1. Continue to be optimistic about chemical materials in the new energy industry chain: 1) R142b PVDF: we expect that the industrial supply will not increase effectively in the next 1-1.5 years, resulting in prominent contradiction between supply and demand and sharp rise in prices. Considering that the cost of PVDF accounts for a very low proportion in these downstream, the price elasticity is large. The export volume of R142b is limited by quota. We believe that under the background of rigid supply and continuous expansion of demand, the prices of PVDF and R142b are expected to continue to rise. It is suggested to pay attention to: Lecron Industrial Development Group Co.Ltd(300343) , Dongyue Group, Zhejiang Juhua Co.Ltd(600160) , Guangdonghectechnologyholdingco.Ltd(600673) ; 2) Iron phosphate and lithium iron phosphate: the explosion of demand for lithium iron phosphate is an important opportunity for the transformation and upgrading of traditional phosphorus chemical enterprises. From our tracking situation, the expansion progress of iron phosphate is generally slower than that of downstream lithium iron phosphate. We judge that there is still a gap in the supply of iron phosphate in 2022, and the enterprises that take the lead in putting in production capacity next year are expected to benefit, Focus on Guizhou Chanhen Chemical Corporation(002895) (cooperative GuoXuan, Sunwoda Electronic Co.Ltd(300207) , Mianyang Fulin Precision Co.Ltd(300432) ), Yunnan Yuntianhua Co.Ltd(600096) , Hubei Xingfa Chemicals Group Co.Ltd(600141) (cooperative Huayou), Hubei Yihua Chemical Industry Co.Ltd(000422) (cooperative Ningde). It is recommended to pay attention to Chengdu Wintrue Holding Co.Ltd(002539) , Sichuan Development Lomon Co.Ltd(002312) , Shanghai Zhongyida Co.Ltd(600610) (Wengfu backdoor), Anhui Sierte Fertilizer Industry Ltd.Company(002538) (cooperative Youngy Co.Ltd(002192) ）； 3) Electrolyte and additives: driven by demand, there is a demand gap for electrolyte LiPF6, additives VC and FEC, and the price continues to rise. It is suggested to pay attention to Zhejiang Yongtai Technology Co .Ltd(002326) , Liao Ning Oxiranchem Inc(300082) , Great Chinasoft Technology Co.Ltd(002453) of electrolyte and additives and Shandong Hualu-Hengsheng Chemical Co.Ltd(600426) , Zhejiang Satellite Petrochemical Co.Ltd(002648) extending to the field of downstream new materials; 4) Upstream materials of renewable energy industry chain: EVA particles are mainly recommended Jiangsu Eastern Shenghong Co.Ltd(000301) , Levima Advanced Materials Corporation(003022) . Attention: silicon wafer ( Sichuan Hebang Biotechnology Co.Ltd(603077) ). The state strongly encourages and supports the development of renewable energy industry, which will benefit the installation of wind power and drive the growth of upstream material demand. The wind power industry chain is optimistic about carbon fiber (carbon fiber targets such as Jilin Carbon Valley, Jilin chemical, Weihai Guangwei Composites Co.Ltd(300699) ), epoxy structural adhesive ( Kangda New Materials( Group) Co.Ltd(002669) ), polyether amine ( Yangzhou Chenhua New Material Co.Ltd(300610) , Wuxi Acryl Technology Co.Ltd(603722) , Zhejiang Huangma Technology Co.Ltd(603181) ). (unless otherwise specified, this week refers to the week from December 18 to December 24).
2. Energy consumption double control policy is good for Baima leader: Baima leader in chemical industry has high growth certainty and strong competitiveness, which has fully proved their competitiveness in history. Affected by the dual control of energy consumption and the difficulty of project approval, the growth rate of capital expenditure of leading white horse has been maintained at 2-3% in recent two years. The capacity of high-quality new projects of many leading chemical enterprises has not been released soon. We believe that the “energy consumption of raw materials is not included in the total energy consumption control” proposed at this meeting, and the recalculation of carbon emissions of the project will reduce the approval threshold for new capacity of leading Baima high-quality projects in the future, and the growth will be reflected again. Specifically, we are optimistic about: Shandong Hualu-Hengsheng Chemical Co.Ltd(600426) , Ningxia Baofeng Energy Group Co.Ltd(600989) and other coal chemical leaders, Wanhua Chemical Group Co.Ltd(600309) , Rongsheng Petro Chemical Co.Ltd(002493) , Hengli Petrochemical Co.Ltd(600346) , Jiangsu Eastern Shenghong Co.Ltd(000301) , Zhejiang Satellite Petrochemical Co.Ltd(002648) And other leading petrochemical enterprises.
3. Optimistic about new material growth and consumption growth stocks with high ceiling and stable profit: specifically optimistic about: Shandong Head Co.Ltd(002810) (cellulose ether + artificial meat), vitamins ( Zhejiang Garden Bio-Chemical High-Tech Co.Ltd(300401) ); Anhui Jinhe Industrial Co.Ltd(002597) (leading sugar free additives), national VI industrial chain ( Actblue Co.Ltd(300816) , Luoyang Jalon Micro-Nano New Materials Co.Ltd(688357) , Valiant Co.Ltd(002643) , Xinxiang Richful Lube Additive Co.Ltd(300910) , Jiangsu Lopal Tech.Co.Ltd(603906) ), degradable & renewable plastics ( Shandong Ruifeng Chemical Co.Ltd(300243) , Beijing Sanlian Hope Shin-Gosentechnical Service Co.Ltd(300384) , Kingfa Sci.& Tech.Co.Ltd(600143) , Red Avenue New Materials Group Co.Ltd(603650) )
Risk tip: macroeconomic growth is lower than expected; The product price fluctuates greatly; International oil prices fell sharply; The construction progress of new projects is less than expected; Repeated epidemic, etc
