(Report Producer/Author: CITIC Securities, Yuan Jiancong, Li Jingtao, Li Harrier, Li Ruipeng)
1 Carbon dioxide heat pump low temperature performance advantage is significant, is expected to replace ordinary heat pump
Heat pump air conditioning replaces PTC and has become the standard for new energy vehicles
The thermal management system of new energy vehicles includes thermal management such as crew cabin air conditioning, power battery thermal management and motor electronic control. Compared with fuel-fired vehicles, the new thermal management components include batteries, motors, electronic controls and other high-voltage system components, while for the air conditioning system, the refrigeration system remains unchanged, and the heating system has no engine to generate waste heat, so there are two forms of PTC heating and heat pump, heat pumps are more widely used, and can be better integrated with three electric heat management.
Heat pumps consume less energy than PTC and increase the range of electric vehicles. PTC heating uses PTC heating wire to convert electricity into heat, and then the blower sends hot air into the crew compartment, which has a better heating effect in a low temperature environment, but the power consumption is high, which greatly weakens the mileage. Heat pump heating through the refrigerant outside the car through the heat exchanger to absorb heat, and bring heat into the car to heat the car, compared to the PTC heating method, the power consumption is low, can greatly improve the range of electric vehicles, but its heating effect in a low temperature environment is poor.
Carbon dioxide heat pumps have better low temperature performance or will become a new trend
The main difference between a carbon dioxide heat pump and an ordinary heat pump is the refrigerant used in the heat pump system. At present, the refrigerant used in heat pump air conditioning mainly includes R-134a, R-1234yf and R744 (carbon dioxide), of which R134a will exacerbate the greenhouse effect (GWP=1430), R-1234yf is more environmentally friendly, but the refrigeration effect is weaker than R-134a, and R744 is a naturally occurring gas, non-toxic and harmless, and the unit cooling capacity is about 9 times that of R1234yf refrigerant (22600KJ/m), which can greatly improve the heat exchange efficiency of the heat pump.
Carbon dioxide heat pumps have a better low temperature heating effect and can increase the vehicle's winter mileage. Carbon dioxide heat pump air conditioners have a higher energy utilization rate than R1234yf heat pumps at low temperatures, and achieve the same heating effect with less power consumption, thereby increasing the driving range of new energy vehicles. Faw-Volkswagen ID4 CROZZ is equipped with a CARBON dioxide heat pump air conditioner, which can improve the battery life by up to 30%. Compared with the ordinary heat pump air conditioning system at -15 degrees Celsius will have a large use problem, carbon dioxide heat pump air conditioning can work continuously at -30 degrees Celsius.
The value of the bicycle: the value of the carbon dioxide heat pump bicycle is nearly 10,000 yuan
Carbon dioxide heat pumps increase the value of bicycles by nearly 10,000 yuan. According to our calculations (assuming that only the air conditioning system uses carbon dioxide refrigerant, battery, motor and electronic control and other thermal management or the use of ordinary liquid cooling or air cooling), the value of the bicycle of the traditional PTC is about 5400 yuan, the value of the R134a heat pump is about 6860 yuan, the value of the carbon dioxide heat pump (R744 heat pump) is about 9600 yuan, of which the value of the air conditioning system is about 7350 yuan, which is about 2700 yuan more than the R134a heat pump air conditioner, mainly for electric compressors. Air conditioning lines, sensors and other valve products are caused by increased unit prices.
Overseas household applications have been used, and the automotive field is expected to rise
Carbon dioxide heat pumps have a long history and have gradually moved from theory to practice. The theory of heat pumps was proposed in the early 19th century, after more than a hundred years of development and technological upgrading, the scope of use has moved from commercial to ordinary residential. Later, after the event of the energy crisis, carbon dioxide heat pumps began to be promoted. In the era of new energy vehicles, some models have been gradually equipped with carbon dioxide heat pump air conditioning.
