The super-hard new material industry chain fosters investment opportunities. The NdFeB industrial chain is a successful investment case from 2009 to 2010. The upstream price increase, the global production capacity of the middle reaches to China, the explosive growth of downstream demand, so that the entire industry chain has investment opportunities. The development of different new materials sub-sectors has common characteristics. At present, the development of the super-hard material industry chain is close to the state before the NdFeB explosion, which will give birth to investment opportunities.
Go upstream to the oligopoly and look at "price increases." The upstream of the superhard material is diamond, and the upstream of the NdFeB is rare earth. Both of them are gradually moving towards oligopoly in supply, and there is steady high growth in demand. Although diamond prices will not show a sharp increase similar to rare earths, the future trend will continue to be “bullishâ€, which is good for companies with diamond business.
The middle reaches make China's quality and look at "overseas market expansion." The middle reaches of superhard materials are composite sheets, which are similar in development to NdFeB around 2003. At that time, the performance of domestic products broke through 360kJ/m3, which broke into the international mainstream market and prompted the global production capacity to gradually shift to China. At present, China's leading super-hard materials companies are striving to enter the international mainstream market on blades and oil tablets. If successful, it will also promote the production of composite sheets to China.
The downstream demand is growing, look at "high-end product development." The rise of NdFeB is closely related to the development of new energy vehicles, wind power equipment and energy-saving motors in the past two years.
The downstream of superhard materials is also growing rapidly. In terms of the amount of demand, the replacement of traditional abrasives and tools such as cutters, drill bits and saw blades is the main factor, and the compound growth rate is expected to be 25%. In terms of economic benefits, China's diamond wire saws, high-precision high-speed grinding wheels, high-end professional saw blades, single-crystal wire drawing dies, single-crystal turning tools and other new super-hard tools are far from the development level of foreign countries, and investment opportunities will be even more obvious.
Related companies face rapid growth opportunities and have investment value. At present, the entire super-hard material industry chain faces opportunities for rapid growth. Listed companies such as Sifangda, Yu Diamond, Huanghe Cyclone, and Boshen Tools have financing advantages compared with competitors, which can achieve faster development and have certain investment value.
Risk Warning: Superhard materials companies are small in scale, mostly on the GEM. The valuation of the GEM is significantly higher than the blue-chip market, and this year there is a systemic risk of overall decline. The development and promotion of high-end products such as composite sheets and diamond wire saws have technical and market uncertainties.
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