1. Review of the market this week (2021.11.08-2021.11.12, the same below)
The new materials index rose 5.61%, outperforming the gem index. OLED materials rose 10.22%, semiconductor materials 7.94%, membrane materials 8.57%, additives 3.57%, carbon fiber 3.5%, and tail gas treatment 1.86%. The top five gains were Shengong shares, Kangda New Materials, Wansheng shares, Anji Technology, Ruilian New Materials; the top five declines were Weifu Hi-Tech, Jinhe Industry, Kaisai Biology, Crystal Optoelectronics, and Wanrun shares.
2. Weekly observation of new materials: series of wind power materials (1) carbon neutralization boosts the wind power boom, and the demand for polyetheramine is exuberant
From 2009 to 2020, the cumulative installed capacity of wind power in China has increased from 25.81GW to 288.32GW. GWEC estimates that the new installed capacity of global onshore / offshore wind power in 2020-2025 will be 0.32% and 31.41% respectively. Onshore wind power will grow steadily and offshore wind power will grow rapidly. In terms of policy, in June 2021, the National Development and Reform Commission issued the Circular on matters related to the 2021 New Energy Grid Price Policy, which makes it clear that from 2021 onshore wind power projects will no longer be subsidized by the central government and access to the Internet at affordable prices will be implemented. From subsidy to parity sign industry is becoming more and more mature, wind power, as one of the main clean energy, plays an important role in the clean and low-carbon development of energy structure in our country. Under the strategy of "carbon peak and carbon neutralization", the scale effect of wind power industry will be further formed. From the upstream materials, wind power equipment mainly includes blades, gearboxes, motors, bearings and other parts, of which blades account for about 22% of the total cost. Polyetheramine is used as epoxy resin curing agent. at present, among the industrial amine curing agents, only polyetheramine can meet the technological requirements of wind power blades. We estimate that the total global demand for polyetheramine for wind power is 11.7 / 165000 tons in 2021 / 2025. The demand for polyetheramine will continue to be strong. On the supply side, BASF and Huntsman together account for about 69% of the world's total production capacity, and domestic polyetheramine manufacturers are actively expanding production. Akree is the first in China to break through the key technology of polyetheramine D230 continuous production process, the production process and quality have reached the international advanced level, the company's current production capacity is 20,000 tons / year, using continuous process, plans to expand production of 20,000 tons / year, of which the first phase with an annual production capacity of 10,000 tons of polyetheramine is expected to be put into production in 2023.
3. Important company announcements and industry information
[Changyang Science and Technology] the company intends to belong to 2.609 million restricted shares with 103 people. The grant date is November 11, 2020, and the grant price is 13.61 yuan per share.
[Ruilianxinlian] Wanjiang Logistics, Yang Lingdong Fang Fuhai and Dongfang Fuhai No. 1 plan to reduce their holdings of no more than 1.7 million shares by means of centralized bidding and bulk trading, accounting for 2.42% of the company's total share capital.
4. Beneficiary target
We are optimistic about the broad market of functional membrane materials under the background of industrial transfer, the breakthrough of domestic substitution of high-end electronic materials from 0 to 1, and the new opportunities of new materials in the wave of new energy. Beneficiary targets: Sdick, Haohua Technology, Tongcheng Xincai, Akili, Dongcai Technology, Changyang Science and Technology, Jiemei Science and Technology, Ruilian New Materials, Puyang Huicheng, etc.
Risk tips: less-than-expected technological breakthroughs, intensified competition in the industry, fluctuations in raw material prices, and so on.