Volkswagen has taken the lead in equipping a carbon dioxide heat pump. Volkswagen is equipped with a carbon dioxide heat pump air conditioner on the ID series model, and its structural design continues to use the structure of an ordinary heat pump, but due to the large operating pressure of the carbon dioxide heat pump, it is necessary to use high-pressure-resistant parts, such as high-pressure-resistant pipelines, high-pressure-resistant electronic expansion valves, and high-pressure-resistant air compressors. Taking Volkswagen's ID.4 carbon dioxide heat pump air conditioner as an example, its architecture mainly adopts direct cooling/direct heat architecture, the refrigeration evaporator and heat pump condenser directly enter the crew compartment, and the refrigerant circuit is controlled by a combination of solenoid valve and two-way electronic expansion valve.
In the future, more OEMs are expected to be equipped with carbon dioxide heat pumps. In addition to the Volkswagen MEB model, Audi is equipped with a CO2 heat pump on the 2018 Audi A8 and a CO2 heat pump on the pure electric model e-tron. In addition, in 2015 Mercedes-Benz said that in the future, it will be the first mass production passenger car equipped with CO2 air conditioning systems in the S and E classes. With the advantage of low temperatures, CO2 heat pumps have significantly improved the winter range of electric vehicles, and we believe that more OEMs will use this technology in the future.
Market space: The global market space will be about 36 billion yuan in 2025
The global new energy vehicle carbon dioxide heat pump market space is expected to be 36.2 billion yuan in 2025. Assuming that the penetration rate of carbon dioxide heat pumps in new energy vehicles in the world is 1%, 3%, 7%, 13% and 20% respectively in 2021-2025; it is expected that the global new energy vehicle carbon dioxide heat pump supporting capacity is expected to reach 4.59 million sets in 2025, with a CAGR of 186%; assuming that the single vehicle value of carbon dioxide heat pumps is 9600 yuan, and each year is reduced by 5%; the market space for carbon dioxide heat pumps for new energy vehicles in the world in 2025 is 35.9 billion yuan, and the CAGR is 172%.
2 Carbon dioxide heat pumps require improved performance requirements for parts
Carbon dioxide refrigerant affects the components of new energy vehicles from both technical difficulty and value
The working pressure range and temperature slip of carbon dioxide are large, which is easy to react with pipeline materials and increase technical difficulties. The maximum pressure of the high-pressure outlet of the CO2 heat pump system is 18 MPa and the temperature is 180°C, while the high-pressure outlet pressure of the conventional refrigerant R134a refrigeration system is only 1 MPa and the temperature is 80°C. Therefore, the carbon dioxide heat pump requires the whole system to have strong anti-high pressure and high temperature performance, which has higher requirements for compressors, pipelines and valves, and at the same time requires pressure sensors to monitor the system pressure. In addition, carbon dioxide is easy to react with lubricating oil, rubber, etc. in the pipeline, and it is also easy to corrode the pipeline after mixing with water and other media, which further improves the reliability and corrosion resistance requirements of the pipeline.
Compressor: pressure increases, value increases
Carbon dioxide compressor has the characteristics of large working pressure, large pressure difference, small pressure ratio, small size, light weight, difficult to control the clearance of moving parts and difficult lubrication. Compressors include piston type, sliding vane type, scroll type, screw type and rolling rotor type and other technical routes, at present, Han Ang, Midea Welling and other in the field of carbon dioxide compressors are more leading. We expect that the current compressor price is expected to reach 2500 yuan, which is about 1200 yuan higher than that of ordinary heat pump compressors.
Air conditioning lines: Carbon dioxide refrigerant requires high sealing performance of the system
In order to solve the problem of carbon dioxide leakage caused by the current product defects of carbon dioxide heat pump air conditioning pipeline system, it is necessary to change the structure of the pipeline, such as adding a layer of metal structure to achieve the role of reinforcement. In terms of value, we expect the value of carbon dioxide air-conditioning pipeline bicycles to be about 2,000 yuan, which is much higher than the 700 yuan of ordinary heat pump air-conditioning pipelines.
