(Report Producer/Author: Changjiang Securities, Gordon, Gao Yinan, Chen Sizhu)
1 A model of differentiated configuration, air suspension is expected to enter the explosive period
At present, the share of independent brands continues to increase, and differentiated configuration has become one of the core competitiveness of independent brand product strength. From the perspective of the market share of more than 150,000 yuan, the share of independent brands before 2021 mainly hovered around 11%, and in the first half of 2021, the share has increased to more than 16%. Judging from the main models newly released at the 2021 Guangzhou Auto Show, independent brands and car-making forces are leading joint venture brands in both intelligent configuration and technology configuration: 1) In terms of intelligent driving functions, including the launch of intelligent driving in high-speed road sections, as well as the application of intelligent driving hardware such as cameras, millimeter-wave radar, lidar and higher computing chips. 2) In terms of technology configuration, the 19 main models launched by the independent brands (including new forces, independent new high-end and independent brands) launched at the 2021 Guangzhou Auto Show have reached 7 models, 6 air suspensions, and 6 intelligent headlights.
Taking the air suspension as an example, the independent rise, the luxury quality gradually sinks, and its proportion as a high-end configuration is expected to increase. Since 2017, WEIO has successively launched ES8 and ES6, the air suspension is first installed in models below 500,000 or even 400,000 yuan, and in 2021, Dongfeng Lantu FREE and Geely Extreme Kr 001 continue to sink the price of air suspension models to less than 300,000 yuan (the entry price of the extreme krypton 001 before the order on July 31, 2021 is 266,000, and the price after counting the air suspension option is 286,000 yuan). In 2021, China's passenger car air suspension sales reached about 460,000 units, accounting for the penetration of the passenger car market from 1.27% in 2018 to 2.2%, accounting for more than 250,000 yuan of model market penetration reached about 9%. (Note: Models with a statistical caliber with air suspension standard, considering the option, the penetration rate is higher).
Consumption continues to upgrade, high-end intelligent electric acceleration air suspension applications. In recent years, the trend of automobile consumption upgrading in mainland China has been remarkable, with the increase in purchasing power + the increase in the proportion of purchases, the average purchase price of passenger cars has continued to rise, especially the proportion of sales of high-end models of more than 250,000 yuan has increased significantly, from 17.3% in 2018 to 23.8% in 2021, and the air suspension has also entered the configuration list of more people. On the other hand, the new forces are rising rapidly, under the brand positioning of high-end intelligent electric vehicles, the acceptance of emerging, high-end configurations is higher, more willing to use, such as Weilai Automobile, the new forces are expected to pull the trend of air suspension consumption, and more car companies are expected to appear in the future to carry air suspension, such as Hongqi, Extreme Krypton, Lantu, etc. have become the forerunners after Weilai.
Market space: The air suspension scale of passenger cars is expected to reach 18.7 billion yuan in 2025
Assumption: Under the consumption upgrade, it is expected that the market sales and share of passenger cars of more than 250,000 yuan are expected to continue to increase, and more air suspension demand will be born; in the future, localization and scale will bring about a decline in unit prices, which is more convenient for the popularization of the air suspension market. According to calculations, by 2025, the continental air suspension passenger car market size will be 18.70 billion yuan, with a compound growth rate of 41.8%.
2 How difficult is the air suspension?
In the air suspension, the internal components include the front air struts, rear air springs, compressors, valve blocks, pressure storage tanks, sensors and electronic control units, with the front air struts in the front wheels, the electronic control unit in the center of the body, and the rest concentrated in the rear of the vehicle. In the operation, there is an air path and a data path: in the air path, the compressor compresses the air, through the valve block to distribute the compressed air to the air pillar, the rear air spring, the pressure storage tank, when the compressor can not meet the front and rear springs, the compressed air in the storage tank will be distributed to the front air pillar and the rear air spring; in the data path, the sensor completes the data collection Through the electronic control unit processing, the control of the front air pillar, rear air spring, compressor, valve block is completed. Due to the high dependence of body stability on air suspension, the stability requirements for the development and design of air suspension systems, electronic control systems and rubber parts are higher in the design and use of air suspension.
