Market review:
Last week, the new materials sector fell 4.30%, while the Shanghai and Shenzhen 300 index fell 4.19% in the same period. The new materials sector lagged behind the market by 0.11 percentage points. In terms of individual stocks, 17 of the 100 stocks in the sector rose, and 45 outperformed the market. The top five gainers were Hangzhou Greenda Electronic Materials Co.Ltd(603931) (10.56%), Jiangsu Pacific Quartz Co.Ltd(603688) (10.32%), Shanghai Hajime Advanced Material Technology Co.Ltd(301000) (10.31%), Xi’An Manareco New Materials Co.Ltd(688550) (10.29%), Hunan Kaimeite Gases Co.Ltd(002549) (6.71%); The top five declines were Lushan Xincai (- 20.66%), Jiangsu Boiln Plastics Co.Ltd(301003) (- 20.11%), ST danbang (- 16.57%), ST Dewei (- 15.24%) and Levima Advanced Materials Corporation(003022) (- 12.58%).
Industry hot spots:
PVDF: the market price of PVDF is stable, remains high, and the cost side is weak. According to Baichuan Yingfu data: as of April 22, the weekly average price of PVDF in photovoltaic market was 280000 yuan / ton, that in coating market was 330000 yuan / ton, and that in lithium battery market was 470000 yuan / ton. At present, the downstream enterprises of coatings, backplanes and some 3C grade PVDF are limited by the high price, and the purchase demand is not strong. The demand for PVDF of power battery continues to rise. Affected by battery enterprises, the cycle test of PVDF production end continues to accelerate. Affected by the continuous growth of R142b supply, the cost side support of PVDF is gradually loosened. The average reference quotation of R142b was 180000 yuan / ton, down 3.23% from last week. The subsequent R142b supply side expansion plan is put into operation successively, the capacity utilization is expected to improve, the downstream market will remain on the sidelines, and the subsequent cost side is expected to be reduced. In the first quarter of 2022, Sinochem Lantian, Lianchuang, Ningxia Tianlin and other enterprises accelerated the layout of new production capacity. The new production capacity of PVDF has entered the trial production stage, and the market supply side has increased. Overall, the external quotation of PVDF production is greatly affected by the supply and demand structure. Under the condition that the cost side support drops slightly and the downstream demand remains good, it is predicted that the short-term market fluctuation of PVDF is limited, and the market price continues to be stable and remains high. It is suggested to pay attention to the corresponding leaders of the industry.
Carbon fiber: on April 21, the Ministry of industry and information technology issued the guidance on the high-quality development of chemical fiber industry, which focuses on the development direction of high-performance carbon fiber. The opinion points out that it is necessary to overcome the preparation technology of large tow above 48K, high strength, high modulus and high extension, t1100 and m65j carbon fiber, improve the consistency of product quality and batch stability, and further expand the application of new materials in aerospace, environmental protection, geotechnical construction and other fields. At present, the market price of carbon fiber in China is stable. According to the data of Baichuan Yingfu, as of April 22, the market price of domestic T300 grade 12K carbon fiber is 180200 yuan / kg; The market price of domestic T300 grade 24 / 25K carbon fiber is 150155 yuan / kg; The market price of domestic T300 grade 48 / 50K carbon fiber is 140145 yuan / kg; The market price of domestic T700 grade 12K carbon fiber is 260270 yuan / kg, which is basically the same as last week. It is expected that the current Chinese carbon fiber market price fluctuation is limited and the raw material cost side price will maintain stability in the short term. We are optimistic about the large volume of the industry on large aircraft in the future, and we suggest paying attention to the corresponding leaders.
Risk factors: downstream demand is less than expected; The domestic substitution process of core materials is less than expected; The construction progress of capacity under construction is less than expected; The price of raw materials fluctuated sharply.
