Graphene application has achieved a major breakthrough in the Nuggets trillion graphene concept stocks

In 2010, British scientists Geim and Novoselov confirmed that graphene could exist alone because of the separation of graphene from graphite in the experiment, and thus won the Nobel Prize in Physics. The organizing committee has highly praised the research of the two people, and believes that this may be as great as Edison's invention of electric lights.

Of course, the reason people cheer for this achievement is the special properties of graphene and the extremely broad application prospects. Graphene conductivity is as good as copper and its thermal conductivity exceeds that of any material. It is transparent, only 2.3% of the normal incident visible light will be absorbed, and most of the light will pass through; it is dense, even the smallest gas molecules hydrogen atoms can not pass. Therefore, it is an excellent raw material for making soft transparent electrodes and ultra-fast photoelectric sensing devices, and can be applied to manufacturing solar panels and mobile phone touch screens.

The University of California uses graphene to develop an optical modem, which is expected to increase the network speed by 10,000 times. The US NANOTEK Instrument Company has developed a new energy storage device that can reduce the charging time from several hours to one minute, and is expected to solve the battery of electric vehicles. Charging problem

Researchers at South Korea's Samsung and Sungkyunkwan University are focusing on making flexible touch screens with graphene. According to the MIT Technology Review magazine, Korean researchers created a TV-sized pure graphene on a 63 cm wide flexible transparent glass fiber giant board. This is by far the largest block of graphene in the "block", and they then used the graphene block to create a flexible touch screen.

Due to the excellent flexibility of graphene, perhaps in the future, our smartphones and netbooks can be carried in another way, such as being rolled up on the ears, stuffed in the pockets, or wrapped around the wrist. (China Securities Network)

Brokerage research: Nuggets trillion graphene industry

Graphene market is huge

Graphene is a carbon molecule in which carbon atoms are arranged in a hexagonal shape and connected to each other, and the structure thereof is very stable. Graphene has high conductivity, high toughness and high strength, and is widely used in electronics, aerospace military, new energy, new materials and other fields.

There are four main areas in which graphene is developed in the electronics industry.

First, graphene can be used in the chip field instead of crystalline silicon to increase the chip speed to the THZ level. The global demand for semiconductor crystalline silicon is about 2,500 tons per year. If graphene replaces one tenth of crystalline silicon to make high-end integrated circuits, the market capacity is at least 500 billion yuan.

Secondly, the lithium ion battery anode material made of graphene can greatly improve the battery performance. The global demand for anode materials is more than 25,000 tons per year, and it has maintained a growth rate of more than 20%. Graphene is used as a negative electrode material in one-tenth of lithium-ion batteries, and its demand is also more than 250 tons.

Again, the supercapacitor made of graphene takes only 1 millisecond to charge. In 2010, the global supercapacitor market was at a scale of 5 billion US dollars, and maintained a growth rate of 20%. With the future volume of supercapacitors, the application space of graphene is huge.

Finally, graphene can be used as a display device instead of ITO as a conductive material. It is estimated that the global demand for ITO conductive glass will be between 85 and 95 million pieces in 2011, and the replacement space for graphene is huge.

Industrialization still takes time

Despite the huge market space, the scaled supply and demand of graphene have not been formed, and industrialization cannot be formed within 8-10 years.

From the perspective of supply, the industry is still in the stage of mass production exploration. At present, the main preparation methods are micro-mechanical stripping method, epitaxial growth method, graphite oxide reduction method and vapor deposition method. Among them, the graphite oxide reduction method is relatively low in preparation cost. Currently the main preparation method.

At present, there are no enterprises or research institutions that can realize the mass production of graphite. Most enterprises can only produce graphene in small quantities. The production technology used is mostly redox method, and there are many technical breakthroughs in the production of graphene solution. The problem.

From the perspective of demand, graphene does not form downstream applications and needs. At present, the largest application is still used for experiments by major research institutes, and large-scale industrial applications still take a long time.