System integration: complex development, cumbersome inspection specifications
The development of air suspension systems is complex and requires the combined action of multiple components. According to the "Air Suspension Design Code" implemented by the Ministry of Industry and Information Technology in 2010, there are clear provisions on the air suspension design and development process: in the design and development process of air suspension, it is necessary to complete the calculation of roll stiffness and roll angle, air suspension stiffness, height control valve, motion up and down limit, limit valve calculation, and meet the parameter standards in the air suspension design code; it is necessary to complete the selection of various die casting parts such as guide mechanism, shock absorber, rear stabilizer rod, rear guide arm, thrust rod, etc.; caE analysis of the bearing parts, and finally in Under the premise of ensuring the strength of the parts, reduce the weight of the air suspension and optimize the air suspension structure.
The air suspension acceptance test specification is complex, and the multi-dimensional test ensures the safety of the air suspension on the car. According to the "Air Suspension Design Code" implemented by the Ministry of Industry and Information Technology in 2010, the testing methods and test methods that need to be completed in the acceptance stage of air suspension design are clarified: it is necessary to review from multiple dimensions such as scheme, drawings and physical objects; it is necessary to conduct acceptance tests on the smoothness, stability, strength of parts and components, motion coordination and other dimensions of the suspension system; and it is necessary to complete a variety of multiple acceptance tests.
Electronic control system: precise control improves comfort, and the barriers of electronic control terminals are clear
The electronic control system has a complex structure and high algorithm requirements. In the electronic control system of air suspension, the electronic control unit needs to collect the data information emitted by a variety of sensors to complete the processing and then realize the precise control of the components, and the software side needs to carry out multi-threaded high-level operations, and the algorithm development is more difficult. And because the various components of the air suspension are spread throughout the various positions of the body, the pipeline is also relatively complex, and the requirements for transmission speed and control accuracy are high.
The need for comfort has led to an upgrade in the algorithm of the air suspension electronic control system. For passenger cars, comfort is an important indicator for users to measure the quality of the driving experience. In the process of rapid acceleration and rapid deceleration of the car, because the self-propelled cruise (ACC) system will brake urgently, the phenomenon of the vehicle "looking up" or "looking down" occurs. At this time, the air suspension electronic control system changes the front and rear heights by pumping and deflating the front and rear springs, offsetting the additional vertical force generated by the self-propelled cruise system, thereby improving the comfort of the vehicle. In this process, the electronic control system needs to be connected with more sensors, the electronic control unit data processing difficulty increases, and the algorithm ability and development difficulty are upgraded again.
As one of the terminals of the electronic control system, the air supply unit has obvious industrial barriers with high technical difficulty. At the end of the electronic control system are the valve block and the air supply unit. In the air suspension system, the operation of pressing in and releasing air is realized by the control and regulation of the valve block and the air supply unit by the electronic control system, and the air flow direction is controlled. The industry barriers to the air supply unit are obvious: (1) Because the compressor needs to quickly reach a pressure of 15-20 bar in a short period of time, the friction of the internal motor rotor, cylinder block and other parts needs to be extremely small to ensure that the compressor will not overheat. (2) A large number of rubber and metal parts in the suspension system need to ensure that the air pressed into the compressor is absolutely dry. (3) When facing the aftermarket, it is necessary to ensure the ease of operation of the air supply unit. In summary, the air supply unit needs to have a strong drying capacity, smaller heat production, smaller volume and completeness, more technical difficulties, and higher production requirements.
Rubber airbags: the complex life of the force is high, and the formulation and process form barriers
Rubber parts are subject to complex forces, and there are many deformation factors that change, which have a great impact on the stability of the suspension. In the process of automobile movement, rubber parts are subjected to forces and moments in multiple directions, and there is a possibility of deformation in various directions in space, and are affected by the installation position, structural shape, whether there are metal constraints and other aspects, and the deformation of each direction will be coupled. Due to the complex deformation situation and many influencing factors, the deformation of rubber parts brings great challenges to the adjustment and control of wheel attitude and suspension stability. For suspension suppliers, it is necessary to control the deformation of the rubber parts to ensure that the suspension can obtain the elastic kinematic characteristics required by the automaker.
