Key investment points:
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 19, Hunan’s implementation of the strategy of “strengthening the provincial capital” and the promotion meeting of the construction of Changsha Zhuzhou Xiangtan metropolitan area were held in Changsha. The provincial Party committee and the provincial government issued several opinions on implementing the strategy of strengthening the provincial capital and supporting the high-quality development of Changsha, setting new goals and tasks for Changsha: creating a national central city, creating a leading area of “three highlands”, building a happy city suitable for living, working and traveling Lead the coordinated development of Changsha Zhuzhou Xiangtan metropolitan area and all cities and prefectures in the province. The opinion points out that Xiangjiang new area will accelerate the development of high-end industries, vigorously develop high-end equipment manufacturing industry dominated by construction machinery, new material industry dominated by advanced energy storage materials, and a new generation of electronic information industry dominated by intelligent terminals and third-generation semiconductors. By 2026, three 200 billion level industries will be formed, and the total industrial output value of Xiangjiang new area will reach 1.5 trillion yuan.
Show material related:
On April 20, led Online reported that India plans to develop its own LED driver chip to revitalize “made in India”. According to Indian media reports on April 13, India has established a non-profit organization – Epic foundation, which aims to revitalize the Indian electronics industry by building Indian made electronic products and Indian brands. The report shows that epic foundation plans to stimulate the demand for “made in India” semiconductor chips in downstream applications by expanding the output of electronic products in India, such as LED bulb products already produced in India and facing the local market. According to reports, epic foundation will vigorously revitalize Indian electronic products and Indian brands from the design and production of electronic products to semiconductor chips. Specifically, the epic foundation plans to produce 700 million LED driver chips and 10 million tablet computers. At the same time, it also aims to create a $45 billion market for electronic products in India. At the press conference on the same day, epic Foundation launched two main products: 10.1-inch tablet computer (positioning education and other markets) and LED driver chip. Among them, the design and production of LED driver chips will be supported by the Indian light source and device manufacturers association (elcoma).
New energy materials related:
On April 20, the National Energy Administration released the statistical data of the national power industry from January to March. By the end of March, China’s installed power generation capacity was about 2.4 billion kw, a year-on-year increase of 7.8%. Among them, the installed capacity of wind power was about 340 million KW, a year-on-year increase of 17.4% Cecep Solar Energy Co.Ltd(000591) installed power generation capacity was about 320 million KW, an increase of 22.9% year-on-year.
Information update of key enterprises:
Zhejiang Juhua Co.Ltd(600160) : on April 20, the company released its annual report for 2021: during the reporting period, the company achieved an operating revenue of 17.986 billion yuan, a year-on-year increase of 12.03%, of which the main business revenue was 14.269 billion yuan, a year-on-year increase of 34.05%; The total profit was 1.076 billion yuan, a year-on-year increase of 685.53%; The net profit attributable to shareholders of listed companies was 1.109 billion yuan, a year-on-year increase of 106287%.
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.
It is suggested to pay attention to Zhejiang Juhua Co.Ltd(600160) , the company has a complete fluorine chemical industry chain, the main products are produced according to international advanced standards, the core business fluorine chemical industry is in the leading position in China (among which fluorine refrigerant is in the leading position in the world), and the characteristic new chlor alkali materials are in the leading position in China.
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.