Graphene's high strength, high electrical conductivity and heat transfer properties can be applied in a variety of fields such as aerospace military, lithium-ion batteries, and supercapacitors. However, due to its high cost, it has been in the research stage. From the current technological development, the downstream industry most likely to achieve industrial use of graphene is in the field of composite materials and display technology.

The addition of graphene to plastics, rubber, coatings and other substrates can greatly enhance the performance of products such as strength, toughness, electrical conductivity and heat transfer. The application in the field of composite materials is also the largest industrial application of graphene. .

The most widely used conductor material in current display devices is indium tin oxide ITO material. Graphene is used as a conductor material to form a display device, which will enhance the toughness of the device and form a foldable film display. The industry also expects applications in the display technology field to be the next area that can be industrialized.

Industry pioneer

At present, there is no main business of listed companies producing graphene. Only a few companies that produce carbon fiber products are developing graphene products, and there is currently no capacity for mass production.

China Baoan announced on January 20, 2011 that the graphene products developed by its holding subsidiary Shenzhen Beitui New Energy Materials Co., Ltd. have completed the small trial phase of the process and are conducting a pilot test of the product. The related technical invention of the product also applied for a patent.

As the largest manufacturer of anode materials for lithium-ion batteries in China, Beitray has strong strength in the technology of anode materials. The company's current graphene has been trial-produced in small quantities. Once it is applied to anode materials in the future, it will improve its performance. It also greatly promotes its main business.

Sinosteel Jigang is a new product research and development center, new technology application center and product testing center in China's carbon industry, and the first listed company in the industry. The company currently has an annual capacity of 150,000 tons of carbon products, especially in the research and development and production of new products such as carbon fiber. The company's research and development capabilities will enable the company to take the lead in the study of graphene.

Fangda Carbon is the world's third largest producer of carbon products and currently has a production capacity of 9,000 tons of specialty graphite.

As the largest carbon product manufacturer in China, it has advantages in product development and mass production, especially in the research and development of special graphite products.

China Baoan: The first quarter of revenue reduction is due to the increase in investment income

Category: Company Research Institute: Tianxiang Investment Consulting Co., Ltd. Researcher: Shi Lei Date: 2011-04-28

Overview of the first quarter of 2011: The company's operating income in the first quarter of 2011 was 659 million yuan, down 24.99% year-on-year; operating profit was 175 million yuan, up 4.55% year-on-year; net profit attributable to the parent company was 103 million yuan, up 26.47% year-on-year. The stock income was 0.09 yuan.

The increase in performance was due to the increase in investment income and the decline in the income tax rate. The company's operating income in the first quarter decreased by 25% year-on-year. The gross profit margin was basically the same as that of the same period of last year. The period expense ratio increased by 5 percentage points year-on-year to 24.2%. The net profit growth in this period was mainly due to the company's investment of 83.64 million yuan in the first quarter. Revenue increased by 9655% year-on-year, mainly due to the sale of the banned Dinghan Technology shares by the company's subsidiaries and the increase in investment income from Shenhongji.

In addition, the company's income tax rate in the first quarter was only 15.6%, down about 11 percentage points year-on-year, further expanding the profit margin.

Sales fell year on year. The company received cash of 704 million yuan in sales of goods and services in the first quarter, down 41.53% year-on-year. The overall sales situation decreased compared with the same period of last year. At the same time, due to the increase in land security paid by its real estate companies, the company's operating net cash flow was - 238 million yuan, a year-on-year decrease of 180.48%. The decline in sales also cast a certain uncertainty on the company's full-year performance. The company's advance receipts at the end of the first quarter were 782 million yuan, an increase of only about 60 million yuan from the beginning of the year.

