1. Foreword
With the supply-side reform two years ago, the sharp trend of Fangda Carbon’s stock price excited everyone. , graphene concept stocks are very popular, and in all walks of life, graphene concept speculation is also endless.
In 2019, in the "Guidance Catalog for the First Batch Application Demonstration of Key New Materials (2019 Edition)" announced by the Ministry of Industry and Information Technology, high-efficiency graphene heat dissipation composite films, graphene-modified anti-corrosion coatings, and graphene-modified Nine graphene materials were selected, including sexual lubricating materials, graphene heat dissipation materials, graphene heating films, graphene thermal conductive composite materials, graphene modified non-woven fabrics, graphene modified batteries, and graphene modified foaming materials.
In addition, in recent years, affected by the increased demand for new material development and “import substitution” brought by 5G applications, the graphene industry is facing rare development opportunities.
Graphene is the thinnest, hardest, and best electrically and thermally conductive material known in the world. It can be used on computer chips to greatly increase computing speed. Using graphene as a conductive additive can significantly improve the charging speed and overall performance of lithium batteries. So people call it the king of materials.
2. Domestic market industry scale
The domestic graphene industry has a low concentration rate and is still in the stage of perfect competition, which is not as good as expected. As of 2017, the scale of China's graphene industry reached 7 billion yuan, an increase of more than 10 times compared with 2015. The scale of China's graphene market is expected to reach 28 billion yuan in 2018. Because it started late, there is a lot of room for the future. The average annual compound growth rate in the next five years is approximately 70.48%, and the development momentum is very rapid.
my country is rich in graphite resources, and its basic reserves account for about 24% of the world's total reserves. The distribution situation of graphene enterprises in my country has formed an industrial pattern with the "Yangtze River Delta" as the gathering area and fragmented development in many other places. Among them, Wuxi, Changzhou, Deyang, Chongqing, Shanghai and other places have formed graphene industry clusters that have begun to take shape.
Representative companies engaged in the industrialization of graphene include Huirui Technology, Changzhou Two-Dimensional Carbon, Wuxi Gefei Electronics, etc. However, graphene powder is widely dispersed due to downstream applications, and most companies produce it from their own main products. Starting from the industry, we study graphene powder and use it as additives and auxiliaries for our main products. Many listed companies are involved.
Although it has developed rapidly, it has benefited from the dual benefits of the advancement of 5G and domestic substitution. However, the entire industry still has basic and key technologies that need to be broken through, and the industrial application of graphene is still in its infancy. In the later stage, if the division of labor and cooperation between the upstream and downstream of the industrial chain and between enterprises in different regions can be strengthened, it will be possible to achieve the same goals simultaneously. Promoting the research and development of key technologies such as reducing raw material costs and improving raw material quality will drive greater breakthroughs in the industrial chain.
3. The possible future mission of graphene
Let’s review the development history of chips, from the beginning of germanium metal to the current silicon material. Germanium was once a mainstream chip material, but due to its small crustal content, high cost, and unstable performance, it was later replaced by silicon materials. At present, silicon chips have reached 7nm, and the market generally believes that 3nm is the physical limit of silicon chip technology. At present, leakage and poor heat dissipation are already problems. So who will replace silicon materials in the future. Including graphene, phosphorene, borophene, etc., are expected to become mainstream materials.
Graphene is the most prominent and promising one. It is not only a two-dimensional superconducting material, but also a carbon nanomaterial. As early as 2012, IEEE (Institute of Electrical and Electronics Engineers) published "Beyond Moore" ” wrote that the future semiconductor industry may enter the “carbon era” from the “silicon era”. The carbon nanomaterial graphene may replace original silicon-based materials in the future.
New materials (graphene), genetic engineering, nuclear fusion, artificial intelligence, and quantum technology are known as the five major fields that may ignite the fourth revolution. The Tesla Laboratory in the United States has a graphene battery that can run a thousand kilometers after charging for ten minutes. However, it is too expensive. If the overall technology cost of graphene is reduced, it can completely replace silicon materials and enter a new technological era. .
4. Graphene-related concept stocks are as follows:
1. Dongxu Optoelectronics (000413): In March 2015, the company signed the "Graphene New Materials" with Beijing Institute of Technology Industry-university-research cooperation and investment agreement" to cooperate in the research and development, industrialization, market operation and project investment of new graphene materials. The two parties will establish a joint venture subsidiary as a technology incubation and industrial operation platform for graphene new materials.
2. Baotailong (601011): In May 2015, the company planned to build a 100-ton/year graphene industrial production project in Qitaihe through technology introduction. The project is expected to have a total investment of 180 million yuan and an estimated total annual profit of 253.61 million yuan. The technology transfer fee is 15 million yuan. The company plans to achieve industrial transformation and upgrading and improve the company's operating performance through the construction of this project. This project is in line with the company's development needs and the company's strategic planning, and is conducive to the company's long-term development and maintaining the company's sustained and stable performance.