Rubber parts require complex requirements, functional requirements are numerous and precise. The rough structure of the rubber gas spring is a layer of calendered rubber lining, a layer of reinforced skeleton layer, and a layer of calendered rubber outer layer of glue. Rubber parts need to be maintenance and lubrication, no need for internal operation of the rod or piston, there is a certain bending angle, easy installation, low cost, high degree of control and precision, and to achieve anti-resonance, noise reduction and other functions, complex functions, a variety of needs, the need for the company has a strong R & D capabilities. The transportation and preservation environment of rubber parts is special, and it is necessary to avoid sharp objects, avoid direct sunlight, avoid contact with organic matter, and require the company to have strong warehousing and logistics capabilities.
The durability of the rubber part determines the service life of the air suspension. According to the information of the automobile maintenance technology network, the air suspension problem is concentrated on the air bag leakage and pipe rupture, due to the long use time or the moisture in the air enters the inside of the system, cracked rubber may cause the air suspension to fail. In addition to airbags and pipelines, rubber parts between suspension arms are also parts that are prone to aging due to factors such as complex stress, frequent use, and high working strength. The rubber parts of the air suspension, the durability of which will determine the life of the air suspension. (Source: Future Think Tank)
3 Where did the hanging giant come from?
In the air suspension industry, Continental and Wybaker are recognized industry giants. Through the review of the history of the giant in the air suspension business, it is proved that the technical difficulty of air suspension is the industry moat.
Mainland: The comprehensive king of shock absorption, electronics and rubber
Continental's ContiTech division has created its current leading position in rubber products through continuous iteration and technology accumulation. ContiTech's initial business was the production of industrial conveyor belts made of rubber and the loss-free power transmission through the ring triangle belt. During World War I, ContiTech achieved breakthroughs in a variety of rubber businesses such as automobile tires and bicycle tires. In the 1920s, ContiTech extended its rubber business to commodities, most notably the red warm water bag. In the 1930s, ContiTech improved the robustness and durability while ensuring the flexibility of rubber tubes, ContiTech has completed a large number of rubber materials technology accumulation and product practice, rubber technology industry leading. In 1955, ContiTech's first air spring, the 644N, was introduced, loaded on buses, and continues to be used today.
Continental's technical capabilities cover the difficulties of air suspension. Continental includes five divisions, including the Chassis & Safety Division, the Body Electronics Division, and the ContiTech Division, which have all the capabilities required for the development of air suspension systems, rubber development, electronic control landing, and system assemblies.
Continental has a strong air spring capability, covering automotive, industrial and agricultural products, with a comprehensive product structure and a wide range of products. As the core component of the air suspension, the rubber process of the gas spring plays a decisive role in the durability and noise reduction performance of the product. Continental's air spring products are powerful and have a wide range of products. In the automotive sector, Continental offers more than 2,000 product lines worldwide, covering almost all air spring product lines for trailers, trucks, buses and passenger cars. In the industrial and agricultural sectors, Continental designs air springs for rail bodies, bogies, compressors, blowers and more, with strong downstream demand.
Continental's air suspension system uses a closed structure that increases the efficiency of the air suspension system and reduces the energy consumption of the system by integrating the recovery of compressed air and air supply units. In the closed structure air suspension adopted by Continental, the air receiver is retained, which guarantees the stability of the overall air suspension system and its adaptability in various environments. In the working mode of the closed structure air suspension, the air discharged from the system in the open structure is recovered, and the accuracy of the air suspension system is improved through the control of the electronic control system. The enclosed structure reduces the number of air supply units and system energy consumption, while extending the life of the air suspension system and reducing the overall system noise. In addition, Continental has combined the dryer, electric motor and ECU by upgrading the air supply system (CAirS) to reduce the energy consumption of the air suspension system, the upgradability of the suspension system, the reduction of the weight of the overall suspension system, and the convenience of loading.
