.
The key recommendation is Phichem Corporation(300398) . The company is a leading enterprise in electronic chemicals. The 5000t / a TFT LCD photoresist project provides stable supply to customers. The production capacity of 5500t / a synthetic new material project and 100t / a high-performance photoelectric new material purification project is steadily increasing. The test capacity and production line construction of OLED materials are also advancing in an orderly manner. We are optimistic about the above projects to promote the new growth of the company in the future.
It is suggested to pay attention to Puyang Huicheng Electronic Material Co.Ltd(300481) . The company focuses on the R & D and production of maleic anhydride derivatives and functional intermediates, benefiting from the rapid development of China’s electronic information industry, the continuous increase of investment in China’s smart grid and ultra / UHV transmission lines, and the wide application of new composite materials. The demand for maleic anhydride derivatives continues to grow.
It is suggested to pay attention to Zhejiang Juhua Co.Ltd(600160) . The company has a complete fluorine chemical industry chain, its main products are produced according to international advanced standards, its core business fluorine chemical industry is in the leading position in China (among which fluorine refrigerant is in the leading position in the world), and its characteristic chlor alkali new materials are in the leading position in China.
Focus on Zhejiang Wansheng Co.Ltd(603010) . The company is the world’s largest manufacturer of organophosphorus flame retardants. Through years of R & D investment and practice accumulation, the company’s differentiated products can meet the needs of different customers, and the products are gradually accepted by high-end customers.
Key recommendation Jiangyin Jianghua Microelectronics Materials Co.Ltd(603078) . The company is one of the wet electronic chemical manufacturers with the most complete product varieties and the strongest supporting capacity in China. The products can be widely used in many electronic fields such as flat panel display, semiconductor and led, photovoltaic Cecep Solar Energy Co.Ltd(000591) and many other key technical processes such as cleaning, lithography and etching.
The key recommendation is Hoshine Silicon Industry Co.Ltd(603260) . The company has a complete industrial chain of industrial silicon and silicone, has the advantages of scale and cost, and the upstream and downstream synergy is expected to continue to strengthen. With the steady progress of projects under construction, the company’s performance is expected to continue to improve.
It is suggested to pay attention to Red Avenue New Materials Group Co.Ltd(603650) . The company actively promotes the electronic material business, firmly seizes the opportunity that key materials are in urgent need of localization and substitution, consolidates the advantages of the coordinated development of semiconductor photoresist and display photoresist, realizes a new breakthrough in the horizontal industry of photoresist, traces back the development of core raw materials, and speeds up the development and introduction of the company’s electronic phenolic resin in the field of photoresist, Give full play to the advantages of the company’s industrial chain and form a new model of integrated development of the industrial chain.
Risk warning: the epidemic situation may lead to the risk of large market fluctuations; The emergence of alternative technologies; Industry competition intensifies; The economy fell sharply; The product price fluctuates greatly; Focus on the company’s performance does not meet expectations.
