Key investment points:
The new materials industry index lost 1.15 percentage points to the Shanghai Composite Index this week. This week (202203.28202204.01, the same below), the new material industry index rose 1.04%, underperforming the Shanghai Composite Index by 1.15 percentage points and the gem index by 0.06 percentage points; As of April 1, 2022, the new materials industry index has risen by 17.09% in the past year, outperforming the Shanghai Composite Index by 22.39 percentage points and the gem index by 22.36 percentage points.
Weekly market of each segment of new materials. In terms of degradable materials, the prices of PLA and PBAT remained stable. As of April 1, 2022, the average price of PLA was 25000 yuan / ton, the price was the same as last week, and the average price of PBAT was 25750 yuan / ton, the price was the same as last week. In terms of semiconductor materials, as of April 01, 2022, Shenwan semiconductor materials index closed at 755317, down 1.82% month on month. The Philadelphia Semiconductor Index closed at 336660, down 4.50% from the same period last week. In terms of new lithium battery materials, lithium iron phosphate quoted 160000 yuan / ton this week, a slight decrease of 0.31%; In February 2022, the loading volume of ternary battery and lithium iron phosphate battery was 5.85gwh and 7.78gwh respectively, with a year-on-year increase of 75.63% and 247.28% respectively, and a month-on-month decrease of 19.93% and 12.33% respectively. Since July 2021, the loading volume of lithium iron phosphate battery has exceeded that of ternary battery for eight consecutive months.
New material sector and individual stock recommendation. Give the industry “leading city” rating; We suggest looking for investment opportunities from the following four main lines: 1. New energy lithium battery sector. At the upstream resource end, the price of lithium carbonate continues to reach a new high, which reflects the shortage of lithium resources. Lithium has become one of the core elements of the development of lithium battery industry. In 2022, the global demand for lithium carbonate maintained strong growth, and the growth on the supply side was relatively limited. In addition, relevant mining enterprises experienced the decline cycle of lithium mines in the previous period, so they were relatively cautious in expanding production. It is expected that the prices of lithium mines and lithium carbonate will remain high in 2022. In the short term, it is suggested to pay attention to the mica lithium extraction enterprises Yongxing Special Materials Technology Co.Ltd(002756) and Jiangxi Special Electric Motor Co.Ltd(002176) ; In the medium and long term, it is suggested to pay attention to the leading lithium resources Ganfeng Lithium Co.Ltd(002460) and Tianqi Lithium Corporation(002466) . At the midstream material end, with the recovery of the proportion of lithium iron phosphate installed back, the demand for lithium iron phosphate is increasing day by day. It is suggested to pay attention to Shenzhen Dynanonic Co.Ltd(300769) , the leader of lithium iron phosphate industry. At the same time, it is suggested to pay attention to upstream raw material enterprises, such as Hubei Xingfa Chemicals Group Co.Ltd(600141) , Yunnan Yuntianhua Co.Ltd(600096) , Xinyangfeng Agricultural Technology Co.Ltd(000902) . In terms of ternary materials, 4680 batteries are about to be officially used, and the demand for high nickel ternary battery materials is expected to usher in a major breakthrough. It is suggested to pay attention to Chinese high-quality enterprises of cathode materials and precursors Beijing Easpring Material Technology Co.Ltd(300073) , Hunan Changyuan Lico Co.Ltd(688779) , Zhejiang Huayou Cobalt Co.Ltd(603799) , etc. 2. Semiconductor material sector. The localization of semiconductor materials is the general trend. It is suggested to pay attention to the high-quality companies in the upstream semiconductor material segment, including the field of semiconductor photoresist: at present, China’s only Jiangsu Nata Opto-Electronic Material Co.Ltd(300346) , Jingrui Co., Ltd., which has the production capacity of ARF photoresist, KrF photoresist high-quality enterprises Red Avenue New Materials Group Co.Ltd(603650) and domestic photoresist high-quality companies Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) etc; Subdivided head enterprises in the field of electronic special gas Jiangsu Nata Opto-Electronic Material Co.Ltd(300346) , Jiangsu Yoke Technology Co.Ltd(002409) , Guangdong Huate Gas Co.Ltd(688268) , Suzhou Jinhong Gas Co.Ltd(688106) , etc; Leading company of wet electronic chemicals Jiangyin Jianghua Microelectronics Materials Co.Ltd(603078) etc. 3. Degradable material sector. Degradable materials are the focus of China’s policy. At present, PLA and PBAT materials are the most mature and may be popularized on a large scale. It is suggested to pay attention to Henan Jindan Lactic Acid Technology Co.Ltd(300829) and Cofco Biotechnology Co.Ltd(000930) , Hengli Petrochemical Co.Ltd(600346) , which have the core technology of PLA lactide, Hengli Petrochemical Co.Ltd(600346) , which has the integrated industrial chain of PBAT, and Red Avenue New Materials Group Co.Ltd(603650) , which has the core patent of BASF PBAT. 4. Salt lake lithium extraction sector. It is estimated that the mainstream technologies for lithium extraction from salt lakes in China in the future are adsorption method, membrane method and extraction method. From the current point of view, the adsorption method of Sunresin New Materials Co.Ltd Xi’An(300487) has been used in zangge and Jintai, and the effect is good. Sunresin New Materials Co.Ltd Xi’An(300487) . At the same time, it is suggested to pay attention to Jiangsu Jiuwu Hi-Tech Co.Ltd(300631) and Suntar Environmental Technology Co.Ltd(688101) of membrane method and Zhejiang Xinhua Chemical Co.Ltd(603867) ofextraction method.
Risk warning: the policy is not as expected; Price fluctuation of raw materials; Macroeconomic growth slowed down and downstream demand was lower than expected; The intensification of Sino US trade friction has slowed down the growth of downstream demand.