Continental focuses on the intelligence and digitization of air springs and air suspensions, which are industry-leading. Continental supplies HPTA sensors in air springs, which obtain data on four aspects: Height, Pressure, Temperature and Acceleration. Reduce unnecessary compressed air consumption or energy consumption through continuous condition monitoring. Continental proposes "C+ Technology", which aims to achieve the sustainability of future technology promotion, improve the safety of special materials, and achieve the accuracy of control in combination with the application of big data through the improvement of the intelligent and digital level of air springs.
The revenue of ContiTech Business Unit increased steadily, and the proportion of revenue in the company remained stable. As the world's largest shock absorption company, contitech business unit is leading in shock absorption business technology, and is mainly responsible for passenger car air suspension business in the various divisions of continental group, and its global operating income has maintained rapid growth, from 22.547 billion yuan in 2009 to 44.802 billion yuan in 2018, and the group's total revenue accounted for from 11.78% to 14.07%. In 2019, the proportion of revenue and revenue groups remained relatively stable. Affected by the epidemic in 2020, the operating income of ContiTech Business Unit has declined, but the proportion of the group's total revenue has increased to 14.62%.
Vibarc: Rubber started, acquisition to establish an empty suspension system
The parent company of Wybaker started with rubber and established a perfect air suspension business system through the acquisition of the company. Trelleborg, The parent company of Veebuck, started as a manufacturer of rubber products, covering bicycles, motorcycles and car tires. Freudenberg acquires strong air suspension capabilities through invisibility' vibration damping business, Laird Group's automotive components business and Smith Group's polymer-based precision seals business. Among the companies in which Freudenberg acquired business, Invis was founded in 1836, started in armaments, and became a leading company in the field of electronic mobile control in 2000; Laird Group was founded in 1824, and now includes Emerson, BMI and other companies; Smith Group was founded in 1976 and has repeatedly obtained the top supplier of seals. In 2012, trelleborg Wybbock was established as a subsidiary responsible for vibration damping solutions for light and heavy vehicles. At this point, Wybaker has achieved full coverage of the air suspension system capabilities.
Wybak attaches great importance to R&D investment and personnel, maintaining about 8% of R&D investment and R&D scale of 10,000 people every year. According to the annual report of Freudenberg Group, the parent company of Wybaker, the R&D staff of Wybaker has remained at about 10,000 people in the five years from 2016 to 2020. According to the Freudenberg Group's annual report and information on the Wybaker official website, Wybaker's annual R&D investment has remained at 8%, accounting for more than 4% of the Group's R&D investment since 2017.
Wyback focuses on passenger cars, continuously upgrading its air spring technology, and its products are directly docked with automakers. Technically, Wyback adds innovative technologies such as axial sleeve technology, orthogonal bellows technology and transverse bellows to the air suspension products to improve the durability and noise reduction performance of the air suspension products. From the perspective of downstream customers, Viebucks currently covers the world's top 20 battery manufacturers, the top 20 passenger car OEMs 19, and has become BMW, Mercedes-Benz, Audi and other car companies many high-end models of stable air suspension suppliers.
Vibbock has strong product capabilities, stable downstream customers, and good revenue performance. Due to the good product design of The Air Suspension of Vibarc, the stability of the R&D team and the continuous improvement of R&D investment maintain the continuous upgrading of product strength, and have a good relationship with the oem to ensure the stability of revenue. According to Freudenberg's annual report data, Wybaker's operating income exceeded 2.1 billion euros in 2017-2019, and in 2020, its operating income affected by the epidemic declined, but it still maintained strong growth.