Financial leverage is good. As of the end of the first quarter, the company's book cash was 1.486 billion yuan, book cash / (short-term borrowings due within one year of non-current liabilities) was 1.6, unchanged from the beginning of the year, the quick ratio was 0.98, an increase of 0.12 compared with the beginning of the year. high. After deducting the advance receipts, the real debt ratio was 53.64%, which was about 2 percentage points lower than the beginning of the year. The long-term financial structure is not higher than that of similar companies in the industry.

There are no new projects to sell funds for the return of Shanghai properties. The company did not have any new project reserves in the first quarter, but made adjustments to the properties it held. In April, the company sold its Shanghai Baoan Enterprise, Baoan Hotel and Baoan Property for 364 million yuan (the Baoan Building Podium, Office Building and Baoan Hotel have a total saleable area of ​​approximately 43,200 square meters), plus the three companies. Arrears of 446 million yuan, a total of 810 million yuan can be returned, generating about 200 million yuan in revenue. The company said the move was mainly to revitalize inefficient assets and improve financial leverage.

The graphite resources are basically determined. The company's high-tech industry has always been concerned by the capital market. In the first quarter, there are two main informations that are more important: 1. Betray's new graphene is undergoing a pilot test through a small test; 2. Graphite ore in the Liumao area of ​​Jixi City The resources are basically determined as the Liumao Langjiagou section of Jixi City and the former section of Liumao Station. The mining section of the station has a mining license, and the mining license of the Langjiagou section is being processed. The graphite of the two sections is estimated. The ore reserves are more than 50 million tons. At present, graphene is still out of reach, and the implementation of upstream graphite mine has a more practical and far-reaching impact on the company's new energy industry. The company's new energy business main platform, Beitray, has a large demand for graphite ore (negative materials, Graphite deep processing), the graphite raw materials used at present are mainly from procurement. If the upstream resources are self-sufficiently realized in the future, the cost structure will be better optimized. If the company's graphite ore resources are calculated according to the 7.5% grade of crystalline natural graphite in China and the price of -195 scaly graphite of 3,000 yuan/ton, the value is about 11.2 billion yuan. (The calculation method has many assumptions, and the company is not considered. All rights and interests are subject to the exact data of the company announcement).

The equity incentive has been awarded. The company launched the equity incentive draft in November 2010, and proposed to grant no more than 75 million stock options to 195 incentives at a strike price of 14.60 yuan. The current stock options were awarded on February 18. The ROE of the incentive draft is up to 8%, and the annual growth rate of net profit should be above 20%. The ROE has been maintained at more than 10% since 2007. We believe that the ROE indicator is not difficult to complete, and the performance growth rate is small. Under the premise of maintaining stable traditional business, the high growth of high-tech industry is the biggest attraction for the company to achieve smooth operation in the future.

The venture capital business has achieved fruitful results. Tiehan Ecology (300197) invested by the company's China Venture Capital Company (49.56%) was listed on the Shenzhen Stock Exchange on March 29, with a first-time P/E ratio of 110 times. At present, the company's venture capital business has assisted a number of companies to complete IPOs, and the proceeds are quite substantial. The future venture capital business will also benefit from the more policies, financial support, the expansion of exit channels, and the acceleration of the listing process brought about by the “new three board expansion”.

Earnings forecast and investment rating. We expect the company to achieve earnings per share of 0.36 yuan and 0.40 yuan in 2011-2012, respectively, calculated at yesterday's closing price of 18.39 yuan, corresponding dynamic price-earnings ratio of 52 times and 47 times, the company's many subjects, involving new energy and medicine, etc. A high-growth industry, and may have subsidiaries split into listings, maintaining an "overweight" rating.

