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 are in the core areas of research and development of high-quality chemicals, intermediates and new materials (including high-quality chemicals, semiconductors, etc.), and we are mainly in the supply chain of high-quality chemicals and new materials. Give the industry a "recommended" rating.
Industry information update:
Semiconductor related:
On May 19, global semiconductor observation: power semiconductor ushered in a new round of production expansion opportunity, and IGBT, SiC and Gan became a concentrated force direction. Power semiconductor is still in short supply in 2022, and the industry is still booming. However, different from the previous tight supply of all kinds of devices, the low-end market has been gradually saturated after nearly two years of capacity expansion. Affected by structural driving factors this year, the demand for automobile, industry, renewable energy and intelligent equipment is very strong. In terms of power devices, IGBT and third-generation semiconductors (such as SiC and GaN) have become the focus of enterprises. Previously, according to the public news of the media, both ansenmey and Infineon reported that the orders of power semiconductors were full. The news showed that the full orders mainly refer to IGBT. In response to the strong market demand, recently, Japanese companies such as Renesas, Fuji electric and Toshiba came the good news of power semiconductor. Facing the change of market demand, Chinese manufacturers have also ushered in a new round of development opportunities. Previously, China's power semiconductor manufacturers mainly focused on discrete devices and had a long-standing layout in basic electronic components such as diodes and rectifiers. Driven by the strong market demand and enterprise self-improvement factors, Chinese manufacturers have a strong development momentum, and the product form has shifted from medium and low-end devices such as diodes, thyristors and low-voltage MOSFETs to more valuable high-end devices such as IGBT, medium and high-voltage MOSFET and third-generation semiconductor.
Show material related:
On May 19, led Online reported that AR / VR developed rapidly and Thunderbird / vivo / byte jump and other overweight layout. With the penetration of virtual world culture, people's understanding of AR / VR is also gradually deepened, and the development prospect of VR / AR head display equipment is more and more broad. According to trendforce Jibang consulting, the global shipment of VR / AR devices will be 12.02 million units in 2022, with an annual growth rate of 26.4%. Based on the strong market demand, more and more manufacturers begin to accelerate the layout of AR / VR field. Recently, Thunderbird, vivo, byte beat, Enjoyor Technology Co.Ltd(300020) , nail and nail have heard new developments one after another. On May 16, the launching ceremony of Thunderbird innovation and Doctorglasses Chain Co.Ltd(300622) joint laboratory and the offline launch experience meeting of Thunderbird airxr smart glasses were held in Shenzhen. The two sides will cooperate in human wearing engineering and optical waveguide myopia solutions. On May 17, vivo Mobile Communication Co., Ltd. disclosed a patent entitled "head mounted display device and its heat dissipation method", with the publication number of cn114513939a. On May 17, the appearance patent of "headset" applied by Beijing zitiao Network Technology Co., Ltd. was authorized, and the publication number is cn307348785s. On May 18, Enjoyor Technology Co.Ltd(300020) said at the interactive exchange of Shenzhen stock exchange that although the company has not directly participated in the research and development of relevant product applications of metauniverse (including VR / AR field), the company is optimistic about the future development of this field and invested in magicleap in 2015. At present, nailing has been launched in XR equipment version. When you download the nail client from the nail official website, you can see that this version has been officially launched. At present, it supports rokidairar glasses and Huawei meta20, P40 and other mobile devices.
New energy materials related:
On May 17, the National Energy Administration: by the end of April, the Cecep Solar Energy Co.Ltd(000591) cumulative installed capacity was about 322.57gw, with a year-on-year increase of 23.6%. On May 17, the National Energy Administration released the statistical data of the national power industry from January to April. By the end of April, China's installed power generation capacity was about 2.41 billion kw, a year-on-year increase of 7.9%. Among them, the installed capacity of wind power was about 340 million KW, a year-on-year increase of 17.7% Cecep Solar Energy Co.Ltd(000591) installed power generation capacity was about 320 million KW, an increase of 23.6% year-on-year. From January to April, the cumulative average utilization of power generation equipment in China was 1176 hours, a decrease of 41 hours over the same period last year. Among them, 1417 hours of thermal power, 51 hours less than the same period last year; 2447 hours of nuclear power, a decrease of 4 hours over the same period last year; 778 hours of wind power, 45 hours less than the same period last year. From January to April, the investment in power supply projects of major power generation enterprises in China was 117.3 billion yuan, a year-on-year increase of 5.1%. Among them, Cecep Solar Energy Co.Ltd(000591) power generation was 29 billion yuan, an increase of 204.1% year-on-year. The investment in power grid projects was 89.3 billion yuan, a year-on-year increase of 4.7%.
Information update of key enterprises:
Do-Fluoride New Materials Co.Ltd(002407) : on May 19, the company issued an announcement on entering the supplier system of TSMC: Do-Fluoride New Materials Co.Ltd(002407) has officially entered the qualified supplier system of TSMC after on-site audit and several rounds of on-line test in Nanjing factory of Taiwan integrated circuit manufacturing Co., Ltd., and recently began to deliver high-purity electronic chemical materials to TSMC (Nanjing) Co., Ltd.
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.