4 The monopoly of domestic and foreign capital is expected to be broken, and domestic enterprises are on the rise
The domestic air suspension market has long been controlled by foreign suppliers, but with the rapid outbreak of the industry, it is difficult for foreign enterprises to keep up with services and resources, and domestic breakthroughs are expected to accelerate. The air suspension has been in the early stage of foreign monopoly, the reason is that the era of fuel vehicles in the era of autonomous passenger car companies trapped in the low-end market, and the high cost of air suspension system makes it difficult to apply to low-end passenger models, resulting in independent car companies are difficult to have demand. The upgrading of car-making forces and independent high-end brand brands has brought about a strong demand for air suspension configuration, and foreign capital cannot meet the market blowout air suspension development projects in terms of development resources and response speed. Car companies themselves also lack experience in the development of air suspension, and need third-party cooperation to achieve the research and development of air suspension, giving domestic enterprises a golden window period.
Tuopu Group: testing, electronic control, rubber has inherent advantages, vigorously cut into the air suspension system
Tuopu officially entered the air suspension track, with clear goals and clear planning. Tuopu Group plans the air suspension project in 2021, and the company has disclosed the business scope and manufacturing process of air suspension, covering the main components of air suspension such as air supply units, sensors, electronic control systems, and air suspension assemblies.
Suspension Systems: Experienced in chassis development with complete testing capabilities
With excellent product strength and service capabilities, Tuopu Group has established supporting relationships with many mainstream automakers at home and abroad, and as a chassis supplier of General Motors, Geely and Tesla, the company continues to grow. Tuopu Group has strong testing capabilities, the test center introduced ISO/IEC:17025 management system in 2005, and in January 2007, it was first accredited by the China National Accreditation Service for Conformity Assessment (CNAS), and since 2008, it has successively passed the laboratory accreditation of SGM, GEELY, SAIC, BYD, NIO and other major automotive OEMs. Includes performance/size test capability, EMC test capability, NVH testing capability, structural dynamic endurance testing capability.
Electronic control system: intelligent brake research and development for many years, electronic control technology has a deep reserve
In 2012, the company set up an IBS project, completed the design of the mechanical part in 2015, and has completed some tests, and is expected to achieve mass production in 2018. On April 11, 2016, Tuopu Group released a non-public offering plan, which intends to invest 2.2 billion yuan in the automotive intelligent brake system project, the project construction period is 2 years, the main body of the implementation is Ningbo Top Group Co., Ltd., the construction site of the project is located in Beilun District, Ningbo City, forming an annual output of 1.5 million sets of automotive intelligent brake system (IBS) production capacity.
The IBS system and the ECAS system are highly similar and the Top Group has full development experience. The electronic control unit needs to obtain a signal through the sensor, and then control the flow direction of liquids and gases through the control valve, so as to complete the precise control of the system. Tuopu Group has been deeply engaged in the IBS system for ten years, with a certain R & D capability, when switched to the ECAS system, the R & D center has considerable technology accumulation and resource reserves.
Rubber parts: shock absorbers started, rubber capacity is outstanding
Tuopu Group's rubber products can meet the needs of various materials. Tuopu Group has been deeply cultivating rubber products for 28 years, and the rubber shock absorption products produced have formed more than 2,000 varieties in three categories, the market share has been steadily improving, the sales of shock absorption products are ranked first in china, and the revenue of rubber shock absorption products has risen steadily. Tuopu Group rubber parts have the production capacity of air suspension.
The air suspension difficulties are distributed in the system assembly, electronic control system, and rubber parts. Air suspension giants Continental Group and Weibak started from the rubber factory, gradually mastered the sealing technology and electronic control technology, and realized the landing of the air suspension and the identity of the giant so far after full iteration. Tuopu Group has been deeply cultivating rubber products for 28 years, and the company's growth experience is similar to that of international giants; and has strong scientific research capabilities, and has products on the car in the system assembly and electronic control system. The air suspension system has low barriers to entry for Tuopu Group, and the future is accompanied by reliable research and development capabilities, production capacity, and quality control capabilities, and the air suspension business can be expected.
Tianrun Industry: Relying on the founder of technology, the company has made rapid progress in the field of air suspension
Relying on traditional die-casting and forging technology, combined with Dr. Zhang Guangshi's patent, Tianrun Industry has gradually developed commercial vehicle chassis, semi-trailer, cab air suspension, passenger car electronic control suspension system, etc. In line with the overall strategy of commercial vehicles first, passenger cars and light trucks, we will gradually increase the market share of the company's air suspension business.
