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 that the market share is concentrated 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 new chemical 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 January 11, semi China reported that the global wafer plant equipment expenditure is expected to reach a record high in 2022, marking three consecutive years of growth. January 11, 2022, California time – semi stressed in its quarterly world Fab forecast that the global front-end fab equipment expenditure is expected to increase by 10% year-on-year in 2022, reaching an all-time high of more than $98 billion, marking the third consecutive year of growth.
New energy materials related:
On January 14, starting point lithium battery big data reported that Contemporary Amperex Technology Co.Limited(300750) no negative electrode technology appeared! It will be applied to the next generation sodium ion battery. The entry of Contemporary Amperex Technology Co.Limited(300750) and the incentive policies of national departments have made sodium ion batteries a hot spot in the battery industry in the past year, which has attracted extensive attention from the market and capital. Recently, it is reported that Contemporary Amperex Technology Co.Limited(300750) has laid out the non negative metal battery technology and applied for a patent. The patent includes material design and key processes of related technologies, which is expected to take the lead in the implementation of sodium ion batteries.
Key enterprise information update:
Phichem Corporation(300398) : on January 10, the company released the annual performance forecast for 2021: during the reporting period, the epidemic situation in China was effectively controlled, and the downstream enterprises of the company gradually resumed work and production, which increased the market demand of the company’s main products and significantly increased the sales volume. It is estimated that the net profit attributable to listed shareholders in 2021 will be RMB 345 million to RMB 402 million, an increase of 50% to 75% year-on-year compared with the same period of last year.
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 not meeting expectations.
