Market review:
Last week, the new materials sector fell 2.27%, while the Shanghai and Shenzhen 300 index fell 2.14% in the same period. The new materials sector lagged behind the market by 0.13 percentage points. In terms of individual stocks, 31 of the 98 stocks in the sector rose, and 51 stocks outperformed the market. The top five gainers were Zhejiang Yongtai Technology Co .Ltd(002326) (30.02%), Xi’An Manareco New Materials Co.Ltd(688550) (17.28%), Hunan Kaimeite Gases Co.Ltd(002549) (9.19%), Guangdong Huate Gas Co.Ltd(688268) (6.17%), Haohua Chemical Science & Technology Corp.Ltd(600378) (5.00%); The top five declines were National Silicon Industry Group Co.Ltd(688126) (- 10.70%), Hangzhou First Applied Material Co.Ltd(603806) (- 10.02%), Thinkon Semiconductor Jinzhou Corp(688233) (- 9.52%), ST danbang (- 9.21%), Hoshine Silicon Industry Co.Ltd(603260) (- 8.55%).
Industry hot spots:
The price of the shares issued by China keying.com was officially determined as “6833 yuan” on March 29, 2023 after the inquiry and reply of all parties. The company estimates that the net amount of funds raised by this raised investment project is 2.777 billion yuan. Zhongfu Shenying is one of the leading carbon fiber enterprises in China. It has abundant carbon fiber products and has basically covered the varieties of high-strength, high-strength medium model, high-strength high-strength model and other carbon fibers. The company’s Jiangsu Lianyungang Port Co.Ltd(601008) base has a carbon fiber capacity of 3500 tons / year and is in full load. The funds raised in this IPO will be used for the project of high-performance carbon fiber and supporting precursor with an annual output of 10000 tons in Xining, the aerospace high-performance carbon fiber and precursor test line project and the R & D and manufacturing project of carbon fiber aviation application, which will help the company further improve the industrial chain layout in the field of carbon fiber, expand the scale effect, accelerate the improvement of high-performance carbon fiber production technology and enhance the core competitiveness of the company.
PVDF: last week, Lecron Industrial Development Group Co.Ltd(300343) issued an announcement on the progress of foreign investment. The company and Jiangxi Black Cat Carbon Black Inc.Ltd(002068) jointly established “Inner Mongolia Lianhe fluorocarbon New Material Co., Ltd.” which was deliberated and approved at the second extraordinary general meeting of shareholders in 2022 held on March 3, 2022. The joint venture has completed the registration procedures and obtained the business license issued by Wuhai market supervision and Administration Bureau. The official landing of the joint venture means that the newly announced 50000 T / a PVDF and supporting industrial chain projects will be put into construction one after another. Up to now, lithium grade PVDF is still in a state of imbalance between supply and demand, the price continues to rise, and the transaction price has even exceeded 500000 yuan / ton; The price of raw material R142b is also high and strong, and the manufacturer’s quotation is basically at the level of 195000200000 yuan / ton. It is expected that lithium battery grade PVDF and R142b will continue to operate at high prices in the short term. At present, Lecron Industrial Development Group Co.Ltd(300343) lithium battery grade PVDF has been officially incorporated into Contemporary Amperex Technology Co.Limited(300750) supply chain system, and its R142b production capacity and export quota are leading in the country. While the product quality is certified by strength, it has great cost advantage. The company will fully benefit from the high price of PVDF and R142b. In the future, the new PVDF and supporting capacity will be implemented one after another, and the company’s PVDF industrial chain integration advantages and scale advantages will be further highlighted.
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.