Technology: Technical partners are experienced and have the ability to develop control strategies
In May 2020, Tianrun Industry and natural person Zhang Guangshi established Tianrun Intelligent Control, Zhang Guangshi was responsible for air suspension related technologies, and Tianrun Industry held 75% of the equity, officially paying attention to the air suspension track. In October 2020, Tianrun Industry increased its capital by 257 million yuan and increased its investment in the air suspension business, and after the capital increase, Tianrun Industry held 93% of the equity of the subsidiary. According to the company's annual report, in 2020, the air suspension business achieved revenue of 58 million yuan and sold more than 220,000 air suspensions.
The partner has a rich accumulation of technology and the ability to develop control strategies. Zhang Guangshi is a doctor of Tongji University, served as the deputy general manager of Meichen Ecology from 2009 to 2012, resigned in 2012 to start a business, and registered and established Qingdao Haobuming Vehicle Technology Co., Ltd. in 2014. By 2018, Dr. Zhang's team had applied for 21 intellectual property rights covering the system and core components, and authorized 15 items. The "KHISS" brand created by the enterprise with independent intellectual property rights uses virtual prototype technology to optimize the layout of the program and simulate the design of the digital virtual prototype design in the design stage, which improves the internal collaboration and design capabilities, thereby ensuring the design quality and shortening the product development cycle. In May 2020, Tianrun Industry and natural person Zhang Guangshi established Tianrun Intelligent Control, Zhang Guangshi was responsible for air suspension related technologies, and Tianrun Industry embarked on the process of air suspension.
Absorbing foreign investment in R&D strength, the company's R & D team continues to expand. At present, Tianrun has hired three senior engineers in Daimler Benz, namely design engineer, application engineer and test engineer. The company hopes that after 1-2 years of cultivation, it can become an enterprise with independent innovation ability and independent development ability in product development and design. From the comparison of R&D investment in 2019, Compared with the other two commercial vehicle air suspension suppliers, Meichen Industry (now renamed Meichen Ecology) and Shanghai Keman, Tianrun has invested more than 200 million yuan in research and development, and has strong R&D funds.
According to the company's announcement, Dr. Zhang's air suspension R&D team has been developing and designing the electronic control system for passenger cars since 2013, and has accumulated technology in terms of control strategy. Starting from the second half of 2020, Tianrun Intelligent Control began to develop ECAS systems for commercial vehicles, and has basically completed the development and design of several ECAS plus mechanical system assembly products. (Source: Future Think Tank)
Products: Systems and key components are strong
In terms of products, at present, Tianrun industrial air suspension products are mainly for commercial vehicles, including chassis air suspension, semi-trailer air suspension, and cab air suspension. At present, it has completed the landing of four series of rubber suspension, seven series of semi-trailer air suspension (with bridge supply), lightweight version of eight airbag air suspension, disconnected balance shaft assembly and other products, completed the loading and commissioning of an SUV electronic control air suspension system, an MPV single rear axle electronic control air suspension system loading and debugging, a heavy truck CDC continuous damping adjustable electronic control system suspension loading and debugging, the business progress is good.
After the establishment of the company in 2020, the company's air suspension business has been non-stop, from market development to the construction of key component production lines, to the small batch supply of the system and the completion of the suspension laboratory construction. In 2020, the company mainly carried out: 1) procurement, commissioning, installation, market development, product development and trial production of production and test equipment; 2) production of air suspension structural parts products according to customer needs; 3) completed the construction of cdC shock absorbers, equalization beams, brackets and other core components of chassis suspension production line to achieve batch supply; 4) completed the small batch supply of the new eight-airbag air suspension system, completed the trial production of rubber suspension samples for engineering machinery, and 23 products of cab air spring shock absorbers. Design, prototyping and delivery of 4 products for HEAVY Duty Truck Parts. In the first half of 2021, the company mainly carried out: 1) production line, assembly line, laboratory construction, new product and new customer development; 2) the basic construction of the suspension laboratory was completed, of which the imported MTS six-channel suspension system test bench, MTS850 shock absorber test bench, 64-channel eDAQ data acquisition system and other equipment have been installed and debugged, and the suspension system and components can be verified after the overall construction of the laboratory is completed. From the perspective of revenue structure, the sales revenue of the company's suspension business in the first half of 2021 mainly comes from the revenue of key components. Including CDC shock absorbers, air bags, and structural parts of the equalization beam, guide arm, air spring, etc., the main customers from the trailer market and tractor market.
