Market review this week (April 18 – April 22)
The new materials index fell 6.5%, outperforming the gem index. OLED materials fell 3.08%, semiconductor materials fell 4.08%, membrane materials fell 2.97%, additives fell 4.38%, carbon fiber fell 1.82% and tail gas treatment fell 2.53%. The top five increases are Cybrid Technologies Inc(603212) , Hangzhou Greenda Electronic Materials Co.Ltd(603931) , Jiangsu Pacific Quartz Co.Ltd(603688) , Xi’An Manareco New Materials Co.Ltd(688550) , Hunan Kaimeite Gases Co.Ltd(002549) ; The top five declines were Baoding Lucky Innovative Materials Co.Ltd(300446) , Levima Advanced Materials Corporation(003022) , Jiangsu Nata Opto-Electronic Material Co.Ltd(300346) , Chengzhi Co.Ltd(000990) , Red Avenue New Materials Group Co.Ltd(603650) .
Observation of new materials week: the value of configuration is gradually highlighted, and attention is paid to the good opportunities of new materials industry layout
We selected 81 new material listed companies that have disclosed the annual report or performance express of 2021 and have wind profit forecast data as a sample to conduct relevant research on valuation level and growth. The results show that after the phased adjustment from the beginning of 2022 to the present, the configuration value of the new material industry has gradually become prominent. In terms of valuation level, the current share price (April 22) corresponds to 19, 42 and 20 listed companies with PE in the range of 0-15 times, 15-30 times and more than 30 times in 2022, accounting for 23%, 52% and 25% respectively. In terms of growth, there are 24, 46 and 11 pegs in the range of 0-0.5, 0.5-1 and greater than 1 respectively, accounting for 30%, 57% and 13% respectively. Among the 81 listed companies in the new material industry, the number of companies with current valuation level less than 30 times and PEG less than 1 reached 54, accounting for 66.67%. Therefore, on the whole, the listed companies of new materials have strong growth, and the current valuation is also at a low level.
Looking forward to the future, we are firmly optimistic about the high growth attribute of China’s new material companies. At present, the configuration value has gradually become prominent. It is suggested to focus on the layout opportunities of the new material industry.
Important company announcements and industry information
[ Xi’An Manareco New Materials Co.Ltd(688550) ] in the first quarter of 2022, the company realized an operating revenue of 425 million yuan, a year-on-year increase of 38.00%, a net profit attributable to the parent company of 798029 million yuan, a year-on-year increase of 57.91%, and a net profit deducted from non attributable to the parent company of 757677 million yuan, a year-on-year increase of 77.76%.
[ Haohua Chemical Science & Technology Corp.Ltd(600378) ] in 2021, the company achieved an operating revenue of RMB 7.424 billion, a year-on-year increase of 36.92%, a net profit attributable to the parent company of RMB 891 million, a year-on-year increase of 37.61%, and a net profit deducted from the non attributable to the parent company of RMB 884 million, a year-on-year increase of 43.49%.
[ Jiangxi Hungpai New Material Co.Ltd(605366) ] in 2021, the company achieved an operating revenue of 1.283 billion yuan, a year-on-year increase of 42.96%, a net profit attributable to the parent company of 168 million yuan, a year-on-year increase of 36.66%, and a net profit deducted from non attributable to the parent company of 155 million yuan, a year-on-year increase of 53.96%.
Beneficial object
We are optimistic about the broad market of functional membrane materials under the background of industrial transfer, the breakthrough of domestic substitution of high-end electronic materials from 0 to 1, and the new opportunities of new materials in the wave of new energy. Beneficiary targets include: Haohua Chemical Science & Technology Corp.Ltd(600378) , Red Avenue New Materials Group Co.Ltd(603650) , Sichuan Em Technology Co.Ltd(601208) , Ningbo Solartron Technology Co.Ltd(688299) , Zhejiang Jiemei Electronic And Technology Co.Ltd(002859) , Sunresin New Materials Co.Ltd Xi’An(300487) , Hunan Sokan New Materials Co.Ltd(688157) , etc.
Risk tip: technological breakthrough is less than expected, industry competition intensifies, raw material price fluctuations, etc.
