Key investment points:
The new materials industry index this month underperformed the Shanghai Composite Index by 7.50 percentage points. This month (2021.12.01-2021.12.31, the same below), the new material industry index fell by 5.48%, underperforming the Shanghai Composite Index by 7.50 percentage points and the gem index by 0.53 percentage points; As of December 31, 2021, the new materials industry index had risen 37.12% in the past year, outperforming the Shanghai Composite Index by 32.32 percentage points and the gem index by 25.10 percentage points.
Monthly market of each segment of new materials. In terms of degradable materials, PLA prices remained stable and PBAT prices rose slightly. As of December 31, 2021, the average price of PLA was 25000 yuan / ton, which was the same as that of the previous month. The average price of PBAT was 25500 yuan / ton, which was slightly higher than that of the previous month by 3.03%. In terms of semiconductor materials, as of December 31, 2021, Shenwan semiconductor material index closed at 9660.78, down 7.69% month on month (MOM) in November, with obvious pullback. The Philadelphia Semiconductor Index rose to 3946.20, up 2.95% from November. In terms of new lithium battery materials, the quotation of lithium iron phosphate this month was 106500 yuan / ton, a record high; In November 2021, a total of 11.57 GWH of lithium iron phosphate batteries were loaded, with a year-on-year increase of 145.32% and a month-on-month increase of 37.23%. Since July 2021, the loading volume of lithium iron phosphate batteries has exceeded that of ternary batteries for five consecutive months.
New material sector and individual stock recommendation. Give the rating of “leading market” in the industry; We suggest looking for investment opportunities from the following four main lines: 1. Degradable materials. Degradable materials are the focus of China’s policy. At present, PLA and PBAT materials are the most mature and may be popularized on a large scale. It is suggested to pay attention to Henan Jindan Lactic Acid Technology Co.Ltd(300829) and Cofco Biotechnology Co.Ltd(000930) with PLA lactide core technology, Hengli Petrochemical Co.Ltd(600346) with PBAT integrated industrial chain, and Red Avenue New Materials Group Co.Ltd(603650) with BASF PBAT core patent. 2. Semiconductor material plate. The localization of semiconductor materials is the general trend. It is suggested to pay attention to the high-quality companies in the upstream semiconductor material segment, including the field of semiconductor photoresist: at present, China’s only Jiangsu Nata Opto-Electronic Material Co.Ltd(300346) with ARF photoresist production capacity, Jingrui Co., Ltd., which arranges the whole industrial chain of semiconductor photoresist, KrF photoresist high-quality enterprise Red Avenue New Materials Group Co.Ltd(603650) and domestic photoresist high-quality company Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) ; Subdivided head enterprises in the field of electronic special gas Jiangsu Nata Opto-Electronic Material Co.Ltd(300346) , Jiangsu Yoke Technology Co.Ltd(002409) , Guangdong Huate Gas Co.Ltd(688268) , Suzhou Jinhong Gas Co.Ltd(688106) , etc; Leading company of wet electronic chemicals Jiangyin Jianghua Microelectronics Materials Co.Ltd(603078) etc. 3. New energy lithium battery sector. With the recovery of the proportion of lithium iron phosphate installed back, the demand for phosphoric acid of upstream raw materials will rise rapidly. It is suggested to pay attention to phosphorus chemical related enterprises, such as Hubei Xingfa Chemicals Group Co.Ltd(600141) , Chengdu Wintrue Holding Co.Ltd(002539) , Xinyangfeng Agricultural Technology Co.Ltd(000902) , Yunnan Yuntianhua Co.Ltd(600096) . 4. Salt lake lithium extraction plate. It is expected that the mainstream technologies for lithium extraction from salt lakes in China in the future are adsorption method, membrane method and extraction method. From the current time point, the adsorption method of Sunresin New Materials Co.Ltd Xi’An(300487) has been used in zangge and Jintai, and the effect is good. It is recommended to focus on Sunresin New Materials Co.Ltd Xi’An(300487) . At the same time, it is recommended to pay attention to Jiangsu Jiuwu Hi-Tech Co.Ltd(300631) and Suntar Environmental Technology Co.Ltd(688101) of the membrane method and Zhejiang Xinhua Chemical Co.Ltd(603867) of the extraction method.
Risk warning: the policy is not as expected; Price fluctuation of raw materials; Macroeconomic growth slowed down and downstream demand was lower than expected; The intensification of Sino US trade friction has slowed down the growth of downstream demand.
