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 April 12, semi reported that global semiconductor equipment sales surged 44% in 2021, hitting an industry high of $102.6 billion. On April 12, 2022, California time, semi proposed in its statistical report on the global semiconductor equipment market that the sales of global semiconductor manufacturing equipment surged in 2021, an increase of 44% compared with us $71.2 billion in 2020, reaching a record high of US $102.6 billion. For the second time, China became the largest market for semiconductor equipment, with sales increasing by 58% to US $29.6 billion, the fourth consecutive year of growth. South Korea is the second largest equipment market. After strong growth in 2020, sales increased by 55% to $25 billion.
Show material related:
On April 11, led Online reported that Guangzhou’s strategic emerging industry plan was released, and new displays were highlighted. On April 8, Guangzhou Municipal People’s government issued the 14th five year plan for the development of strategic emerging industries in Guangzhou (hereinafter referred to as the plan). According to the plan, during the 14th Five Year Plan period, Guangzhou took the development of strategic emerging industries as the “primary project” of economic work. In 2025, the added value of strategic emerging industries exceeded 1.2 trillion yuan, and the added value of strategic emerging industries accounted for 35% of the city’s GDP. The plan proposes to promote the leapfrog development of a new generation of information technology industry, focus on the implementation of “strong core”, “bright screen” and “network integration” projects, build a whole industrial chain cluster of integrated circuit “design manufacturing packaging testing” and ultra-high definition video and new display “equipment manufacturing content creation application services”, and strive to build a “display city”, “famous software city” and “5g highland”, Provide solid support for building a strong network city and digital Guangzhou.
New energy materials related:
On April 15, cnr.com: the medium and long-term plan was issued, and China’s hydrogen energy development added a “signboard”. The medium and long term plan for the development of hydrogen energy industry (20212035) defines the three strategic positioning of hydrogen energy: hydrogen energy is an important part of the future national energy system; Hydrogen energy is an important carrier to realize green and low-carbon transformation of energy consumption terminal; Hydrogen energy industry is a strategic emerging industry and the key development direction of future industry. The “plan” issued by China also defines the three strategic positioning of hydrogen energy, that is, hydrogen energy is an important part of the future national energy system; Hydrogen energy is an important carrier to realize green and low-carbon transformation of energy consumption terminal; Hydrogen energy industry is a strategic emerging industry and the key development direction of future industry.
Key enterprise information update:
Hubei Dinglong Co.Ltd(300054) : on April 15, the company released its annual report for 2021: in 2021, the company achieved a total revenue of 2.356 billion yuan, a year-on-year increase of 29.67%; The net profit attributable to shareholders of listed companies was 214 million yuan, a year-on-year increase of 233.6%; After deducting non recurring profits and losses, the net profit attributable to the shareholders of the listed company was 207 million yuan, a year-on-year increase of 175.62%; The basic earnings per share was 0.23 yuan, a year-on-year increase of 235.29%; The weighted average return on net assets was 5.64%, with a year-on-year increase of 10.03%.
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.
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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 fell sharply; The product price fluctuates greatly; Focus on the company’s performance does not meet expectations.
