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 March 15, big semiconductor industry network: the world’s largest super 6-inch GaN seed crystal came out. On March 15, Toyota synthetic announced that it and Osaka University in Japan have successfully developed GaN seed crystals with a size of more than 6 inches, which will help to reduce the cost of Gan power devices.
New energy materials related:
On March 17, China Energy Network reported that Honeywell recently released a new catalyst coated membrane (CCM) green hydrogen production technology and will work with electrolytic cell manufacturers to further test the technology. The use of renewable power driven electrolyzers to electrolyze water into hydrogen and oxygen to produce green hydrogen is expected to play an important role in the energy transformation in the coming decades.
Information update of key enterprises:
Zhejiang Wansheng Co.Ltd(603010) : Zhejiang Wansheng Co.Ltd(603010) recently received the reply on approving Zhejiang Wansheng Co.Ltd(603010) non-public development of shares issued by China Securities Regulatory Commission (zjxk [2022] No. 500). The main contents of the reply are as follows: 1. Approve the company’s non-public issuance of no more than 104305939 new shares, and if the total share capital changes due to the conversion of share capital, the number of this issuance can be adjusted accordingly. 2、 The issuance of shares shall be carried out in strict accordance with the application documents submitted by the company to the CSRC. 3、 This reply shall be valid within 12 months from the date of approval of issuance. 4、 From the date of approval of the issuance to the end of this stock issuance, if any major event occurs to the company, it shall timely report to the CSRC and deal with it in accordance with relevant regulations.
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.
The fluorine chemical company is in the leading position in the global fluorine chemical industry, and the fluorine chemical company is in the leading position in the production of fluorine chemical products with Chinese characteristics. It is suggested that the fluorine chemical company is in the leading position in the global fluorine chemical industry. 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, accelerate the development and introduction of the company’s electronic phenolic resin in the field of photoresist, and give full play to the advantages of the company’s industrial chain, Form a new model of integrated development of 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.
