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东岳集团(0189.HK):赛道优异的一体化氟硅巨头

Dongyue Group (0189.HK): An integrated fluorosilicon giant with excellent track

中信建投證券 ·  Jul 20, 2021 00:00

Fluorine-containing polymer materials: as the leader of fluorine-containing polymer materials, the company has a large scale advantage and rich categories. Over the past 21 years, the industrial boom has improved across the board, and the prices of PTFE, FKM, FEP and other major products have all increased compared with the same period last year; PVDF has nearly doubled due to the demand for downstream new energy and lithium power, and the company's production capacity and technology reserves are sufficient, so it can flexibly adjust the production line according to market conditions. The company has the advantage of fluorine chemical industry chain integration, R142b, R22 and other upstream raw materials are completely self-sufficient. With the gradual expansion of new production capacity, it will continue to benefit from the boom by virtue of scale and cost advantages.

Silicone: industry supply and demand increase, pattern optimization, the current peak season is approaching, silicone intermediate DMC prices are expected to maintain economic levels before the end of 2021. The company has a production capacity of 300000 tons of DMC and another 300000 tons under construction. It is expected that Q1 will start to scale up and climb gradually next year, and the follow-up price of silicone products is expected to be paid by volume.

Refrigerant: the company is the domestic refrigerant leader, the second generation refrigerant R22 accounts for nearly 30% of the domestic production capacity. In the past 20 years, the company has achieved capacity expansion of 30,000 tons each of R32 and R125. at present, the production capacity has reached 60,000 tons / year, and the production capacity of the third generation refrigerant has been completed in the past two years, which will continue to maintain the advantage of scale. Since the beginning of this year, the company's third-generation refrigerant plate has basically achieved full production and full sales, and its revenue contribution is stable.

Hydrogen energy membrane materials: the company's future hydrogen energy company is mainly engaged in hydrogen fuel cell proton exchange membranes and upstream raw materials, with a production reserve of 500000 square meters, which is the only enterprise in China that can achieve large-scale supply, and is expected to achieve sales of 30-40, 000 square meters this year. In the long run, the hydrogen fuel cell has broad prospects in the future, and the company has an obvious competitive advantage by seizing the high-quality track ahead of time.

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