Investment summary:
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The main application fields of trichlorosilane are polysilicon and silane coupling agent: trichlorosilane, also known as trichlorosilane and silicon chloroform, is a widely used silicone monomer, which is widely used in the synthesis of organosilane and alkyl, aryl and organic functional chlorosilane. It is not only the most basic monomer in organosilane coupling agent, but also the main raw material for the production of polysilicon.
Silicon hydrochlorination is the mainstream process of trichlorosilane:
At present, there are two main synthetic methods of trichlorosilane: silicon hydrochlorination method, which uses metallurgical grade silicon powder or ferrosilicon and silicon copper as raw materials to react with HCl gas. Silicon tetrachloride hydrogenation method. The reaction is an equilibrium reaction. The raw material is metallurgical grade silicon powder. After removing the oxide on the surface through pre activation, the yield of trichlorosilane is further improved.
With its mature technology and suitable for industrial production, hydrochlorination is the preferred process widely used by trichlorosilane production enterprises. It is more suitable for enterprises that synthesize hydrogen chloride raw materials through ion-exchange membrane caustic soda production unit. It is also the mainstream method of trichlorosilane production in China. The rapid growth of photovoltaic demand drives the prosperity of trichlorosilane upward: at present, China’s production of photovoltaic grade trichlorosilane is less than 200000 tons, and there is little pressure on the supply expansion of photovoltaic grade trichlorosilane in the short term. With the gradual release of new polysilicon production capacity, it is expected to drive the landscape of photovoltaic grade trichlorosilane to continue to rise. According to Baichuan Yingfu, on April 21, the market price of solar volt grade trichlorosilane was 260 Xinjiang Tianshun Supply Chain Co.Ltd(002800) 0 yuan / ton, the quotation of ordinary grade trichlorosilane was around 20000 yuan / ton, and the gross profit excluding tax was about 10000 yuan / ton.
Strong demand for silane coupling agent: silane coupling agent has the characteristics of many varieties, complex structure and wide application. It is mainly used in glass fiber, surface treatment agent, tackifier, sealant, cross-linking agent, special rubber adhesion accelerator and other fields. It is a branch of silicone industry with rapid development. According to the in-depth research report on global and Chinese silane coupling agent industry in 2021 by xinsijie, the market scale of global silane coupling agent industry will increase from US $1.29 billion in 2021 to US $1.85 billion in 2026, with a CAGR of 7.5%.
The supply and demand pattern of trichlorosilane in China has been further improved: according to Baichuan Yingfu, by the end of 2021, the effective production capacity of trichlorosilane in China was 566000 tons, 30000 tons and 90000 tons less than that in 2020 and 2019 respectively, and the supply and demand pattern has been further improved. Chinese enterprises mainly produce trichlorosilane for silane coupling agent, and electronic grade trichlorosilane is still heavily dependent on imports. We believe that the supply and demand of trichlorosilane will be tight from 2022 to 2023, which is expected to maintain a high prosperity. We suggest paying attention to relevant listed companies with trichlorosilane production capacity: Tangshan Sunfar Silicon Industry Co.Ltd(603938) , Zhejiang Xinan Chemical Indusyrial Group Co.Ltd(600596) .
Market review:
Sector performance: this week, CITIC’s primary petroleum and petrochemical index rose or fell – 4.67%, ranking 16th among 30 industry indexes. This week, the Shanghai index rose or fell – 3.87%, and the CITIC primary petroleum and petrochemical index was – 0.77% relative to the Shanghai index. The rise and fall of petroleum and petrochemical sub sectors: oil refining (- 1.06%), oil exploitation (- 2.85%), engineering services (- 3.41%), oilfield services (- 5.43%), oil sales and storage (- 5.98%), other petrochemical (- 7.07%).
Rise and fall of individual stocks: this week, the petroleum and petrochemical sector led the rise of individual stocks, including Shanxi Blue Flame Holding Company Limited(000968) (+ 31.76%), Guangdong Modern High-Tech Fiber Co.Ltd(300876) (+ 6.69%), Daqing Huake Company Limited(000985) (+ 3.45%), Ningbo Bohui Chemical Technology Co.Ltd(300839) (+ 1.83%), Geo-Jade Petroleum Corporation(600759) (+ 1.82%); Stocks leading the decline include Suzhou Douson Drilling&Production Equipment Co.Ltd(603800) (- 15.18%), Zibo Qixiang Tengda Chemical Co.Ltd(002408) (- 13.34%), Hy Energy Group Co.Ltd(600387) (- 9.39%), Zhejiang Hailide New Material Co.Ltd(002206) (- 8.91%), Yueyang Xingchang Petro-Chemical Co.Ltd(000819) (- 8.33%), etc.
Risk warning: policy risk; Geopolitics exacerbates risks; The risk of sharp fluctuations in crude oil prices and the risk of continued deterioration of the global covid-19 epidemic;