ContiTech has implemented mass production of CO2 heat pump air conditioning piping systems in Europe. The company's CO2 heat pump air conditioning piping system, which uses low-permeability composite hose and ContiLock-R connection technology, is a low-permeability composite hose with high pressure and high temperature resistance to withstand 170 Bar high pressure and 180 °C high temperature; the ContiLock-R connection connector has been internationally patented to effectively reduce the leakage of refrigerant during the use of the vehicle to less than 0.1 g/year. At present, the company's related products have been recognized by the relevant OEMs, and mass production has been realized in Europe.
Pressure sensor: The compressor is controlled by the pressure difference to extend the life of the air conditioner
The role of the pressure sensor is to provide a signal of low pressure regulation and lack of refrigerant identification, and is located on the accumulator outlet side of the low pressure line. When the pressure of the air conditioning refrigeration line is detected to be too low or too high, the control system stops supplying power to the air conditioning compressor clutch, and the compressor stops running to avoid damage to the air conditioning system. When the CO2 refrigerant pressure reaches a medium pressure value, the radiator fan runs to reduce the air conditioning refrigerant pressure.
CARBON DIOXIDE CONTENT SENSOR: Real-time monitoring of the CO2 concentration in the car. The carbon dioxide content sensor is connected to the air conditioning system in the car, and the air conditioning operation is adjusted according to the value of the carbon dioxide content detected by the sensor. If the carbon dioxide value is too high, the input of the outside air is increased through the outside air/circulating air flap, thereby reducing the concentration of carbon dioxide; when the fan in the car is raised to the maximum strength, if the concentration continues to increase, a warning message will appear in the driver information system of the instrument cluster.
Valve parts: electronic expansion valve technical difficulty and value increase
In terms of improving the performance of high-pressure work, the multi-pole magnetic rotor is provided in the valve body cavity to improve its high-pressure working life; the valve stem is set in the valve cavity and the valve stem is moved along the axial through hole of the valve seat, which can balance the opening capacity of the forward and reverse pass refrigerant; optimize the coordination structure of the valve body end and gasser, which can improve the sealing quality. In terms of improving safety, the structure of the spool seat and sleeve runner is optimized to prevent the spool seat from being eccentric and avoid leakage; the installation of pressure relief components and solenoid valves can unload the high-pressure refrigerant when the bellows rupture and prevent it from leaking into the cabin. In terms of ensuring stability, the perfusion perfusion layer can improve the waterproof, corrosion resistance, cold and heat shock resistance of the valve. In terms of value, we expect the value of carbon dioxide air conditioning electronic expansion valve bicycles to be about 600 yuan, higher than the 300 yuan of ordinary heat pump air conditioning electronic expansion valves.
Air conditioning system: Carbon dioxide refrigerant puts forward higher requirements for the design and manufacture of refrigeration and air conditioning systems
Carbon dioxide heat pump systems are in a transcritical cycle with high critical pressures and low critical temperatures: the critical temperature for carbon dioxide is 31.1°C and the critical pressure is 7.3 MPa (the critical temperature for water is 374°C and the critical pressure is 22MPa). Moreover, whether it is a subcritical cycle or a transcritical cycle, the operating pressure of the carbon dioxide refrigeration system is higher than that of the traditional refrigeration and air conditioning system. Therefore, the use of carbon dioxide refrigerant requires the air conditioning system components to have strong pressure resistance and safety, thereby increasing the difficulty and cost of the air conditioning system and components.
3 Analysis of key enterprises
Kelai Electromechanical: With the help of Shanghai Zhongyuan, the development of carbon dioxide heat pump air conditioning pipeline products
The company's CARBON DIOXIDE high-pressure piping system has been experimentally certified and supplied to customers. The company's independent research and development of carbon dioxide air conditioning pipeline products can solve the current carbon dioxide heat pump air conditioning pipeline system product defects caused by carbon dioxide leakage problems, related products have passed the volkswagen MEB experimental certification, and entered the pre-mass production and supply stage. With the release of the company's customer-related models, carbon dioxide air conditioning pipeline products are expected to achieve high growth.
