Market review this week (March 21 – March 25)
The new materials index fell 2.34%, outperforming the gem index. OLED materials rose 1.91%, semiconductor materials fell 2.52%, membrane materials fell 3.36%, additives rose 5.19%, carbon fiber fell 1.39% and tail gas treatment fell 0.93%. The top five gainers are Zhejiang Yongtai Technology Co .Ltd(002326) , Xi’An Manareco New Materials Co.Ltd(688550) , Hunan Kaimeite Gases Co.Ltd(002549) , Rianlon Corporation(300596) , Guangdong Huate Gas Co.Ltd(688268) ; The top five declines were Konfoong Materials International Co.Ltd(300666) , Red Avenue New Materials Group Co.Ltd(603650) , National Silicon Industry Group Co.Ltd(688126) -u, Hangzhou First Applied Material Co.Ltd(603806) , Thinkon Semiconductor Jinzhou Corp(688233) .
Weekly observation: the demand for conductive carbon black is rising, and domestic substitution is a long-term trend
Carbon black is the product of incomplete combustion or thermal decomposition of carbonaceous substances (coal, natural gas, fuel oil, etc.). According to the purpose, carbon black can be divided into rubber carbon black and non rubber carbon black. Conductive carbon black in non rubber carbon black has the characteristics of “three high and one excellent” with high specific surface area, high structure, high purity and excellent conductivity. With the promotion of new energy vehicles, lithium battery has become the main application scenario of conductive carbon black. Lithium ion batteries require the conductive agent to have the characteristics of excellent conductivity, low density, stable structure and chemical properties. Conductive carbon black not only meets the requirements that the conductive agent does not participate in the redox reaction in the battery and has high acid-base corrosion resistance, but also has the characteristics of low cost and light weight. According to the statistics of GGII, the national power lithium battery shipment in 2021 was 220gwh, with a year-on-year increase of 175%. It is expected to exceed 450gwh in 2022. The increase of lithium battery shipment will bring considerable demand increment for conductive carbon black. At present, the international mainstream conductive carbon black enterprises include France yiruishi, America Cabot, Japan Lion King and Germany eurilon (Evonik Degussa). China Jiangxi Black Cat Carbon Black Inc.Ltd(002068) has maintained a leading position in the carbon black industry in China since 2004. Since 2017, the company began to layout the field of special carbon black. At present, the company has a production capacity of 130000 tons of special carbon black, including about 10000 tons of conductive carbon black. At present, the company is selling conductive carbon black products, which are mainly used in the fields of cable shielding materials and conductive color masterbatch, and has been studying the standard medium and high-end conductive carbon black. In the long run, the vigorous development of China Shanxi Guoxin Energy Corporation Limited(600617) automobile industry will further drive the progress of conductive carbon black industry, and domestic substitution is a long-term trend. Beneficiary object: Jiangxi Black Cat Carbon Black Inc.Ltd(002068) .
Important company announcements and industry information
[ Xi’An Manareco New Materials Co.Ltd(688550) ] the company plans to buy back the company’s shares, with a total amount of 50 million yuan to 100 million yuan and a maximum repurchase price of 95 yuan / share; The shareholder Guofu Yongyu has reduced 12491 shares in total through centralized bidding, accounting for 1.5614% of the planned reduction. The planned reduction time is more than half.
[ Valiant Co.Ltd(002643) ] the company achieved an operating revenue of 4.359 billion yuan in 2021, with a year-on-year increase of 49.36%; The net profit attributable to the parent company was 627 million yuan, a year-on-year increase of 24.16%; The company expects to realize a net profit attributable to the parent company of 210250 million yuan in the first quarter of 2022, with a year-on-year increase of 59.38% – 89.74%.
Beneficial object
We are optimistic about the broad market of functional membrane materials under the background of industrial transfer, the breakthrough of domestic substitution of high-end electronic materials from 0 to 1, and the new opportunities of new materials in the wave of new energy. The subject of the beneficiary is the following: Jiangsu Sidike New Materials Science & Technology Co.Ltd(300806) Puyang Huicheng Electronic Material Co.Ltd(300481) etc.
Risk tip: technological breakthrough is less than expected, industry competition intensifies, raw material price fluctuations, etc