3. Carbon Technology (603133): Since its establishment, the company has always focused on the development, manufacturing and sales of high thermal conductivity graphite heat dissipation materials. It is a leading enterprise in the domestic development, manufacturing and sales of high thermal conductivity graphite heat dissipation materials. The company independently develops and produces high thermal conductivity graphite films. The products can be used for heat dissipation of electronic products such as smartphones, tablet computers, LCD TVs, and LED lights. At present, the company's products are mainly used in smart terminals of Samsung, Huawei, VIVO, OPPO and other brands.
4. Fangda Carbon 600516, the company is the world's leading production and supply base for high-quality carbon products and a scientific research and production base for nuclear-related carbon materials; its leading products cover various power graphite electrodes, microporous carbon bricks, and semi-graphite Carbon bricks, etc., covering 4 major series, 38 varieties, and 126 specifications. The upstream field has high-grade graphite ore, and produced 180,000 tons of graphite carbon products in 2018; at the end of 2018, it became a shareholder of Sichuan Mingyuan Graphene Technology Co., Ltd., and passed Engaged in new material development machine technology incubation to expand productivity
5. Huali Family (600503): In September 2015, Chongqing Moxi Technology and Huasenxin Company signed the "Graphene Business Security Mobile Phone Purchase Agreement." Huasenxin Company customized a national secret algorithm hardware-encrypted graphene security mobile phone from Chongqing Moxi Technology Company that uses graphene touch screen, graphene battery and graphene thermal film as core components and complies with the National Security Bureau and other security level four standards. , this mobile phone is mainly targeted at financial industry, government departments and high-end business people.
6. Del Future (002631): In April 2015, the shareholders’ meeting agreed that the company established a wholly-owned subsidiary Suzhou Del Graphene Industry Investment Fund Management Co., Ltd. with a cost of 500 million yuan as the company’s new graphene material. Energy foreign strategic investment platform. Suzhou Del's investment directions are: carrying out industry-university-research cooperation with scientific research institutes to provide technical support for the development of the entire graphene industry chain; lithium-ion anode materials, supercapacitors and other new energy storage industries; applying graphene composite materials to homes in the future products, and further use graphene new materials to invest in air purification materials, sewage treatment and other fields through industrial investment funds.
7. Jiawei Shares (300317): In September 2014, the company signed a graphene-silicon thin film solar cell technology research and development contract with Tsinghua University. Tsinghua University already has nanocarbon-crystalline silicon solar cell technology. On the basis of "Research on Graphene-Silicon Thin Film Solar Cells". The cooperation period is 3 years and the total price is 3 million yuan. The content involves the research and development of the manufacturing process of silicon thin film and graphene thin film, the design and optimization of the structure of graphene-silicon thin film solar cells, the manufacturing process and performance factors of graphene-silicon thin film solar cells, and the related aspects of graphene-silicon thin film solar cells. Scientific issues, etc. The fruits of cooperation and intellectual property rights are shared by both parties.
8. Dafu Technology 300134 belongs to the entire industry chain. In terms of upstream graphite mines, it has more than 20 square kilometers of open-pit graphite mines that are easy to mine, with total proven reserves of 47 million tons; in terms of midstream preparation, the company The mass production line of thin-layer graphene with an annual output of 30 tons has been officially put into operation, and has achieved an epoch-making industrial manufacturing of low-cost, high-quality graphene within 1 yuan/gram; in terms of downstream applications, the company has cooperated with Inner Mongolia Ruisheng New Energy Co., Ltd. *Together with the investment to establish a joint venture, ***Together with the project cooperation in the production, research and development and sales of graphene and other graphite application products
9. Xinwangda 300207, which belongs to the downstream of the industrial chain and downstream applications, In April 2016, the company signed a "Technology Development Cooperation Contract" with Nankai University. The two parties will conduct all-round cooperation on the project of "graphene and other new electrochemical energy storage device materials and their key technologies". The agreement includes both parties*** Build a "Graphene New Energy Materials Joint R&D Center", etc.
10. Oriental Materials 603110, the holding subsidiary New Oriental Ink strategically cooperates with Duoling Technology. New Oriental Ink develops and produces through existing mature ink resins Based on this technology, we will develop connector resins for electronic inks suitable for graphene applications. With the help of Duoling Technology’s existing graphene production and application technology, we will further cooperate to develop electronic ink products and other graphene products suitable for electrical and thermal conductivity applications. .
11. Weixing New Materials 002372. The company’s graphene/water-based polyurethane nanocomposite preparation method has been authorized by the State Intellectual Property Office.
12. Huajin Capital 000532 , belonging to the lower reaches of the industrial chain, in terms of downstream applications, Changzhou Two-Dimensional Carbon, which has indirect shares (1.679%), is mainly engaged in the research and development and production of graphene transparent conductive film materials.
