The 206th issue of the research value group [unraveling new high stocks] series.
Jessica, Literature and Research Value Group
Editorial Value Group Jessica
December 20thZhongxin fluorine materials（002915.SZ) 10cm daily limit, closed at 1533 yuan shares, with a market value of 5 billion yuan, recorded three consecutive boards.
The concept of PEEK material continues to explode
On the news side, Zhongxin Fluorine saidThe company's 5,000 tons of 4,4'-difluorobenzophenone (DFBP) project has been completed and put into trial production in May 2023DFBP products are widely usedIt is the main raw material upstream of PEEK material。At present, the company's DFBP products have passed some customer tests and began to purchase and use.
PEEK material, i.e., polyetheretherketone, belongs toSpecial engineering plasticsIt has the advantages of heat resistance, flame retardant, wear resistance, corrosion resistance, and self-lubrication. Compared with engineering plastics, PEEK material has both rigidity and toughness;Compared with metal materials, PEEK materials are strong and lightweight.
In 2019, the global downstream sales of PEEK materials were transportation (40%), industrial (25%), electronic information (24%), medical and other (10%).
For example, in the field of cranial repair in the medical field, PEEK materials can achieve a high degree of consistency with the patient's skull after personalized design and processing. WhileIn the future, PEEK materials are expected to expand to 3D printing, robotics and other fields
IFC believes that the rise of new downstream applications can open up growth space for PEEKIn 2027, the domestic demand for PEEK materials is expected to reach more than 16.7 billion yuan
Everbright's ** research report pointed outCMP is a critical step in the semiconductor wafer fabrication process, and PEEK is an ideal material for manufacturing CMP ringsWith the continuous progress of semiconductor technology and the upgrading of chip manufacturing technology, the demand for CMP rings will increase, so that the demand for PEEK will also be boosted.
Featured fluorine fine chemical faucet
Zhongxin fluorine materials are fluorine-containing pharmaceuticals, pesticide intermediates, etcFluorine fine chemicals started, and through epitaxial mergers and acquisitions, the basic fluorine chemical raw materials were laid out
In 2019, Zhongxin Fluorine successively acquired Gaobao Mining and Changxing Fluorite, forming an annual mining capacity of 80,000 tons of fluorite mine and a production capacity of 200,000 tons of sulfuric acid and 70,000 tons of hydrogen fluorideCutting down into the field of fluorocarbon chemicals, the company acquired a 51% stake in Jiangxi Exson in 2022. In addition, relying on the accumulation of common technologies, the company has expanded high value-added fluorine-containing special monomers, fluorine-containing new energy materials and fluorine-containing electronic chemicals.
At present, Zhongxin fluorine materialsIt has completed the layout of the whole industrial chain of fluorite-hydrogen fluoride-fluorine fine chemicalsThe five major product tree systems cover new fields such as traditional fluorine-containing medicines, pesticide intermediates and fluorite resource mining, fluorine-containing new energy materials, fluorine-containing special monomers, fluorine electronic chemicals, and new environmentally friendly refrigerantsThe business location and production capacity layout span Zhejiang, Jiangxi and Fujianto lay the foundation for future development.
In the first half of 2023, Zhongxin fluorine 5,000 tons of fluorobenzene and 5,000 tons of DFBP projects have been completed for trial production, and 5,000 tons of 1234ZE projects have been completed and started trial production in JulyDEX projects, 2,4,5-trifluorophenylacetic acid and other projects will gradually achieve sales in the second half of 2023;The 5,000-ton sodium hexafluorophosphate project and the 10,000-ton 1,233ZD project are under construction.
With the successive increase of projects under construction, fluorine-containing special monomers, sodium salts, and fourth-generation refrigerants are expected to contribute new profit growth points
In the first three quarters of 2023, Zhongxin Fluorine achieved an operating income of 91.8 billion yuan, down 22% year-on-year;Net profit attributable to the parent company - 03.8 billion yuan, a year-on-year decrease of 13087%；Non-net profit is deducted - 04 billion yuan,A year-on-year decrease of 13443%
Debang ** said that based on the company's completion of the layout of the whole industrial chain of fluorite-hydrofluoric acid-fluorine fine chemicals, and continue to replenish, strengthen and extend the chain, relying on years of deep technical accumulation, actively expand new energy and refrigerant large single products, rich in the proposed projects, rapid development momentum, the company is expected to earn per share in 2023-202548 and 2$15.
Risk warning: the project progress is not as expected;Downstream demand is less than expected;Raw material ** fluctuation risk;Product ** Volatility risk.
This column is only a review of the value group, and any views and ** mentioned are examples only, and are not trading advice. **There are risks and investment should be cautious.