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 that the market share is concentrated 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 new chemical 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, etc. we will give the industry a "recommended" rating.
Industry information update:
Semiconductor related:
On December 22, China Electronics News reported that the latest forecast of semiconductor market research company icinsights shows that 17 semiconductor manufacturers in the world are expected to have a revenue of more than US $10 billion this year, of which AMD, NXP and Adi are expected to join the ranks of "super suppliers" of more than us $10 billion in 2021. In the list, Samsung ranks first, with sales of $7.5 billion ahead of Intel, which ranks second, while TSMC ranks third as a pure wafer foundry.
New energy materials related:
On December 24, "the latest data from the national energy administration showed that from January to November this year, the Shanxi Guoxin Energy Corporation Limited(600617) power generation reached 1035.57 billion kwh, breaking the 1 trillion kwh mark for the first time, with a year-on-year increase of 32.97%. The proportion of new energy power generation in the national electricity consumption from January to November reached 13.8%, with a year-on-year increase of 2.14 percentage points.
On December 22, Polaris hydrogen energy network reported that hydrogen fuel cell "breakthrough" was made in China. As the core component of hydrogen fuel cell, proton exchange membrane is like the central processing unit of computer. Its quality directly affects the performance, service life and cost of the cell. In the early days, the proton exchange membrane used in China was almost entirely imported. One square meter was equivalent to more than 20 grams, and the price was comparable to the same weight of gold. Now, the deadlock has been broken.
Key enterprise information update:
Yunnan Energy New Material Co.Ltd(002812) : on December 20, the company issued a progress announcement on the construction of lithium battery isolation membrane project in Hungary: the company held a meeting of the board of directors on December 20, 2021 and agreed to invest no more than 157 million euros in the Hungarian wet lithium battery isolation membrane project for capital construction and add three coating production lines, slitting equipment and other related supporting facilities, The funds shall be settled through self owned funds.
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.