Risk warning: systemic risk and real estate regulation policy risk; project sales and development progress may not meet expectations; company mineral resources are still in coordination, transaction prices and trading methods are not yet clear, and the company is unable to determine whether it can obtain relevant minerals

Sinosteel Jitan: Carbon fiber is expected to become a new growth point

Category: Company Research Institute: Founder Securities Co., Ltd. Researcher: Deng Xinrong Date: 2011-10-13

Investment points

Carbon fiber will become a new growth point

Carbon fiber products have high technical barriers, and few companies have mastered core production technologies. The production line of Jiangcheng Carbon Fiber Phase I 500 tons/year, which holds 30% of the company's shares, is expected to be put into production in November. The production line of Jiangcheng Carbon Fiber Phase II 1500 tons/year is expected to start construction after the first phase of the project is put into operation. The construction period will be about one and a half years and will be put into operation from April to May 2013. Based on the years of production experience and technical accumulation of carbon fiber products produced by Shenzhou Carbon Fiber, the company has an advantage in the production technology of civil carbon fiber and will become a new growth point for the company in the future.

The focus of profitability improvement is still adjusting the graphite electrode structure

In the first half of the year, the company's ultra-high power graphite electrode output increased by 45% year-on-year, operating income accounted for 42%, gross profit margin reached 18.2%; high-power graphite electrode output increased by 4% year-on-year, and ordinary graphite electrode output decreased by 11%. Since the graphite electrode business accounts for 86% of the main business, the company's focus on improving its profitability is still adjusting its structure.

"Other" products with high gross profit margin have not yet formed scale

The company's "other" products accounted for approximately 13% of revenue and gross margin of around 50%. These products mainly include electrode paste, carbon powder, carbon brick and graphite powder. In the first half of 2011, the total output of these products was about 7018 tons, accounting for only 13% of the total output of carbon products, which has not yet formed a scale.

Asset injection will form a major support for the company

Sinosteel Group's Anshan Thermal Energy Institute's 80,000-ton coal-based needle coke and 70% equity of Jiangcheng Carbon Fiber are worthy of attention. The company's graphite electrode industry chain expansion and cost improvement and access to more new business growth points should be the company's goal.

profit prediction

Based on the above considerations, we are optimistic about the company's advantages in carbon fiber and the possibility of injecting carbon assets into major shareholders. It is estimated that the company's 2011-2013 EPS 0.03, 0.09 and 0.20 yuan will be given the “overweight” rating for the first time.

risk warning

There is uncertainty in the quality of civil carbon fiber production and market acceptance; there is uncertainty in the Group's injection of assets.
Fangda Carbon: The net profit in the fourth quarter fell slightly, and the growth waited for the investment project.

Category: Company Research Institute: Changjiang Securities Co., Ltd. Researcher: Liu Yuanrui Date: 2012-01-05

Event review

First, the fourth quarter results showed a slight decline from the previous quarter. The decline in ore and isostatic graphite prices was the main reason. The company expects the net profit attributable to shareholders of listed companies to increase by more than 50% in 2011. It is simple to calculate that the company achieved EPS of about 0.48 yuan or more in 2011. In the fourth quarter, the EPS was achieved by more than 0.06 yuan, and the EPS in the third quarter was 0.11 yuan, a slight decrease from the previous quarter.

Second, the existing main business mainly includes blast furnace carbon bricks, graphite electrodes, etc. The iron ore business provides current major profit. We make simple profit forecasts for the company's existing traditional main business. The main source of short-term performance contribution is iron ore business.

The contribution of traditional carbon products is limited. The EPS contribution in 2011 and 2012 is 0.09 yuan and 0.11 yuan respectively. The main assumptions for the profit forecast of traditional carbon products are as follows: the gross profit margin in 2010 is about 22%, and the carbon products in the first half of 2011 The gross profit margin reached 24.54%. Due to the increase in cost pressure in the second half of the year, the annual gross profit margin was assumed to be 22%. The same is true for the gross profit margin of carbon products in the next few years, the unified assumption is 22%; the average selling price in the first half of the year is 15,644 yuan / ton, the average annual sales price is simply assumed to be about 15,644 yuan / ton, for the next few years The price level is also simple forecasted, assuming 16,000 yuan / ton; in the first half of the year, the company achieved a production of 90,000 tons of carbon products, assuming a total of 180,000 tons for the whole year, and the average price of each year will be stable to 200,000 tons; It is estimated that the performance contribution of the company's traditional carbon products in 2011 and 2012 will be 0.09 yuan and 0.11 yuan respectively.

