A Share Masks Industry Chain "General Mobilization": Raw Materials Supply Adequate Upstream And Downstream Matching "In Progress"

Masks all over the world are flowing to China.

After ensuring the supply of N95 and KN95 masks to front-line medical staff, some people began to search for overseas purchasing channels, such as Japanese masks with "PFE, VFE and BFE" protection standards.

However, brand masks such as three yuan and uniya have been sold out of the whole network. At present, there are only second-hand trading platform idle, but the price is slightly alarming. Taking three boxes and 30 boxed cases as an example, Japan has a tax price of 1408 yen, equivalent to 89.5 yuan, while the individual seller is 450 yuan, not yet in stock.

In order to ease the tight supply situation of domestic masks, various domestic enterprises have begun to increase production through many ways, and many listed companies are involved in it.

Take 002341.SZ as an example. The company had 50 thousand KN95 daily output. Now the company has changed to producing disposable surgical masks. The daily output has increased to 200 thousand.

"In addition to the existing staff, the company has recruited more than 80 volunteers, starting from New Year's Eve, producing two masks in black and white." New Lun science and technology personage introduced in February 10th.

On the other hand, industry leaders including Foxconn, BYD and SINOPEC are also seeking cross boundary attempts to mask production. Even if the market can not be incremental, at least it can solve the protection needs of hundreds of thousands of employees, and also play a role in easing supply tensions.

General mobilization of industry chain

The production process of mask is not complicated, and the industrial chain is not long. The main links include oil polypropylene fiber material - non-woven fabric special material - non-woven fabric - mask.

After the large-scale spread of the domestic epidemic, enterprises in all sectors of the industrial chain have already made full efforts to increase production.

Take Donghua energy as an example, the company is a supplier of masks upstream materials, and its medical non-woven fabric special material Y381H is considered to be the best material for medical masks currently.

Before the Spring Festival, the company has supplied nearly 100 million tons of Y381H to the enterprises such as Mei run and Guangdong Bedford.

"Started in February 3rd, at present 35 thousand tons of Y381H production line is full load production, downstream orders are very sufficient." Donghua energy sources said 10.

The company also recently said on the interactive platform that the Zhangjiagang base fully guaranteed the use of high melting finger fiber Y381H for medical masks production, and the medical equipment S2040, which was produced by the Ningbo base device, was also ready to expand production at any time and fully support the fight against the epidemic.

603601.SH, which is located in the middle reaches of the industry, is an air filter manufacturer. With its own material advantages, the company plans to add another production line on the basis of the original 500 thousand / month scale.

"The Shenzhen subsidiary of the production masks has been reworked in the fourth quarter, and the production is stable." Regeneration technology related responsible person 10 introduced.

In fact, the supply of upstream materials for domestic masks is not a problem, mainly in the downstream matching capacity can be improved in a timely manner, and in the current situation, the downstream enterprises have also tried to release their own capacity.

603880.SH, 10, told reporters that the company's mask business has been fully started, but only to meet the needs of the local government, and other businesses have not yet officially resumed.

Before that, the new KN95 mask has been planned for further expansion in the production of new technology.

In twenty-first Century, an economic report reporter learned that a number of listed companies had reported the expansion plan to the NDRC, which is currently in the stage of approval.

As new technology research recently accepted, the company has said that the existing production capacity of the company can produce about 200 thousand disposable masks a day, and is expected to expand to 300 thousand to 500 thousand. "On February 4, the company reported to the NDRC on the expansion plan, hoping to increase 800 thousand mask production capacity per day, and is currently coordinating production line equipment, hoping to expand production capacity in about 20 days and ease the shortage of masks in some areas."

By then, the daily production capacity of the new Lun technology mask is expected to exceed 1 million 200 thousand. For the current problems, the company responsible person said, "the most difficult problem in the short term is poor equipment, the order takes time, and there are differences in the materials needed by different types of masks, so the coordination is very difficult."

Capital markets are different from each other.

Like people in the real world, the listed companies in the above mask industry chain have become the two market targets.

According to statistics, in from February 3rd to 10th, Shen Wan's 28 tier one industry, medical bio plate led A shares. Further subdivision, medical devices also ranked first in the biopharmaceutical sector with a cumulative increase of 9.14%.

In the meantime, including the South Wei shares, Shang Rong medical (002551.SZ), including 5 stocks increased by more than 45%.

It should be pointed out that, because of the low proportion of the income of some listed companies due to masks and related business income, it can not bring substantial pulling effect to the current business, so the rise of related stocks is nothing but emotional.

In contrast, another capital market reaction is much more rational. Take the upstream material polypropylene as an example, the recent price performance is very restrained.

In February 3rd, after the first day of the 2005 contract opening of the PP futures contract, the four trading days showed a continuous downward trend, except for a slight rebound of 0.17% in February 4th.

"Overall, the price performance is relatively stable. Although the enterprises have a higher operating rate during the Spring Festival to protect the downstream supply, the key problem of overcapacity has not been solved, and the situation will remain at least until next year." Li Lu, a petrochemical analyst at the business association, pointed out 10.

Xu Yuanqiang, founder of PetroChina Petrochemical Research Group, believes that the cumulative output of domestic PP in 2019 is about 22 million 348 thousand and 100 tons, which is 6.82% higher than that in the 1-12 months of last year. "Polypropylene for medical and health materials is mainly polypropylene fiber material, which only accounts for 10% of the downstream consumption of PP. If only the consumption demand of masks increases, the consumption of downstream products will be relatively small, and it will be difficult to drive the price of polypropylene as a whole."

According to his calculations, 1 tons of high melt polypropylene fiber material can produce nearly 250 thousand polypropylene medical masks.

Even if Foxconn, BYD and other industries outside the company are also planning to produce masks and may bring considerable demand increment, but for upstream polypropylene, the proportion of demand increment is still too small.

Even if the demand for domestic masks is increasing, the supply of upstream raw materials will not be a problem.

In addition, there are related policies as safeguards. In February 9th, the national development and Reform Commission, the Ministry of Finance and the Ministry of industry and information jointly issued a document. All the key medical protective materials produced by the enterprises were purchased by the government. The first batch of purchasing catalogues included N95 masks and surgical medical masks.

It should be pointed out that through this epidemic, the consumption habits of domestic masks may change in the future, and the potential consumption increments are expected to continue to enhance the prosperity of the industry.

However, compared with 3M and Honeywell in the US market, as well as Japan's three yuan, uniya and Yu Chun Wei, the domestic brand of masks is not competitive enough, and many export foundry enterprises, such as Yu Chun Wei Cai, have jointly established a joint venture in Zhijiang, Hubei in September 2018.

From this perspective, the epidemic may also provide an opportunity for domestic brand enterprises to upgrade their brands, and is expected to create a Chinese version of 3M.