The company's products have advantages in terms of technical patents and customer resources, and growth can be expected. The Shanghai Zhongyuan acquired by the company has been deeply cultivating the field of engine supporting pipelines for many years, and has mastered core technologies such as high-pressure oil rail forging system and high-pressure soft and hard pipe connection system. In March 2020, the company applied for a patent for the invention of a high-pressure valve, which will help the further development of carbon dioxide air conditioning pipeline products. In addition, as a Tier 1 supplier of Volkswagen's fuel distributors, Zhongyuan will help the company's CO2 air-conditioning pipeline products cut into Volkswagen's more series of supply systems. According to estimates, we believe that the company's 2022 and 2023 carbon dioxide heat pump air conditioning pipeline revenue is expected to reach 2.7/450 million yuan, and the company's future growth can be expected. (Source: Future Think Tank)
Sanhua Intelligent Control: Leading technology, high gross profit margin to build competitive barriers
The company's technology first-mover advantage is obvious, and it has formed a carbon dioxide product solution. At present, the company's electronic expansion valves, check valves, gas-liquid separators, carbon dioxide four-way valves, micro-channel heat exchangers and other products can be applied to carbon dioxide cleaning refrigerants, refrigeration equipment, heat pump water heaters and other fields. The company's CBVT series co2 ball valve technology has been patented: the all-stainless steel valve body and takeover technology not only meet the 120 bar design pressure and significantly reduce the cost of raw materials; the welded structure of the high-strength stainless steel pipe + copper bushing improves the welding efficiency; the stem introduces graphite sealing material to make the product suitable for the -56/+150 °C fluid environment; and the laser welding process solves the problem of argon welding PTFE deformation.
One of the company's pressure control valves can be used in supercritical CO2 refrigeration circulation systems to directly control the refrigerant pressure on the high-pressure side. The inner cavity of the pressure control valve body is connected with the low pressure chamber, and the high pressure chamber is provided with a throttle flow path, and the throttle flow path has a valve port facing the inner cavity; the valve spool in the inner cavity can move back towards the valve port of the inner cavity relative to the throttle flow path, so that the throttle flow path is opened or closed; the between the inner chamber and the high-pressure chamber is provided with a normally open joint flow path. In a supercritical CO2 refrigeration cycle system, the use of this pressure control valve can directly control the refrigerant pressure on the high pressure side by controlling the pressure difference between the high pressure side and the low pressure side.
DunAn environment: product innovation in the field of new refrigerant, valve business scale advantage is outstanding
The company continues to develop related technologies and products in the field of new refrigerants. The company conducts multi-faceted research on alternative refrigerants with high market selection such as R32 and R454B, such as compatibility testing and safety certification between new refrigerants and refrigeration components. The company has innovated in the field of carbon dioxide valves, carbon dioxide electronic expansion valves, solenoid valves, carbon dioxide check valves are widely used in R744 (carbon dioxide) as refrigerant heat pump water heaters, refrigeration and refrigeration systems, the use of laser welding technology and new materials to replace the application technology can meet the system high temperature, high pressure operation requirements, suitable for subcritical and supercritical systems, with a high new alternative refrigerant compatibility.
The company has a number of patents in the field of carbon dioxide heat pump systems. The company's carbon dioxide heat pump system in the field of invention patents and utility model patents on the basis of the existing technology has made a breakthrough in many aspects, each product has the full use of carbon dioxide heat pump system heat, improve the efficiency of refrigerant defrost, improve the heat exchange effect, improve the system heat and energy efficiency, make the system heating operation stable and other advantages.
The company continues to increase investment in the thermal management industry of new energy vehicles and has accumulated many customer resources. At present, it has carried out business cooperation with well-known enterprises such as BYD, Geely, Changan, saic and other well-known enterprises, and is committed to becoming the world's leading supplier of core components for the thermal management system of new energy vehicles.