13. Dow Technology 300409, Subsidiary The main products of the company's Haoxin New Energy are graphene conductive agents, carbon nanotube conductive agents and graphite anode products for power lithium-ion batteries.
14. Shanshan Co., Ltd. 600884 belongs to the downstream of the industrial chain. In terms of downstream applications, graphene conductive slurry has currently built a production line with an annual output of about 400 tons and is currently in the trial production stage; it has cooperated with the Ningbo Institute of Materials, Chinese Academy of Sciences The jointly developed graphene thermal pad is currently in the pilot stage of product process verification testing, and there is still uncertainty before mass production and supply can be achieved
15. Tiannai Technology 688116, the company’s carbon nanotube conductive slurry According to the main raw materials, it can be divided into pure carbon nanotube conductive slurry and graphene composite conductive slurry. Graphene composite conductive slurry is made by adding carbon nanotube powder, graphene and dispersion solvent and other raw materials in a ratio of 7:3, mixing, stirring and grinding. It is mainly used in the field of lithium iron phosphate lithium batteries. The company's graphene products are mainly used in conjunction with carbon nanotube products. The company does not produce graphene powder products separately. Instead, in the process of producing graphene composite slurry, it first purchases expanded graphite, prepares graphene in a solvent after physical peeling and dispersion, and then adds carbon nanotube powder directly. Prepare graphene composite conductive slurry. During the reporting period, the company produced graphene to prepare graphene composite conductive slurry.
16. Chint Electric 601877, which belongs to the downstream of the industrial chain and downstream applications, announced on the evening of December 8, 2016 that the company’s holding subsidiary Chint Spain acquired a total of 25% of the equity of the Spanish GRABAT company. GRABAT is Vigorously carry out the industrial promotion of graphene batteries; in May 2016, the company's subsidiary signed a strategic agreement with China Shipbuilding Industry Corporation Power Co., Ltd. to develop high-performance graphene lead-acid batteries; Chint Electric is a subsidiary of Chint Group engaged in the graphene battery industry the only operating platform.
17. Watt Co., Ltd. 002886, the company has carried out technical exchanges with Tsinghua-Berkeley Shenzhen Institute, with a view to jointly discussing and carrying out research on the application of graphene in the field of polymer materials. In addition, the company currently has an authorized invention patent related to direct graphene composite materials.
18. China Dynamics 600482, which belongs to the lower reaches of the industrial chain and in terms of downstream applications, cooperates with Shanghai Xinchi New Energy to develop high-performance graphene lead-acid batteries and lithium batteries.
19. Jincheng Pharmaceutical 300233, which belongs to the downstream of the industrial chain. Its subsidiary Shandong Jincheng Graphene Technology Co., Ltd. participates in the research and development of graphene industrial preparation technology and graphene organic nanofiltration membrane technology research and development projects, and owns aminated graphite. Patent for the preparation method of graphene and manganese oxide graphene composite materials
20. Zhongtian Technology 600522, belonging to the midstream and downstream of the industrial chain, midstream preparation, announced on the evening of January 5, 2017, wholly owned The subsidiary Shanghai Zhongtian Aluminum Wire has made important breakthroughs in the preparation of graphene; in terms of downstream applications, the wholly-owned subsidiary Shanghai Zhongtian Aluminum Wire has made important breakthroughs in the application of new metal-based graphene composite materials.
21. Tongcheng New Materials 603650. The company holds 16% of the equity of Beijing Graphene Research Institute Co., Ltd. The company is mainly engaged in basic research and industrial application of graphene technology.
22. Narada Power 300068 belongs to the downstream of the industrial chain. In terms of downstream applications, it has leading patented lead-carbon battery technology, which can achieve uniform mixing of lead powder and graphene carbon materials.
23. Leybold Hi-Tech 002106, on September 16, 2014, the company stated on the interactive platform that the company’s cooperation with the Chongqing Branch of the Chinese Academy of Sciences on graphene has not yet entered the substantive stage of cooperation. The company also revealed that because graphene materials are not yet mature and have certain application defects, the company has cooperated with relevant industry companies to carry out research on touch screens and has not yet developed samples.
24. Letong Co., Ltd. 002319 belongs to the downstream of the industrial chain and downstream applications. In January 2013, the company signed the "Graphene Ink Project Cooperation Agreement" with Ningbo Moxi Technology Co., Ltd., and the two parties agreed to form a joint venture The company is engaged in the research, development and production of graphene ink, with a planned total investment of 100 million yuan.
25. Changxin Technology 300088, which belongs to the downstream of the industrial chain, in terms of downstream applications, the company jointly established a graphene laboratory with Shanghai Normal University, mainly to develop battery materials and electronic inks.
26. Amway Co., Ltd. 300218. The company’s ongoing research and development projects include research on copper-graphene electrical contact composite materials and their integrated welding processes.