Key investment points:
Market review this week. This week, the wind new material index closed at 383826 points, up 0.31% month on month. Among them, Shanghai Aladdin Biochemical Technology Co.Ltd(688179) (22.48%), Shandong Head Co.Ltd(002810) (16.11%), Jiangsu Sidike New Materials Science & Technology Co.Ltd(300806) (10.85%), Rianlon Corporation(300596) (8.93%), Kbc Corporation Ltd(688598) (8.53%); The top five declines were Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) (- 14.93%), Hubei Xiangyuan New Material Technology Inc(300980) (- 14.41%), Jiangxi Chen Guang New Materials Co.Ltd(605399) (- 11.21%), Zhejiang Runyang New Material Technology Co.Ltd(300920) (- 10.84%), Shenzhen Wote Advanced Materials Co.Ltd(002886) (- 10.02%). Among the six sub industries, the semiconductor material index of Shenwan tertiary industry closed at 6447.4 points, down 1.48% month on month; The Shenwan tertiary industry display material index closed at 918.32 points, up 3.76% month on month; The organosilicon material index of CITIC’s tertiary industry closed at 761609, down 1.67% month on month; CITIC’s tertiary industry carbon fiber index closed at 3539 points, up 8.53% month on month; CITIC’s tertiary industry lithium battery index closed at 411199 points, up 5.13% month on month; The wind concept degradable plastics index closed at 159818, down 3.2% month on month.
The semiconductor industry maintains high growth, which is expected to drive the demand for semiconductor materials. According to icinsights, 13 companies plan to increase capital expenditure by more than 40% in 2022 compared with 2021. The largest capital expenditure in 2022 will come from TSMC, reaching US $42 billion, an increase of 40%, and Intel will reach US $27 billion, an increase of 44%. The total capital expenditure of the semiconductor industry is US $1540 billion, an increase of 2.4% over that of the ICs industry in 2021. According to Gartner, global semiconductor revenue is expected to reach US $676 billion in 2022, an increase of 13.6% over 2021. Chip shortage will continue to be one of the concerns of the electronic equipment supply chain in 2022, and will have different effects on the main electronic equipment market according to different types of semiconductor devices. High capital expenditure may ensure the expansion of production capacity of the semiconductor industry in the next few years, which is expected to drive the demand for semiconductor materials.
Recommendation of key targets: downstream demand promotes industrial upgrading and innovation, and the industry has entered a period of rapid development. China continues to promote manufacturing upgrading, the demand for high-standard and high-performance materials will be gradually released, and the new material industry is expected to develop rapidly. China’s leading anti-aging agent Rianlon Corporation(300596) . The conflict between Russia and Ukraine broke out, rare gas was in short supply and the price rose rapidly. Guangdong Huate Gas Co.Ltd(688268) as the leader of special gas, it actively built an integrated sales platform of special gas. With the steady release of production expansion projects, the profitability is expected to continue to improve. It is suggested to focus on Guangdong Huate Gas Co.Ltd(688268) Shandong Sinocera Functional Material Co.Ltd(300285) the three businesses have been steadily improved, and the businesses of all sectors have gone hand in hand, benefiting from the strong demand for new energy materials and significant long-term growth. It is suggested to focus on the new material platform company Shandong Sinocera Functional Material Co.Ltd(300285) . In terms of electronic chemicals, the downstream wafer factories are gradually completed, and the chip capacity is expected to continue to be released. It is suggested to pay attention to: Anji Microelectronics Technology (Shanghai) Co.Ltd(688019) , Hubei Dinglong Co.Ltd(300054) . Under the background of carbon neutralization, the green power industry is booming and the installed capacity of photovoltaic wind power is gradually rising. It is suggested to pay attention to the leading enterprise of upstream raw material metal silicon Hoshine Silicon Industry Co.Ltd(603260) , the leading enterprise in EVA particle technology Levima Advanced Materials Corporation(003022) , the company with trichlorosilane capacity Zhejiang Xinan Chemical Indusyrial Group Co.Ltd(600596) and Tangshan Sunfar Silicon Industry Co.Ltd(603938) .
Risk tip: downstream demand is less than expected, product price fluctuation risk, new capacity release is less than expected, etc.