Tenglong Co., Ltd.: Entered the carbon dioxide heat pump air conditioning valve system
The company's products in carbon dioxide heat pump systems are mainly valve assembly integration modules. The company's automotive thermal management system parts The main products of the business segment are automotive air conditioning pipelines, carbon dioxide heat pump system valve group integration modules, automotive thermal management system connection hard pipes and accessories. In January 2022, the company's board of directors passed the proposal to set up a wholly-owned subsidiary company in Dangtu County, Ma'anshan City, Anhui Province, and the company plans to invest 105 million yuan to produce new energy vehicle thermal management piping system products, and the steady progress of related work will help enhance the company's competitiveness in the industry.
Midea Welling: CO2 air compressors are the world's leading
Midea Welling's three product lines will be officially put into production in 2021. In May 2021, Midea Welling Automotive Components officially announced that the three major product lines of drive systems, thermal management systems and auxiliary/autonomous driving systems will be fully operational. At present, welling thermal management system products include R134a electric compressors, CO2 electric compressors, medium power electronic water pumps, high power electronic water pumps; motor drive system products include drive motors, drive controllers; auxiliary/automatic driving system products include electronic power steering motors, resolvers. The company's heat pump products have been used in all lines of Xiaopeng Automobile, Weilai ES6 and ES8.
Midea Welling CO2 electric compressors offer efficient refrigeration and heating performance. Welling's CO2 electric compressors can achieve a heating efficiency of COP=2.5 at -15°C and COP=2 at -30°C, meeting the needs of efficient refrigeration and low-temperature heating, and increasing the range of traditional heat pumps by 20%. The electric compressor has 220 domestic invention patents, 14 international invention patents and completely independent intellectual property rights, the use of C02 environmental refrigerant is mainly derived from industrial exhaust gas purification, high environmental protection.
Yinlun shares: the rapid development of new energy business, customer resources high-end and high-quality
The company has strong R&D strength and perfect technical reserves for new energy auto parts. In the past, the company used to produce cooling components for fuel vehicles, and in recent years has devoted itself to the research of new energy vehicle parts, realized the production of liquid cold plates, pump valve products, made a breakthrough in the integration and matching technology of waterway integration module system, and realized the three major modular modules (front-end module, refrigerant refrigeration liquid integration module, heat pump air conditioning box assembly module) supporting production. The company has the domestic top heat exchanger batch production capacity and systematic technical reserves, product competitiveness is leading the world, to achieve the world's first local brazing without brazing on the water and air cooler products.
The company's new energy orders increased significantly, contributing a large amount of new revenue to the company. The company has increased its efforts to expand the new energy vehicle heat management and industrial heat exchange, electric energy storage heat exchange and other emerging fields. In the first half of 2021, it has successively won the North American new energy benchmark vehicle enterprise air conditioning box project, the Yinche Technology unmanned ADU water cooling system project, the Xiaopeng Automobile refrigerant coolant integration module project, the WEIlai front-end module and refrigerant coolant integration module project, the Changan new energy electronic water pump project, the Sany Heavy Machinery cooling module project, etc. According to customer demand and the company's forecast, the above projects are expected to add nearly 2.919 billion yuan in annual sales revenue to the company after production, of which the new energy business accounts for about 66%.
Ortegaard: Compressor and air conditioning box technology is deeply accumulated
The company's compressor business has a deep technical accumulation and outstanding advantages in the industry. The fourth generation of high-efficiency electric heat pump air-conditioning compressor products produced by the company have the characteristics of long life, low failure rate, low energy consumption and low NVH, and the relevant technology is at the leading level at home and abroad. The company's scroll air conditioning compressors and piston air conditioning compressors for traditional energy vehicles are among the best in the domestic market share.
