Newsletter summary
Revenue of 2024Q1 new materials sector increased by 1% year on year.Megamillionpastwinningnumbers.37%, the net profit of return to the mother fell by 19%Megamillionpastwinningnumbers.62%, the gross profit margin decreased by 0.91pcts, and the net profit rate increased by 1.81pcts. High quality new material standardMegamillionpastwinningnumbersThe growth is strong, the valuation is low, recommend Ruilian new materials, Haohua technology and so on.
Text of news flash
The revenue of the new materials sector increased in the first quarter of 2024, and the profitability improved. The overall revenue of the new materials industry in 2023 was 894.118 billion yuan, down 2.08% from the same period last year, and the net profit was 32.538 billion yuan, down 41.02% from the same period last year. The gross profit margin of the plate was 16.13%, and the net profit rate was 3.64%, down 0.45 percentage points and 2.40 percentage points respectively from the same period last year.
In the first quarter of 2024, the revenue of the new materials sector was 211.769 billion yuan, up 1.37% from the same period last year, and the net profit was 6.413 billion yuan, down 19.62% from the same period last year. The gross profit margin increased to 15.27%, and the net profit margin reached 3.03%, an increase of 0.43 percentage points and 1.81 percentage points respectively over the previous month.
The valuation of the new materials industry is low, and the growth statistics of high-quality companies show that 32.29% of the 96 listed companies in the new materials industry have a valuation of less than 30 times in 2023, a PEG greater than 0 and less than 1, and a historical quantile of valuation less than 30%. These companies have a strong growth, in the context of high-end manufacturing and independent control, there is a huge space for development.
In 2023, the revenue of the semiconductor materials sector decreased by 5.28% compared with the same period last year, and the net profit of home ownership decreased by 24.46%.MegamillionpastwinningnumbersThe gross profit margin and net profit margin were 22.30% and 8.20% respectively, down 0.18 percentage points and 2.08 percentage points from the same period last year. It shows that the revenue of the materials sector increased by 0.75%, and the net profit fell sharply by 83.19%; the gross profit margin was 13.53%, and the net profit rate dropped to 0.39%.
In 2023, the revenue of membrane materials and additives decreased by 5.29% and 8.97% respectively, the net profit of homing decreased by 63.43% and 47.74% compared with the same period last year, the gross profit margin decreased to 14.31% and 19.67% respectively, and the net profit margin was 3.04% and 6.90% respectively. The revenue of the tail gas management sector increased slightly by 0.22%, and the net profit from home increased by 0.48%. The gross profit margin and net profit margin were 11.59% and 3.94%, respectively.
In the first quarter of 2024, the revenue of display materials and additives increased by 10.04% and 1.87% respectively, and the net profit of additives and tail gas control increased by 18.17% and 21.65% respectively compared with the same period last year.
It is recommended to pay attention to the high-quality targets in the field of new electronic materials, new energy and new materials. Under the background of national security and self-control, the domestic substitution of new chemical materials ushered in a historic opportunity. Recommended targets in the field of new electronic materials include Ruilian New Materials, Haohua Technology, Accor, Changyang Technology, Wanrun shares, Dongcai Technology, Jiemei Technology, etc.; Hongbai New Materials, Puyang Huicheng, Black Cat shares, Taihe New Materials and other fields recommend Lianlong.
The beneficiaries are Matsui shares, Dinglong shares, Tongcheng new materials, national porcelain materials and other electronic new materials companies, as well as Dawn shares, Chenguang new materials, Zhenhua shares, lilies, Lanxiao technology, Zhongxin fluorine materials, Pulit and other new energy new materials companies.
Risk hints: paying attention to technological breakthroughs, industry competition, raw material price fluctuations, less-than-expected technological breakthroughs, intensified industry competition and raw material price fluctuations may adversely affect the development of the new materials industry. While paying attention to the investment opportunities in the industry, investors should also pay attention to the potential risks.