Third, waiting for the completion of private placement, the long-term increase mainly comes from the isostatic pressing graphite to promote the optimization and upgrading of the company's product structure, and further enhance the company's overall profitability. The company plans to raise funds for non-public offering of shares for the construction of 30,000 tons/year special Graphite project and 100,000 tons/year oil needle coke project.

Fourth, maintaining the “recommended” rating does not consider the impact of non-public issuance on equity dilution. The EPS of the company in 2011 and 2012 is expected to be 0.48 yuan and 0.53 yuan respectively, maintaining the “recommended” rating.

Jinlu Group: The graphene project is gradually becoming industrialized and development will take time

According to the announcement, in the research and development of graphene preparation, the Institute of Metal Research of the Institute of Science and Technology of Jinlu Group has realized the preparation of graphene (graphene mixture with less than 10 layers) under the existing laboratory conditions. At a time (about two days or so), 30 g of graphene (a graphene mixture having a layer of 10 or less layers) can be prepared. In the aspect of graphene transparent conductive film, Metal Research Institute has completed the procurement, installation and commissioning of CVD reactor and other equipment, and can realize the laboratory preparation of graphene transparent conductive film to prepare 4-inch graphene transparent conductive film; The Metal Research Institute has developed a graphene foam material with a three-dimensional interconnected network structure and has obtained laboratory samples. In the research and development of graphene-based electrode materials for power batteries, the research institute has basically established the types and additions of graphene, and combined with the preparation process and experimental results of battery materials, the standard of use of graphene was preliminarily established. The completion of the graphene material needs to be tested and analyzed according to the requirements of the battery material and the establishment of basic data indicators. A new process route for the combination of graphene and lithium iron phosphate has been developed. Under the existing laboratory conditions, 2 kg of electrode material can be obtained in each batch (about one day).

However, despite the above research and development progress, Jinlu Group is still very cautious about the research and development prospects of the company's graphene project; in addition to the company's current research and development work, follow-up industrial development, industrialization investment and research technology replacement. In addition to the risks, today the company also puts forward the risk of renewing the contract with the Metal Research Institute. It is understood that the cooperation period between Jinlu Group and the Institute of Metal Research of the Chinese Academy of Sciences for the "Technology Development Contract" is from June 10, 2011 to December 31, 2013. After the cooperation period expires, the cooperation will continue to be negotiated separately, so there is a certain Uncertainty.

The reason why Jinlu Group is particularly cautious is that the development of graphene is too eye-catching, and the company has been questioned. The leading product of Jinlu Group is PVC resin. As a chlor-alkali industry with high energy consumption and high consumption, the market competition is very fierce. Due to the requirements of national energy conservation and emission reduction, the development situation is particularly severe. To this end, in June 2011, the company announced that it would join hands with the Institute of Metal Research of the Chinese Academy of Sciences to jointly invest in the development of graphene, which is regarded as a “going stone” for enterprise transformation. However, people in the industry pointed out at the time that China is far away from real graphene technology; because domestic nanotechnology is far behind developed countries, and graphene must be based on a fairly understanding of nanotechnology (carbon underlayer structure). The use of technology).

In addition to the high technical threshold, the graphene project requires substantial funding support. Jinlu Group disclosed that the company recently received 10 million yuan of battery-grade graphene pilot incubation funds from the Science and Technology Bureau of Deyang City, Deyang City. The funds were received on January 11, 2012. The company said that it will use the funds allocated by the government for the pilot test of battery-grade graphene (graphene mixture with less than 10 layers). Up to now, the company has invested 9 million yuan in research and development of the graphene project with the Institute of Metals of the Chinese Academy of Sciences. Some insiders pointed out that the 10 million yuan of funds is still too small compared to the entire research and development costs of graphene.