CAPCHEM(SZ:300037)2022-12-04 10:18Group 1: Industry Outlook - The gradual withdrawal of subsidies for new energy vehicles (NEVs) will not hinder the overall progress of the industry, which is moving towards electrification, intelligence, connectivity, and sharing globally. This trend is widely recognized, and the long-term effect will promote healthy competition and development within the industry [2][3]. Group 2: Competitive Landscape - In the organic fluorine chemical sector, domestic production is mainly focused on refrigerants and low-end fluorinated polymers, while high-end organic fluorine chemicals and high-performance fluorinated resins are dominated by international giants like DuPont and Daikin. The demand for high-end organic fluorine chemicals in China is significant [3]. - The company has a competitive advantage in organic fluorine chemicals due to high product technical barriers, low product substitution elasticity, and stable supply relationships with customers, leading to a clear leading position in niche markets [3]. Group 3: Product Offerings - The company's semiconductor chemical products include mixed acid series for metal layer etching, acid-base salt products, and solvents used as cleaning agents, such as etching liquids and stripping liquids [3]. - The new lithium salt, lithium bis(fluorosulfonyl)imide, addresses the technical challenges of achieving high energy density and safety in lithium-ion batteries while improving battery cycle performance [3]. Group 4: Market Dynamics - The market for lithium-ion battery electrolytes is expanding rapidly due to the growth of the downstream NEV industry, attracting numerous electrolyte production companies and intensifying competition. The company's competitive advantages include a comprehensive product lineup, efficient R&D innovation, and a well-established customer base covering major domestic and international battery enterprises [4]. - In the first three quarters, the consumption of electrolyte for power batteries accounted for approximately 60% of the company's total electrolyte usage [4]. Group 5: Business Outlook - The capacitor chemical business, being one of the company's earliest ventures, is in a mature industry with stable growth expected for the coming year [4]. - The four main business segments of the company exhibit certain synergies in technology platforms, safety and environmental compliance, and business models [4].