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 January 21, the big semiconductor industry network reported that the school of integrated circuits of Huazhong University of science and technology has developed a phase change memory with the lowest power consumption in the world. The era of big data puts forward high requirements for the performance of memory, especially for brain like computing and edge computing. In the new memory, phase change memory (PCM) is the most compatible and mature storage technology with CMOS technology.
On January 21, China News Agency reported that Luo Junjie, spokesman of the Ministry of industry and information technology and director of the operation monitoring and Coordination Bureau, said in response to a reporter’s question on the 20th that the problem of “core shortage” in the automotive field is gradually alleviated, but the stability of the global integrated circuit supply chain is still facing severe challenges. In 2021, the global IC manufacturing capacity continued to be tight, and all walks of life were facing the problem of “core shortage”. Among them, the automobile industry has been the hardest hit, and many Chinese automobile enterprises have reduced production or stopped production for a short time.
New energy materials related:
On January 21, the National Energy Administration: hydrogen energy was listed as the key direction of the 2022 energy industry standard plan. Recently, the National Energy Administration issued the guidelines for the establishment of the 2022 energy industry standard plan, which mentioned that closely focusing on the implementation of the new energy security strategy of “four revolutions and one cooperation”, we should build a clean, low-carbon, safe and efficient energy system, support the objectives and tasks of energy carbon peaking and carbon neutralization, and highlight key areas and key technical requirements according to the development needs of the energy industry, Propose energy industry standard plan. In the annex “key directions for project establishment of energy industry standard plan”, renewable energy sources such as Cecep Solar Energy Co.Ltd(000591) , wind power, biomass utilization, nuclear power, new energy storage and hydrogen energy are mentioned.
Information update of key enterprises:
Hubei Dinglong Co.Ltd(300054) : on January 19, the company released the annual performance forecast for 2021: during the reporting period, the company realized a net profit of 208-238 million yuan attributable to the shareholders of the listed company, turning losses into profits. The main reasons are: the operating revenue of semiconductor CMP polishing pad business increased significantly year-on-year, and realized large-scale profit for the first time; The operating revenue of printing and copying general consumables business increased significantly year-on-year, and its overall gross profit level narrowed year-on-year due to industry competition.
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.