From a corporate strategic perspective, there are four cores in the company's air suspension space, including ECAS systems, air springs, CDC shock absorbers and other control systems. One is the ECAS system, which is now being verified by some active ECAS systems; the second is that the gas spring has begun to be mass-produced and introduced to the market; the third is that the CDC shock absorber has begun mass production, mainly in the aftermarket, and some have begun to support the whole vehicle; and the fourth is that other control systems in addition to the ECAS system are also being promoted and successively promoted to the market.
In terms of orders, commercial vehicles deliver samples, and passenger cars cooperate with customers. Commercial vehicles include: Jinan Heavy Duty Truck's light truck driving chamber suspension has recently delivered samples; Shandong Automobile is preliminarily reviewing the technology and planning to conduct road tests by April 2022. Light trucks have several air suspension products begun to be loaded, light trucks are now basically products with ECAS, IVECO is in a state of review. In terms of passenger cars, the company has cooperated with a customer on two new models for air suspension projects, one of which has now completed the first round of tuning. The cooperative product belongs to the new energy model, leaving little space for the suspension system, the traditional suspension is difficult to meet its needs, the use of air suspension can solve the matching problem, another passenger car platform is also undergoing related tests, the car will integrate updated technology, including binocular camera, height adjustable and damping adjustable.
In terms of investment plans, the company invests in parts, assembly lines, and laboratories. The company is expected to invest in 4 new chassis parts production lines, planning to achieve an annual production capacity of 390,000 pieces; improve the shock absorber production line, planning to achieve an annual production capacity of 300,000 pieces; set up an air spring assembly line, planning to form an annual output of 450,000 pieces; build a guide arm production line, plan to achieve an annual production capacity of 300,000 pieces; set up a cab air suspension system assembly line, planned to achieve an annual output of 50,000 sets; set up a chassis suspension system assembly line, planned to achieve an annual output of 60,000 sets; plan to build an annual output of 10,000 sets of ECAS system production line, Lay the foundation for subsequent mass production; complete the construction of the domestic first-class air suspension system and core components testing laboratory (including a 40 million commercial vehicle laboratory and a passenger car laboratory with a budget of 60-80 million). There may be certain uncertainties in adjusting according to market conditions and national policies. In summary, the core advantages of the company in the air suspension are: autonomous control strategy, complete experimental capabilities, and the ability to provide key components and systems.
Baolong Technology: Domestic passenger car air spring faucet, integrated supply gradually formed
Relying on the traditional business process foundation, Baolong Technology has gradually mastered the manufacturing capabilities of air suspension core components including air springs, shock absorbers and active suspension systems, and has gradually begun to obtain the corresponding fixed-point supporting tests and corresponding orders of domestic independent brands.
In the air spring part, the company adopts the original rubber and cord materials provided by international advanced suppliers to independently develop the industry's leading chlorine + natural rubber mixed formula. Realize the formula, mixing, calendering, molding, vulcanization, assembly of the whole process chain independent control, with perfect test equipment, to meet all the customer's test requirements. The company's sleeve gas spring meets 80 °C high temperature double motion 1 million times, normal temperature 10 million times and -35 °C low temperature fatigue test, to meet the most demanding test standards of internationally renowned customers, membrane spring to meet 5 million times of normal temperature fatigue test (national standard is 3 million times). At present, the company's self-developed self-sealing membrane airbag has been applied to the air spring system of passenger cars, which is supplied to Domestic Tier1 sets such as Shanghai Keman and China Highway.
