算力、新能源、半导体带来有机硅需求扩张 润禾材料加速渗透高景色赛道

Core Insights - The development of the organic silicon industry is being driven by national strategies such as "Made in China 2025" and "14th Five-Year Plan for Industrial Green Development," which open up broader application areas for organic silicon products [1] - The market demand for industrial cleaning agents, particularly in precision manufacturing sectors like semiconductors and electronics, is on the rise, with the potential market demand reaching 300 billion yuan [1] - Runhe Materials (300727.SZ) has established itself as a leading manufacturer of ultra-pure MM materials, achieving a product purity of 99.999% and catering to high-tech industries [1][2] Industry Overview - The organic silicon industry in China has formed a complete supply chain from upstream raw materials to high-end terminal products, with leading companies reducing energy costs through vertical integration and expanding into high-value sectors like semiconductors and renewable energy [1] - As of the end of 2024, China's organic silicon production capacity is expected to reach 3.44 million tons, accounting for 76% of global capacity, solidifying China's position as the largest producer of organic silicon [2] - The industry is experiencing a shift from "scale expansion" to "technical deepening," driven by emerging demands in sectors such as photovoltaics and electric vehicles [3] Company Developments - Runhe Materials focuses on the research, production, and sales of organic silicon deep-processing products, with a diverse product range including electronic/new energy, industrial/additives, and personal care/medical products [2] - The company has successfully launched its cooling liquid products, which are characterized by excellent antioxidant properties and high thermal conductivity, finding applications in various thermal management scenarios [3] - Runhe Materials has a strong patent portfolio with 80 patents, including 62 invention patents, which supports its competitive edge in high-value and innovative product offerings [3] Market Trends - The demand for organic silicon products is expected to continue growing, particularly in high-demand emerging application areas such as computing power, consumer electronics, new energy, semiconductor chips, and personal care products [4] - The trend towards high-performance, functional, composite, and green organic silicon products positions domestic manufacturers favorably against imports, enhancing their competitive advantage [5]