Key investment points:
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:
February 20, c114 communication network: on February 19, the integrated circuit high-precision innovation center was established in Beijing. The center was established with the approval of the Beijing Municipal Education Commission. Relying on Tsinghua University and Peking University, the center cooperates with key units of the integrated circuit industry in Beijing to carry out in-depth cooperation. It is an important measure for Beijing to serve the major national strategy, deepen the reform of scientific research system and mechanism, and build a highland of integrated circuit scientific and technological innovation.
New energy materials related:
On February 25, the battery industry network reported that the solid-state battery came, and Dongfeng company took the lead in mass production. Recently, the Ministry of industry and information technology recently released the catalogue of new energy vehicle models exempted from vehicle purchase tax (the 51st batch). Dongfeng Fengshen E70 solid-state battery vehicle independently developed by Dongfeng Technology Center was listed among them and obtained the tax-free license. It is worth noting that this is the first solid-state battery passenger car in China to obtain a tax-free license, marking that Dongfeng company took the lead in mass production of solid-state battery vehicles.
Information update of key enterprises:
Shenzhen Dynanonic Co.Ltd(300769) : on February 24, the company issued a prospectus (Registration draft) for issuing shares to specific objects and listing on the gem in 2021: the total amount of funds to be raised for this issuance of shares to specific objects does not exceed 3.2 billion yuan. After deducting the issuance expenses, It will be used for the following projects: 2.3 billion yuan will be used for the production base project of new phosphate cathode materials with an annual output of 110000 tons, and 900 million yuan will be used to supplement working capital.
Focus on the company:
The key recommendation is Valiant Co.Ltd(002643) . The two-way development of OLED + zeolite molecular sieve 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.
Shandong Sinocera Functional Material Co.Ltd(300285) . As a platform company of new inorganic materials in China, the company 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.
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 improving. The test capacity of OLED materials and the construction of production line 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 increasing investment in China’s smart grid, ultra / ultra high voltage transmission lines and the wide application of new composite materials, and 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, the main products are produced according to international advanced standards, the 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 the characteristic new chlor alkali materials are in the leading position in China.
Key recommendation 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.
Jiangyin Jianghua Microelectronics Materials Co.Ltd(603078) . The company is one of the manufacturers of wet electronic chemicals with the most complete range of products and the strongest supporting capacity in China. The products can be widely used in flat panel display, semiconductor and led, photovoltaic Cecep Solar Energy Co.Ltd(000591) and other electronic fields, as well as in cleaning, lithography, etching and other key technical processes.
Hoshine Silicon Industry Co.Ltd(603260) , the company has a complete industrial chain of industrial silicon and silicone, with scale and cost advantages, 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) , actively promote the electronic material business of the company, firmly grasp the opportunity of urgent localization and substitution of key materials, consolidate the advantages of coordinated development of semiconductor photoresist and display photoresist, realize new breakthroughs in the horizontal industry of photoresist, backtrack the development of core raw materials, and accelerate 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 not meeting expectations.
