This week’s industry view 1: the combination of “steady growth” is frequent, and the relevant sub sectors of chemical industry are ready to go
According to the recent “steady growth” policies issued by various national ministries and commissions, such as money and finance, we believe that under the environment of relatively abundant liquidity in China in 2022, infrastructure, electric power, new energy, informatization, national defense and military industry will become the main force of “steady growth”, and the real estate industry with deterministic decline actually does not need to be too pessimistic. Recently, it can also be found that the market’s expectation of the sound development of China’s economy in 2022 is constantly repairing and the confidence is increasing. Under the background of steady growth, internal and external double circulation and normalization of the epidemic, we suggest to focus on: refining and chemical integration leader Hengli Petrochemical Co.Ltd(600346) , polyester filament leader Xinfengming Group Co.Ltd(603225) , spandex leader Huafon Chemical Co.Ltd(002064) , viscose staple fiber leader Tangshan Sanyou Chemical Industries Co.Ltd(600409) benefiting from the recovery of consumption and the growth of undervalued value; It will benefit from the development of new energy industry, such as natural alkali leader Inner Mongoliayuan Xing Energy Company Limited(000683) , electrical material and wind power material CIS anhydride derivative leader Puyang Huicheng Electronic Material Co.Ltd(300481) , concrete admixture and wind power grouting material leader Sobute New Materials Co.Ltd(603916) , fluorine chemical leader Zhejiang Juhua Co.Ltd(600160) , Zhejiang Sanmei Chemical Industry Co.Ltd(603379) , China Kings Resources Group Co.Ltd(603505) , and PVC and other Shanghai Chlor-Alkali Chemical Co.Ltd(600618) head enterprises Tangshan Sanyou Chemical Industries Co.Ltd(600409) , Xinjiang Zhongtai Chenical Co.Ltd(002092) .
Industry view 2 this week: soda ash inventory has decreased for three consecutive weeks. It is suggested to lay out the leading Inner Mongoliayuan Xing Energy Company Limited(000683)
This week (January 17 – January 21), China’s soda ash inventory continued to go. According to the data of Baichuan Yingfu, as of January 20, the total inventory of soda ash enterprises was 1.384 million tons, a decrease of 7.92% compared with last week, and it has been stored for three consecutive weeks. In terms of demand, since 2022, the start-up of flat glass enterprises has changed little, and the demand for heavy alkali is relatively stable. According to Zhuo Chuang data, as of January 20, there were 304 float glass production lines and 264 in production in China, with a total daily melting capacity of 174975 tons, a decrease of 250 tons / day compared with last week. The demand for heavy alkali of flat glass increased compared with the same period in 2020. In terms of photovoltaic glass, the production schedule of module manufacturers in February was significantly higher than that in January, the trading and investment of photovoltaic glass was good, and the inventory of some manufacturers decreased significantly. Beneficiary object: Inner Mongoliayuan Xing Energy Company Limited(000683) .
Industry news this week: the price of chemical fertilizer is expected to remain high; Wanhua Chemical Group Co.Ltd(600309) lithium iron phosphate project officially started
[chemical fertilizer] on January 18, the national development and Reform Commission held its first press conference in 2022. At the meeting, Jin Xiandong, director of the policy research office, answered questions related to chemical fertilizer products. Generally speaking, the supply of spring ploughing chemical fertilizer will be guaranteed in 2022. However, considering the difficulty of further sharp decline in production costs, it is expected that the price of spring ploughing chemical fertilizer may still be high. Beneficiary objects: Chengdu Wintrue Holding Co.Ltd(002539) , Qingdao East Steel Tower Stock Co.Ltd(002545) .
[ Wanhua Chemical Group Co.Ltd(600309) ] on the morning of January 14, Wanhua Chemical Group Co.Ltd(600309) annual output of 50000 tons of lithium iron phosphate lithium battery cathode material project officially started construction. The total investment of the project is 1.5 billion yuan, and the integrated project of lithium iron phosphate cathode materials with an annual output of 50000 tons will be constructed. The construction period is 2022-2023. According to the person in charge of the project, after the project is completed, it is expected to achieve an annual output value of more than 5 billion yuan and a tax of more than 500 million yuan. In addition, Wanhua Chemical Group Co.Ltd(600309) has also made a layout of other lithium battery materials such as ternary cathode materials, and has fully entered the field of new energy. Beneficiary object: Wanhua Chemical Group Co.Ltd(600309) .
Beneficial object
[chemical leading white horse] Wanhua Chemical Group Co.Ltd(600309) , Hengli Petrochemical Co.Ltd(600346) , Rongsheng Petro Chemical Co.Ltd(002493) , Shandong Hualu-Hengsheng Chemical Co.Ltd(600426) , Jiangsu Yangnong Chemical Co.Ltd(600486) , Zhejiang Nhu Company Ltd(002001) , Sailun Group Co.Ltd(601058) etc; [chemical fiber industry] Xinfengming Group Co.Ltd(603225) , Huafon Chemical Co.Ltd(002064) , Tangshan Sanyou Chemical Industries Co.Ltd(600409) ; [soda ash industry] Inner Mongoliayuan Xing Energy Company Limited(000683) , Cnsig Inner Mongolia Chemical Industry Co.Ltd(600328) , Shandong Haihua Co.Ltd(000822) , Tangshan Sanyou Chemical Industries Co.Ltd(600409) , Chengdu Wintrue Holding Co.Ltd(002539) , Sichuan Hebang Biotechnology Co.Ltd(603077) etc; [fluorochemical] China Kings Resources Group Co.Ltd(603505) , Zhejiang Juhua Co.Ltd(600160) , Zhejiang Sanmei Chemical Industry Co.Ltd(603379) , Dongyue Group, Befar Group Co.Ltd(601678) etc; [phosphorus chemical] Chengdu Wintrue Holding Co.Ltd(002539) , Sichuan Development Lomon Co.Ltd(002312) , Hubei Yihua Chemical Industry Co.Ltd(000422) , Guizhou Chanhen Chemical Corporation(002895) etc; [silicon] Hoshine Silicon Industry Co.Ltd(603260) , Zhejiang Xinan Chemical Indusyrial Group Co.Ltd(600596) , Tangshan Sanyou Chemical Industries Co.Ltd(600409) etc.
Risk tip: the oil price has fallen sharply; Weak downstream demand; Macroeconomic downturn.