Shock absorber part, Baolong Technology has perfect electronic control shock absorber technical standards and test methods, has a production line covering ADS shock absorber, external and built-in CD shock absorber three series of products, robot welding, automatic cleaning, dust-free assembly room and other processes of the automatic assembly line, to ensure that the production of electronic control shock absorber has to meet the original standard of the variable damping damping shock absorber performance. The company formed a shock absorber business around the OEM market and the passenger car aftermarket as the main body, on the one hand, to strive for new energy vehicles and independent brand high-end models of the host business orders; on the other hand, aiming at the high-end passenger car aftermarket, with the main machine manufacturing standards to produce aftermarket high-end variable damping damping shock absorbers, is committed to becoming the international leading supplier of variable damping air spring shock absorbers in the aftermarket.
Active suspension system part, Baolong Technology integrates the group's internal resources, such as air springs, electronically controlled shock absorbers, sensors, ECUs, etc., and cooperates with famous universities to develop electronically controlled air suspension and electronically controlled variable damping damping shock absorber systems. It has also jointly established projects with top joint venture brands and independent brand OEMs to carry out localization alternative development or development of pre-technology reserve projects, and develop Control Systems based on AutoSAR. With the further enhancement of the company's suspension system integration capabilities, it is expected to gradually enter the core echelon of international manufacturers such as Continental, Wyback and Fiststone, and continue to deepen the scope of development cooperation with the main engine plant in the air suspension part.
Zhongding Shares: Acquired AMK to cut into the air supply unit, and the high technical barrier was recognized by the market
Zhongding Co., Ltd. obtained the core technology and production capacity of core components with high technical difficulties such as air supply units through the acquisition of high-quality enterprise AMK, completed the expansion and upgrading of production capacity through convertible bonds, and harvested orders with long life cycles and considerable bicycle value in its own brands and new car-making forces.
Zhongding Co., Ltd. completed the acquisition of 100% of the equity of AMK in Germany in 2016, strengthening the company's motor battery control system capabilities while laying out driving assistance and chassis electronic control systems. AMK's products mainly include traditional cars, electric vehicles and hybrid vehicles of power controllable systems, powertrains, etc., its main customers are Tesla, Mercedes-Benz, BMW, Jaguar, Land Rover, Volvo and other world famous brands, the company's technology is in the industry leading position within fifty years. After the completion of the acquisition, Zhongding Co., Ltd. acquired the air suspension production capacity and all the core technologies of AMK's air suspension.
Zhongding co., Ltd. in 2018 issued convertible bonds, disclosed the Zhongding shock absorption rubber shock absorption products research and development and production base relocation and expansion project, the project has a total of three phases, the first phase of the total investment of 1.712 billion, the current phase of construction has been completed, has completed the expansion of suspension products, can achieve 9.3 million pieces of suspension car shock absorption rubber products annual production capacity, and build a new 4 million pieces of control arm.
The main products of Zhongding Co., Ltd. in air suspension are air storage tanks, air supply units and air suspension assemblies. The air storage tank and air supply unit are the company's own technology self-produced products, and the air suspension assembly needs to be assembled after purchasing the remaining parts. Among them, the air supply unit is the most technically difficult component in the entire air suspension module, and the performance of the air supply unit will directly affect the mechanical performance of the air suspension system.
After the localization landed, Zhongding co., Ltd. received more than 2.4 billion orders, and the project life cycle was 4-10 years. From the perspective of the value of the order product bicycle, the price of the air storage tank parts bicycle is 400-500 yuan, the price of the air supply unit assembly bicycle is 1600-1800 yuan, and the price of the air suspension assembly bicycle is more than 4000 yuan.
Due to the high technical difficulty of the air supply unit, the industry barriers are more obvious, and the more well-known suppliers in the industry are only Continental, ZF's WABCO and AMK under Zhongding Co., Ltd. Other domestic suppliers are still difficult to achieve a qualitative breakthrough in the air supply unit in a short period of time, and Zhongding Shares has maintained its technical advantages and product leadership in the market for a period of time.
(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].