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 23, semi reported that the global wafer plant equipment expenditure is expected to reach a new high of 107 billion US dollars in 2022. March 22, 2022, California time – semi pointed out in its latest quarterly world Fab forecast that the global front-end fab equipment expenditure in 2022 is expected to increase by 18% (YoY) over the same period last year, reaching a record high of US $107 billion, the third consecutive year after a 42% surge in 2021.
New energy materials related:
On March 23, the national development and Reform Commission and the National Energy Administration jointly issued the medium and long term plan for the development of hydrogen energy industry (20212035). The plan puts forward the objectives of various stages of the development of hydrogen energy industry: by 2025, basically master the core technology and manufacturing process, the number of fuel cell vehicles is about 50000, deploy and build a number of hydrogen refueling stations, the hydrogen production capacity of renewable energy will reach 1 China Vanke Co.Ltd(000002) 00000 tons / year, and the carbon dioxide emission reduction will be 1-2 million tons / year. By 2030, a relatively complete technological innovation system for hydrogen energy industry and a clean energy hydrogen production and supply system will be formed to effectively support the realization of the carbon peak goal. By 2035, a diversified application ecology of hydrogen energy will be formed, and the proportion of hydrogen production from renewable energy in terminal energy consumption will increase significantly.
Information update of key enterprises:
Valiant Co.Ltd(002643) : on March 26, the company released its annual report for 2021: in 2021, the company achieved a total revenue of 4.359 billion yuan, a year-on-year increase of 49.36%; The net profit attributable to the shareholders of the listed company was 627 million yuan, a year-on-year increase of 24.16%; After deducting non recurring profits and losses, the net profit attributable to shareholders of listed companies was 592 million yuan, a year-on-year increase of 22.65%; The basic earnings per share was 0.69 yuan, a year-on-year increase of 23.21%; The weighted average return on net assets was 11.73%, with a year-on-year increase of 1.50 percentage points. The company released the performance forecast for the first quarter of 2022. It is expected that the performance of the first quarter of 2022: the net profit attributable to the shareholders of the listed company: 210 million yuan – 250 million yuan, with a year-on-year increase of 59.38% – 89.74%; Net profit after deducting non recurring profit and loss: 205 million yuan – 243 million yuan; Basic earnings per share: 0.23 yuan / share – 0.27 yuan / share.
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.
It is suggested to pay attention to Zhejiang Juhua Co.Ltd(600160) , the company has a complete fluorine chemical industry chain, the main products are produced according to international advanced standards, the core business fluorine chemical industry is in the leading position in China (among which fluorine refrigerant is in the leading position in the world), and the characteristic new chlor alkali materials are in the leading position in China. 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 has fallen sharply; The product price fluctuates greatly; Focus on the company’s performance does not meet expectations.
