Epoxy resin of the high end in valueing and entrance of phenolic aldehyde colophony are replaced. Core viewpoint: 1, 2022 consumption of our country epoxy resin 1.54 million tons, 2022 consumption of colophony of our country phenolic aldehyde 1.2 million tons. 2, common epoxy resin and price of phenolic aldehyde colophony have taller safe limit, import the price at present still prep above exports the price. 3, companion is opposite as downstream client its supplier is homebred the technology that changes the demand that leads promotion and oneself upgrades, we think to be in in the phenolic aldehyde colophony of high-end domain and epoxy resin replace progressively implementation entrance. Recommend east material science and technology (601208.SH) , Shengquanji is round (605589.SH) .
East material science and technology: At present the company has special type epoxy resin 75 thousand tons, colophony of high frequency high speed 5200 tons, phenolic aldehyde colophony 110 thousand tons, epoxy resin of company special type basically supplies Fu copperplate client, make up for the high-powered colophony supply in home market stage by stage breach.
Holy spring group: The company is enterprise of bibcock of phenolic aldehyde resinous, among them colophony of electronic class phenolic aldehyde already held industry dominant position, photoetching glue breaks foreign monopoly with the product such as colophony of linear phenolic aldehyde, at present the company has PPO colophony 300 tons, AI and server upgrade will pull move PPO colophony demand to grow, company follow-up drafts enlarge to produce resin of 1000 tons of PPO, the outstanding achievement that brings colophony of PPO of sufficient benefit from benefit from grows.
Country golden negotiable securities is main the viewpoint is as follows:
Epoxy resin is to point to contain two or oxygen of two above annulus base compound of round a kind of high polymer, epoxy resin has good insulating properties, anti-corrosive properties, be able to bear or endure change gender, hear resistance and catch a gender, be mixed to enclose at the insulation with electric electron by wide application, coating, composite material, housing materials and stick receive the territory such as the agent. According to dispatch of 100 travelling expenses, 2022 consumption of our country epoxy resin 1.54 million tons, among them 37% use at coating domain, 31% use at domain of electronic electric equipment, 20% use at composite material domain, 10% use at glue sticky agent. Epoxy resin of the high end in our country still counts an import, 2020-2022 year, volume of import of our country epoxy resin is 405 thousand tons respectively, 316 thousand tons mix 225 thousand tons, importing the field with the largest amount is an electron electric field, among them Fu copperplate is the field with the biggest dosage of electronic trade bad news, fu copperplate is the printed circuit that make board (the main material of PCB) , main by cloth of fine of Copper Foil, colophony, Bo 3 big raw material are comprised, forecast according to Prismark, global Fu copperplate reached 2.922 billion dollar with dimensions of epoxy resin market 2024. Application is enclosed at electronic component, the part of epoxy resin product of the domain such as lamina of force of zephyr of priming paint of electrical engineering and Fu copperplate, pouring, coating, car still counts an import, the underlying demand that as epoxy resin application structure of industry of the escalate of the domain, country upgrades, enterprise of our country epoxy resin, can produce the business of the product of high quality epoxy resin that stronger, function stabilizes applicability especially, with abroad entrance product photograph is compared, have the advantage on manufacturing cost, because this is existing,replace the development good chance that imports a product. Phenolic aldehyde colophony is a kind of big synthetic resin that adds up to content and aldehyde apperception to add up to content classics to condensation polymerization reacts and be made by phenolic apperception. 2022 consumption of colophony of our country phenolic aldehyde 1.2 million tons, goods of colophony of our country phenolic aldehyde basically uses a field in, treatment of makings of phenolic aldehyde moulding, lumber and layer pressing plate, abrade the proportion that with attrition material domain of 3 big application holds consumptive gross is respectively 22.7% , 20.5% with 20% , electronic domain is taller to requirement of phenolic aldehyde resinous, the product such as colophony of electronic class phenolic aldehyde and colophony of special type phenolic aldehyde already was included " China is made 2025 " , " burgeoning industry classifies the strategy " (2018) " and " “ innovation of science and technology of domain of 935 ” material is special program " etc inside policy. Industry of construction of electron, semiconductor, high end, essence shapes definitely the rapid development that cast the development that waits for burgeoning domain to promote phenolic aldehyde colophony to manufacture a technology greatly, use at the colophony of special type phenolic aldehyde of afore-mentioned domains, their technology camp is taller, the space of development of business of colophony of phenolic aldehyde of domestic special type that has relevant technology advantage is very large still. Common epoxy resin and price of phenolic aldehyde colophony have taller safe limit, import the price at present still prep above exports the price. The main raw material of epoxy resin is annulus oxygen chloric propane and double phenolic A, 2022 up to now, suffer produce the element such as put into production, can macroscopical economic fluctuation newly to be affected jointly, annulus oxygen chloric propane and price fall of double phenolic A, drive epoxy resin price fall, according to statistic of dispatch of 100 travelling expenses, the supply of common epoxy resin carries future to still can be released further, the price that predicts common epoxy resin will still be in bottom dish whole. Main raw material is phenolic aldehyde colophony phenol and formaldehyde, phenol, formaldehyde is a large amount of tasting, its price accompanies as the wave motion of macroscopical economy wave motion, at present phenol and formaldehyde are in relatively bottom position, have certain and safe limit. From 2018-2023 year in light of price of imports and exports, the entrance price of epoxy resin compares export price expensive 30-50% commonly, phenolic aldehyde resinous imports the price to compare export price expensive 90-100% , with abroad entrance product photograph is compared, performance of company of colophony of our country part is steady, quality is good, have the advantage on manufacturing cost, existing to replace the development good chance that imports a product. Risk clew: Raw material price fluctuates considerably; demand anticipates; supply end produces research and development of colophony of the high end in can putting in; in great quantities to anticipate not as good as not as good as.