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:
On February 28, Shanghai Lingang Holdings Co.Ltd(600848) news: the investment reached 23.3 billion yuan, and the “Oriental core port” integrated circuit project was centrally signed Shanghai Lingang Holdings Co.Ltd(600848) . The integrated circuit project of “Dongfang core port” in Lingang New Area of Shanghai free trade zone was intensively signed. At the event site, 22 projects were intensively signed, covering the whole chain links such as high-end chip design, key equipment materials and advanced packaging testing, involving an investment of 23.3 billion yuan. Up to now, more than 150 integrated circuit enterprises have landed in Lingang New film area, with a signed investment of more than 200 billion yuan.
New energy materials related:
On March 4, Institute of chemistry, Chinese Academy of Sciences: scientists prepared laminated organic photovoltaic cells with photovoltaic efficiency of more than 20%. Organic photovoltaic cells have the characteristics of low cost and easy preparation in large area. Due to the more efficient use of sunlight, organic Cecep Solar Energy Co.Ltd(000591) (10.070,0.18,1.82%) cells with series laminated configuration have outstanding advantages in realizing high photoelectric energy conversion efficiency (photovoltaic efficiency). Among them, the tunnel junction used to connect the front and rear sub cells simultaneously undertakes the functions of light transmission, charge collection and blocking solvents, which has an important impact on the photovoltaic efficiency. Building high-performance tunnel junctions is one of the challenges in the direction of organic photovoltaic cells.
Information update of key enterprises:
Puyang Huicheng Electronic Material Co.Ltd(300481) : on February 28, the company released the announcement of 2021 annual performance express: the company achieved an operating revenue of 1.39 billion yuan, a year-on-year increase of 52.61%; The net profit attributable to the owners of the parent company was 250 million yuan, a year-on-year increase of 40.45%; The net profit attributable to the owner of the parent company after deducting non recurring profits and losses was 235 million yuan, with a year-on-year increase of 38.32%. At the end of the reporting period, the total assets of the company were 2.116 billion yuan, a year-on-year increase of 96.16%; The owner’s equity attributable to the parent company was 1.994 billion yuan, a year-on-year increase of 99.42%.
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 does not meet expectations.
