Market review:
Last week, the new material sector fell 1.70%, while the Shanghai and Shenzhen 300 index fell 0.94% in the same period, and the new material sector lagged behind the market by 0.76 percentage points. In terms of individual stocks, 32 of the 98 stocks in the sector rose, and 42 stocks outperformed the market. The top five gainers were Shenzhen Rongda Photosensitive & Technology Co.Ltd(300576) (22.21%), Jiangyin Jianghua Microelectronics Materials Co.Ltd(603078) (16.70%), Jiangxi Firstar Panel Technology Co.Ltd(300256) (7.69%), Jiangsu Shuangxing Color Plastic New Materials Co.Ltd(002585) (6.19%), Haohua Chemical Science & Technology Corp.Ltd(600378) (6.08%); The top five declines were Weihai Guangwei Composites Co.Ltd(300699) (- 9.33%), Shanghai Hiuv New Materials Co.Ltd(688680) (- 9.22%), Henan Jindan Lactic Acid Technology Co.Ltd(300829) (- 8.91%), Epoxy Base Electronic Material Corporation Limited(603002) (- 7.17%), Tangshan Sanyou Chemical Industries Co.Ltd(600409) (- 6.92%).
Industry hot spots:
Carbon fiber: Recently, Sinofibers Technology Co.Ltd(300777) issued an announcement on signing major sales contracts. The company and customer a signed a sales contract with a total amount of about 2.169 billion yuan on carbon fiber, carbon fiber fabric and other subjects, and the contract performance period is 20222023. The orders signed by the company account for 556.94% of the audited operating revenue of the company in the latest fiscal year. After evaluation, the company has the business qualification, technical strength and production capacity required to perform the contract. Previously, Weihai Guangwei Composites Co.Ltd(300699) also announced the signing of sales orders with downstream customers with a total amount of more than 2 billion yuan at the end of 2021. In recent years, China's high-end carbon fiber and fabric manufacturers have successively won large orders. On the one hand, it shows that the application proportion of carbon fiber composites in aerospace, new energy and other fields is increasing, and the downstream demand is strong; At the same time, it also shows that China's carbon fiber industry is developing rapidly, domestic carbon fiber products are gradually becoming mature and high-end, the market share in downstream industries is also increasing, and the revenue and profitability of relevant leading enterprises are expected to be improved step by step. It is suggested to pay attention to relevant leading enterprises.
Semiconductor materials: on the evening of March 16, earthquakes occurred one after another off the east coast of Honshu, Japan, all of which were above magnitude 5.5, causing power outages in Fukushima, Tokyo and other places, and even tsunami warnings were issued in some areas. The strong earthquake in Japan caused another heavy blow to the semiconductor industry, and a number of semiconductor production enterprises have announced shutdown one after another, including silicon wafer and photoresist manufacturer Xinyue chemical, chip manufacturer Renesas electronics, and some semiconductor related factories of Toshiba, Sony and other enterprises have successively experienced power outage and shutdown. In addition, once the factory stops production, it is necessary to check whether the production equipment is damaged and ensure safety before resuming production. The time required to fully resume normal production is still uncertain. Referring to the impact of previous Japanese earthquakes on semiconductor and downstream industries, the phased shutdown of Japanese semiconductor industry will not only have an impact on Japanese local enterprises, but also have an impact on the global semiconductor industry chain and automotive electronics industry. The world may face the dilemma of "lack of core" again. At a time when natural disasters are frequent and the global epidemic situation is still not optimistic, repeated "core shortage" will accelerate the development of China's semiconductor and upstream material industry. It is suggested to pay attention to relevant leading enterprises.
Risk factors: downstream demand is less than expected; The domestic substitution process of core materials is less than expected; The construction progress of capacity under construction is less than expected; The price of raw materials fluctuated sharply.
