Aluminum plastic film sector:
On the whole, the aluminum-plastic film industry is in short supply. At present, the core driving force of the demand for aluminum-plastic film is the rapid growth of soft pack battery shipments, and the future increment may come from two wheeled electric vehicles, energy storage batteries, solid-state batteries and other fields. According to the data of evtank and Guangdong Lyric Robot Automation Co.Ltd(688499) prospectus, the proportion of global soft pack battery shipments increased from 23.93% in 2012 to 55.83% in 2020, and the shipments in 2020 were 107.7gwh, yoy + 28.1%; From the perspective of competition pattern, the global aluminum-plastic film is mainly monopolized by Japanese enterprises, of which greater Japan printing (DNP) occupies 50% of the global market share and Showa electric occupies 20% of the market share. At present, China’s aluminum plastic film technology has made progress, product performance and reliability have been improved, and the supply system has been gradually improved, forming a virtuous cycle feedback from upstream and downstream, which is on the eve of domestic substitution.
the revenue of Shanghai Zijiang Enterprise Group Co.Ltd(600210) aluminum plastic film business increased by 58.1% in 21 years, with both volume and price rising, and the net interest rate of 21h2 increased to 18.9% month on month. In 2021, Shanghai Zijiang Enterprise Group Co.Ltd(600210) aluminum plastic film revenue was 365 million yuan, an increase of 58.1% over the same period; The sales volume was 22.168 million square meters, an increase of 48.8% in the same period, of which the sales volume of aluminum-plastic film for power energy storage accounted for 55%; The average price is 16.4 yuan / flat, with an increase of 0.9 yuan / flat; Among them, the income of 21h2 aluminum plastic film was 197 million yuan, an increase of 18.0% month on month; The sales volume was 117119 million square meters, an increase of 12.0% month on month; The average price was 16.9 yuan / square, an increase of 0.9 yuan / square month on month; The net interest rate of aluminum plastic film business was 18.9%, with a month on month increase of 1.6pcts; The single average profit was 3.2 yuan / square meter, with a month on month increase of 0.4 yuan / square meter. At the beginning of the 21st century, Zijiang new materials entered the supply chain of Byd Company Limited(002594) dmi blade batteries and opened the application of Chinese soft pack lithium battery materials in square lithium batteries. 21h2 introduced ATL and Byd Company Limited(002594) as strategic investors of Zijiang new materials. At present, the company’s design capacity of aluminum plastic film is 36.6 million square meters / year, with a capacity utilization rate of 70.9% in 21 years. It has established stable cooperative relations with well-known manufacturers such as ATL, Byd Company Limited(002594) , Guangzhou Great Power Energy&Technology Co.Ltd(300438) , Do-Fluoride New Materials Co.Ltd(002407) , and continues to recommend [ Shanghai Zijiang Enterprise Group Co.Ltd(600210) ].
Domestic household sector:
Adhere to the premise of “no speculation in housing and housing”, implement policies according to the city to meet the reasonable housing needs of property buyers. On March 5, Premier Li Keqiang pointed out in the government work report that we should continue to ensure the housing needs of the masses, adhere to the positioning of “housing without speculation”, and support the commercial housing market to better meet the reasonable housing needs of buyers. In March 2nd, Guo Shuqing, chairman of the China Banking Regulatory Commission, said that the momentum of China’s real estate bubble financial transformation was fundamentally reversed. It is expected that the policies to curb demand will gradually ease and optimize. The real estate is expected to be repaired upward and is optimistic about the valuation and repair of the home sector.
The number of orders received by household leaders increased rapidly, superimposed with 315 promotion, which is expected to maintain strong growth. According to the recent grassroots research feedback of the industrial chain, the orders received by household enterprises generally maintained a good trend from January to February. On the premise of the high base of 21q1, the leading enterprises still maintained high growth, superimposed on the upcoming 315 promotion, the household leading enterprises gave full play to the advantages of the supply chain, combined with the head brands of household appliances, launched the whole package including multiple categories, the customer unit price is expected to continue to increase, and continue to be optimistic about the household leading enterprises focusing on “domestic demand + 2C”, It is suggested to add leaders, recommend [ Oppein Home Group Inc(603833) ] [ Suofeiya Home Collection Co.Ltd(002572) ] [ Xlinmen Furniture Co.Ltd(603008) ] [ Jason Furniture (Hangzhou) Co.Ltd(603816) ] [ Jason Furniture (Hangzhou) Co.Ltd(603816) ] [high proportion of retail and large household channels] and strong 315 activities.
