Investment summary:
Talk every Monday:
Aviation tires are cutting-edge products in the field of tire manufacturing. Because the takeoff and landing of aircraft must be realized by tires, there are extremely strict requirements for the safety and reliability of aviation tires, which also makes the aviation tire R & D system more complex.
There is a huge space for domestic substitution of aviation tires. Due to high technical barriers, there are only more than 10 global aviation tire manufacturers, mainly distributed in the United States, France, Britain, Japan, Russia and other countries. More than 85% of the global aviation tire market is occupied by three companies: French Michelin group company, Japanese Bridgestone company and American Goodyear tire rubber company, The high monopoly of foreign enterprises also provides a large growth space for domestic substitution in the future. From the perspective of product layout and technology accumulation, Qingdao Sentury Tire Co.Ltd(002984) and Haohua Chemical Science & Technology Corp.Ltd(600378) are in a leading position in the field of aviation tires in China.
The future demand for aviation tires has broad prospects. The demand for aviation tires is closely related to the number of aircraft. With the mitigation of the epidemic, global travel is expected to gradually recover, and the expansion of the scale of civil aviation fleet will drive the increase of aviation tire demand. In addition, domestic large aircraft began to be delivered gradually this year, and the large-scale production of ARJ21 and Xinzhou series regional airliners put into operation before will provide strong support for the demand for aviation tires in China. It is estimated that by 2032, there will be about 590000 civil aviation in China, with 55% room for demand improvement compared with the current one, which will provide huge market space for relevant aviation tire enterprises in China.
Investment strategy: the aviation tire market has very high technical barriers and certification barriers, which also leads to the long-term monopoly of the market by foreign enterprises. However, the domestic large aircraft C919 is expected to be delivered from this year. The large-scale production of regional airliners such as ARJ21, which was put into operation before, will provide strong support for the demand of China's aviation tires, and also provide a rare opportunity for domestic aviation tire enterprises to enter the industrial chain. It is suggested to pay attention to Qingdao Sentury Tire Co.Ltd(002984) , Haohua Chemical Science & Technology Corp.Ltd(600378) and other relevant leading enterprises in China that have been deployed in the aviation tire industry for many years and have the advantages of technology accumulation and first mover.
Market review:
Sector performance: this week, CITIC basic chemical industry fell by 1.02%, and the composition of Shanghai Composite Index rose by 0.39%. Compared with Shanghai Composite Index in the same period, the basic chemical industry sector lagged behind by 1.41 percentage points. In terms of sub sectors, the basic chemical sub sector mainly fell this week, with nitrogen fertilizer, titanium dioxide, soda ash, viscose, inorganic salt and other sub sectors leading the increase; Carbon fiber, lithium chemicals, potassium fertilizer, membrane materials, fluorochemical and other sub sectors led the decline.
Rise and fall of individual stocks: the basic chemical sector led the rise this week, including Guangxi Hechi Chemical Co.Ltd(000953) , North Chemical Industries Co.Ltd(002246) , Anhui Annada Titanium Industry Co.Ltd(002136) , Liuzhou Liangmianzhen Co.Ltd(600249) , Shandong Bailong Chuangyuan Bio-Tech Co.Ltd(605016) , etc; Stocks leading the decline include Jiangsu Shuangxing Color Plastic New Materials Co.Ltd(002585) , Shenzhen Dynanonic Co.Ltd(300769) , Shanghai Kinlita Chemical Co.Ltd(300225) , Yunnan Energy New Material Co.Ltd(002812) , Jiangsu Lopal Tech.Co.Ltd(603906) , etc.
Risk tips: the risk of fluctuations in international oil prices, the risk of repeated global epidemics, etc.
