Market Review
Last week, the new material sector fell 6.78%, the Shanghai and Shenzhen 300 index fell 2.39% in the same period, and the new material sector lagged behind the market by 4.39 percentage points. In terms of individual stocks, 22 of the 97 stocks in the plate rose, and 38 outperformed the market. The top five gainers were * ST Dewei (11.92%), Holitech Technology Co.Ltd(002217) (10.60%), Jiangxi Chen Guang New Materials Co.Ltd(605399) (6.04%), Jiangyin Jianghua Microelectronics Materials Co.Ltd(603078) (5.87%) and Yifan Pharmaceutical Co.Ltd(002019) (5.45%); The top five declines were Haohua Chemical Science & Technology Corp.Ltd(600378) (- 20.93%), Shanghai Hiuv New Materials Co.Ltd(688680) (- 20.76%), Hangzhou First Applied Material Co.Ltd(603806) (- 17.2%), Jilin Oled Material Tech Co.Ltd(688378) (- 13.53%) and Hubei Xingfa Chemicals Group Co.Ltd(600141) (- 12.80%).
Industry hot spots:
LMFP: in the past, LMFP (lithium manganese iron phosphate) was limited by its low conductivity and magnification performance. Now, with the progress of modification technologies such as carbon coating, Nanocrystallization and lithium supplement technology, the industrialization process of LMFP began to accelerate. On January 5, Shenzhen Dynanonic Co.Ltd(300769) announced that the company signed an investment agreement with the people's Government of Qujing City and the Management Committee of Qujing Economic Development Zone, and planned to invest in the production base of new phosphate cathode materials with an annual output of 330000 tons in Qujing Economic Development Zone, with a total investment of about 7.5 billion yuan. LMFP is currently considered as the main upgrading direction of LFP (lithium iron phosphate). It not only has the advantages of LFP, but also has a higher voltage platform and the same theoretical gram capacity as LFP. Therefore, under the same conditions, the theoretical energy density of LMFP is 15-20% higher than that of LFP. At the same time, LMFP compounding in high nickel ternary materials is also expected to solve its safety problem. Shenzhen Dynanonic Co.Ltd(300769) this expansion project means that, as the upgrading direction of LFP, the industrialization of LMFP has begun, and the production capacity will gradually move from 10000 tons to 100000 tons or even hundreds of thousands of tons. In the long run, as the cost of LMFP decreases and the cycle performance improves, the upgrading process from auxiliary materials to main materials will be accelerated.
PVDF: before New Year's day, the new 10000 ton power lithium battery grade PVDF project in the newly planned high-end 55000 T / a PVDF expansion project of Dongyue Group was officially started and laid the foundation. The capacity started this time is mainly lithium battery grade PVDF with higher technical barriers, which can be used as lithium battery binder, lithium battery diaphragm, Cecep Solar Energy Co.Ltd(000591) battery backplane packaging film and other key materials, It is expected to be completed and put into operation in October 2022, so as to timely meet the rapid growth demand of domestic new energy vehicles for key materials. Under the background of the rapid growth in the demand for lithium grade PVDF in the new energy industry and the shortage of capacity supply of high-end products, the price of battery grade PVDF in China has accelerated since the second half of 2021, driving the price of industrial grade PVDF to rise simultaneously, and there is no sign of high loosening. According to the data of Baichuan Yingfu, as of January 7, 2022, The mainstream prices of industrial grade PVDF powder and granular materials in China are 340000 yuan / ton and 320000 yuan / ton respectively, and the price of battery grade PVDF is 445000 yuan / ton. Under the background that there is still an obvious gap between supply and demand, the price of PVDF is expected to remain high in the short term. It is recommended to pay attention to relevant enterprises with existing PVDF capacity or about to be put into operation.
Risk factors: downstream demand is less than expected; The domestic substitution process of core materials is not as expected; The construction progress of capacity under construction is less than expected; The price of raw materials fluctuates greatly.