New tobacco sector:
The measures for the administration of electronic cigarettes and the national standard (second draft for comments) were issued, and the supervision was gradually implemented to promote the orderly development of the industry. On March 11, the State Tobacco Monopoly Administration issued the national standard for electronic cigarette (second exposure draft), which will be publicized until March 17, 2022; Meanwhile, the measures for the administration of electronic cigarettes will be issued, and the new regulations will come into force on May 1. On the whole, this document has the following change directions: ① prohibit the presentation of other flavors except tobacco; ② Raise the marketing threshold of e-cigarette products and strengthen continuous supervision; ③ Reduce the supervision of electronic cigarette products only used for export; ④ The power of the Department in charge of tobacco monopoly administration has been expanded; ⑤ Heating cigarettes shall be included in cigarette management; ⑥ The atomization shall contain nicotine; ⑦ Monopoly stores turn to collective stores, and e-cigarette retail enterprises or individuals shall not exclusively operate e-cigarette products sold on the market. We believe that (1) from the perspective of supervision, the overall supervision of e-cigarettes is basically consistent with that of cigarettes. All links need permission and approval, and adopt unified centralized purchase platform sales; (2) The existing competition pattern of e-cigarettes will be broken, and e-cigarettes will enter the monopoly era. On the product side, the coincidence rules and quality are beneficial to manufacturers with high production standards, high-tech reserves and high capital reserves; The national, provincial and municipal representatives of e-cigarettes on the channel side will face a reshuffle.
Forestry carbon sequestration:
China is expected to become the world’s largest carbon trading market, and forestry carbon sequestration is the “gold” in CCER project. The global carbon market covers 16% of global greenhouse gas emissions, 54% of global GDP and nearly one third of the population. It is estimated that the total quota of the global carbon market will exceed 7.5 billion tons in 2021; In 2019, China’s carbon dioxide emissions accounted for 28.8% of the world, which is expected to become the world’s largest carbon trading market! As a “negative carbon” approach in the process of “carbon neutralization”, forestry carbon sequestration has the characteristics of large carbon sequestration, low cost and high ecological added value. It is the “gold” in CCER project.
The “14th five year plan” and medium and long-term high-quality development outline of the paper industry “was issued, which proposed to accumulate carbon sequestration and biomass resources. On December 10, 2021, the central economic work conference stressed that “it is necessary to conduct scientific assessment, exclude the new renewable energy and raw material energy from the total energy consumption control, create conditions to realize the transformation from” double control “of energy consumption to” double control “of total carbon emission and intensity as soon as possible, accelerate the formation of an incentive and restraint mechanism for reducing pollution and carbon, and prevent simple layer by layer decomposition”; On December 17, 2021, Beijing Green Exchange resumed collecting all fees related to CCER trading; On December 24, 2021, the “14th five year plan” and medium and long-term high-quality development outline of the paper industry put forward five development goals, including the accumulation of carbon sink and biomass resources. It is recommended to pay attention to [ Yueyang Forest & Paper Co.Ltd(600963) ].
Paper sector:
The cost side drive superimposed the replenishment of inventory after the holiday, and the price of paper enterprises rose moderately in March. Recently, affected by the closure of UPM factory and the shortage of logistics in Canada, the supply of raw materials of pulp and paper industry continued to be tight, and the prices of coniferous pulp and broad-leaved pulp continued to rise. Downstream Shandong Chenming Paper Holdings Limited(000488) , app, Shandong Sun Paper Co.Ltd(002078) , Huatai Paper, Jianghe paper, Yueyang Forest & Paper Co.Ltd(600963) and many other paper mills issued price increase letters in March, raising the price by about 300 yuan / ton. It is suggested to pay attention to [ Shandong Sun Paper Co.Ltd(002078) ], [ Shanying International Holdings Co.Ltd(600567) ], [ Shandong Bohui Paper Industry Co.Ltd(600966) ], [ Shandong Chenming Paper Holdings Limited(000488) ].
Risk warning: real estate sales and completion are not as expected; Upward risk of raw material price; Industry competition intensifies; The risk of Sino US trade friction.