Air Conditioning International, a wholly-owned subsidiary of the company, masters the relevant technologies of electric vehicle air conditioning systems. In the air conditioning systems business, the company has designed and developed a large number of complete system, module and heat exchanger component projects for the world's leading manufacturers. Wholly-owned subsidiary Air Conditioning International mastered and applied related technologies to its self-developed thermoheat pump air conditioning system, in the past two or three years has done a lot of research with a number of global automakers, completed a series of processes from design and development to road testing, in the winter automotive air conditioning heating function comprehensively surpassed the current PTC system commonly used in new energy vehicles, and has begun to supply high-end electric vehicle products such as Weilai Automobile.
The company's achievements in the new energy business are outstanding. With the vigorous development of new energy vehicles, the company focuses on the development of electric compressors and air conditioning systems for new energy vehicles. According to the company's 2020 annual report, the company's new energy sector business revenue accounted for more than the corresponding proportion of the new energy vehicle market, reflecting the results of the company's business new energy direction transformation. The company has signed a number of compressor business orders in the field of new energy vehicles, and with the continuous increase in the market share of new energy vehicles, it will promote the company's new energy strategic transformation.
The company's automotive air conditioning system business revenue grew rapidly, and the production capacity of heat pump air conditioning system gradually increased. Since 2021, with the strong growth of the new energy vehicle market at home and abroad, the company's new energy vehicle heat pump air-conditioning system and related parts and components and other businesses have developed rapidly, and the revenue of Air-conditioning International in the first half of 2021 has increased by about 152% year-on-year, and the proportion of the company's revenue in the company's total revenue has also risen from just over 30% of H1 in 2020 to nearly 50% in 2021H1. And the company's research and development orders for new models are full, thanks to the construction of investment projects, the production capacity of heat pump air conditioning systems has gradually increased, and the company's ability to supply mainstream electric vehicle manufacturers at home and abroad has been further consolidated.
Songzhi shares: large and medium passenger heat pump air conditioning leader, strong research and development strength, high industry recognition
The company's large and medium-sized passenger heat pump air conditioning faucet continues to make key technological breakthroughs in the field of automotive air conditioning. The company has the world's first new environmentally friendly refrigerant R290 bus air conditioning products; the company's direct heat pump air conditioning system has completed development and mass production, indirect heat pump air conditioning to achieve the whole vehicle; the use of lower ambient temperature, better performance of the "heat pump air conditioning with waste heat recovery and gas replenishment and enthalpy function" sample car test has been completed; the use of new environmentally friendly refrigerant heat pump air conditioning system has also begun to bench verification. In terms of key components, the company's heat pump air conditioners with car interior and exterior heat exchangers to achieve mass production; carbon dioxide heat pump air exchangers to achieve design freezing, and to achieve customer samples.
The company's air conditioning continues to iterate, and the heat pump air conditioner has been updated to the ultra-low temperature heat pump air conditioner (4.0), which has technical advantages. The product can meet the needs of the vehicle in the -25 °C environment, the heat pump heating can operate normally in the -35 °C environment; the system adopts the horizontal scroll electric compressor with replenishment and the plate heat exchanger as a system economy, which can play a role in the field of bus air conditioning; the design of the two-way electronic expansion valve ensures the precise control of the operation of the air conditioning and gas system at low temperatures; In addition, the company independently developed a control system that introduces parameters such as exhaust temperature and pressure, and adopts the second generation of new large integrated electronic control box, which is large The width increases the functionality, lightness and reliability of the system.
The company continues to win high-quality independent and joint venture customers, and has abundant orders in hand. In the first half of 2021, the company won the air conditioning box project including Weilai, Ford, BYD, Changan, SAIC-GM-Wuling and other models, which is expected to be mass-produced at the end of this year, and the air conditioning boxes of Volkswagen and Honda are expected to start breakthroughs next year. Songzhi Car has also successfully passed the audit of many multinational joint ventures and independent brand OEMs such as GM, PSA, BAIC, NIO, etc., and has jointly carried out the "Joint Research and Development Project for SAIC Volkswagen R744 Heat Pump Air Conditioning System" with SAIC Volkswagen, Shanghai Jiaotong University and Haili New Energy, and obtained new air conditioning systems and assembly projects for saic, GAC, Changan, Gaz and other customers.
The company's research and development strength is outstanding, and it has obtained a number of system certifications and supplier qualification audits. By the end of 2021, the company has obtained 640 authorized patents, including 71 invention patents, 543 utility models and 26 designs. Formulated 4 national standards, 11 industry standards, and 99 enterprise standards. The test center has passed by BYD, SGM GP-10, NIO laboratory system approval, which shows that the company has a high degree of recognition in the industry.
Suao Sensing: Automotive pressure sensors are expected to accelerate domestic substitution
The company focuses on the development of various types of new sensors, and the new energy business continues to expand. The company has a variety of sensor chips have been prepared for localization capabilities, with strong product development and technology research and development capabilities. The company's R & D department has been identified as Jiangsu Province Vehicle Sensor Multi-parameter Integrated Engineering Technology Research Center and Jiangsu Provincial Enterprise Technology Center, and has completed the development of new energy and fuel vehicle pressure sensor products, and the product pressure measurement capacity covers (0-20Mpa) detection range, and the accuracy reaches 0.5%-2%. The company further improves the pressure range and accuracy of the sensing in the direction of the pressure sensor, and realizes the development of pressure sensors in the 70Mpa~300MPa level, which is oriented to the application of high-voltage common rail systems for new energy fuel cell vehicles and high-power commercial vehicles.
The company's new energy business development block has rapidly developed a number of high-quality customers. With strong R & D and innovation capabilities and technical strength, the main products in new energy components are distributed in the new energy three electric systems, namely motors, electronic controls, battery systems, of which the products are motor insulation rings, high and low voltage filter components and battery pack structural parts, etc., and have accumulated a large number of high-quality customer resources. In the main engine supporting market, the company has established stable supporting relationships with well-known automobile manufacturers such as SAIC-GM, SAIC Motor, BYD, Geely Automobile, and Jiangling Motors. (Source: Future Think Tank)
Fei Rongda: Entering emerging fields and supplying a number of high-quality customers
The company actively explores new fields and focuses on the field of new energy vehicles. The company continues to cultivate in new areas such as new energy vehicles, photovoltaic inverters, power products, etc., and the products such as automotive battery end plates, liquid cold plates, thermal pastes and inverter heat dissipation devices have begun to be delivered in batches. In the new energy industry chain, the company's products mainly include die castings, injection molded parts, liquid cold plates, composite materials, shielding materials and thermal conductive materials, etc., the company has a variety of automotive-related EMI/TIM new materials and new process products, such as semi-solid die-casting its components (new energy battery pack end plates), brazing fluid cold plates, sealing rubber, thermal interface materials, etc.
The company has obtained a variety of high-quality customer supply qualifications. With continuous intensive cultivation in new fields such as new energy vehicles, photovoltaic inverters, and power supply products, the company has obtained high-quality customer supply qualifications in many fields. In November 2021, the company signed a cooperation agreement with CATL to provide it with die castings, liquid cold plates, connectors, composite materials and other products, according to the agreement, the company's orders from CATL in the next 5 years are expected to be about 3.6 billion yuan.
Benefiting from the rapid development of 5G, photovoltaic and new energy automobile industries, the company's related businesses enjoy great development opportunities. In recent years, the upgrading of functions such as smart phones, 5G mobile phones and base stations will drive the upgrading of electromagnetic shielding and heat dissipation solutions, open up new space for the growth of electromagnetic shielding and thermal conduction, and the demand for cooling plate upgrades brought by new fields is expected to become a new growth point for the company. Since 2018, the company plans to get involved in the field of new energy vehicles, taking this field as an important strategic development industry of the company, and the heat dissipation related business will become an important growth point for the company in the future.
(This article is for informational purposes only and does not represent any of our investment advice.) For usage information, see the original report. ）
Featured report source: [Future Think Tank].