Research on the Amorphous Alloy Industry of High-performance Soft Magnetic Materials: Benefiting from Energy Saving and Emission Reduction and Demand Upgrading

(Report Producer/Author: Minsheng Securities, Qiu Zuxue, Zhang Jianye)

1. Amorphous alloys - soft magnetic materials nova

Magnetic materials can generally be divided into permanent magnet materials, soft magnetic materials and functional magnetic materials according to their functions. Among them, permanent magnet materials can be divided into ferrite permanent magnet materials, rare earth permanent magnet materials, other permanent magnet materials, soft magnetic materials can be divided into ferrite soft magnetic materials, metal soft magnetic materials, other soft magnetic materials and so on.

The main indicators of magnetic material performance are stability, anti-magnetic degeneration, temperature resistance, of which the main parameters to measure stability are the residual magnetization strength and the maximum magnetic energy product, the higher the value means that the higher the magnetic field strength, the more the magnet can maintain magnetism; the main parameter to measure the anti-demagnetization is the intrinsic coercive force, the larger the value represents the stronger the anti-demagnetization ability of the magnet; the measurement parameter of the temperature resistance is mainly the working temperature and curie temperature, and the higher the value means that the performance of the magnetic material is more stable at high temperatures. Permanent magnet materials are difficult to magnetize, difficult to demagnetize, high residual magnetism, strong coercivity, mainly as a magnetic field source storage and supply of magnetic energy, applied to a variety of motors, instruments, equipment, etc., soft magnetic materials are easy to magnetize under the action of magnetic field, and after canceling the magnetic field, it is easy to demagnetize, with high permeability, higher saturation magnetic induction strength, small coercive force, magnetic hysteresis loss consumption is small, used in transformers, relays, inductor cores, relays and speaker magnetic conductors, magnetic shielding covers, electric stator rotors, etc.

Soft magnetic materials are widely used in transformers, inductive capacitors, inverters and other fields because of their magnetoelectric conversion function, and the downstream includes power grids, new energy vehicles, new energy power generation, consumer electronics, 5G communications, home appliances and other industries. In the power industry, from the process of generating electrical energy (generator), transmission (transformer) to utilization (motor), soft magnetic materials play an energy conversion role; in the electronics industry, from 5G communication (wireless charging), automatic control (relays, magnetic amplifiers, converters) to radio and television and movies (recording, playback, wiping of sound images), and then to electronic computing technology (various ferromagnetic microwave devices), soft magnetic materials play an important role in information conversion, transmission and storage.

Soft magnetic materials have undergone continuous innovation and iteration of metal soft magnetism, ferrite soft magnetism, amorphous and nanocrystalline alloys. According to the composition of soft magnetic materials, it can be divided into metal soft magnetism, ferrite soft magnetism, amorphous and nanocrystalline alloys. Metal soft magnetic materials were first used, including silicon steel, Pomo alloy, etc., ferrite soft magnet is a magnetic oxide with iron oxide as the main component, including manganese zinc system, nickel zinc ferrite and so on. Amorphous soft magnetism mainly includes iron-based, iron-nickel-based, cobalt-based amorphous materials, nano-amorphous materials and so on. According to the product form of soft magnetic materials, it can be divided into alloys, powder cores, ferrites. The indicators to measure the performance of soft magnetic materials mainly include saturation magnetic sense, permeability, coercive force, iron loss, etc., of which the higher the saturation and inductivity, the greater the maximum limit of the core's working magnetic inductance, the stronger the magnetic performance; the higher the permeability, the better the sensitivity of magnetization, the lower the coercive force, the smaller the resistance of magnetization, and the loss of energy mainly depends on the resistivity of the material, the higher the resistivity, the lower the iron loss.

Metal soft magnetic materials represented by silicon steel, due to low resistivity, will produce a large eddy current loss at high frequency, high frequency loss is larger, with the increase of the frequency of use, the application is gradually limited, is currently mainly used for electric machines and generators and other low-frequency application scenarios. Ferrite soft magnet is the second generation of soft magnetic materials, high resistivity, in the high frequency band loss is greatly lower than the metal soft magnetic, but ferrite soft magnetic saturation magnetic induction intensity is significantly lower than the metal soft magnetic material, and the initial permeability is low, in the field of low frequency strong electricity with high magnetic energy density is limited.

Nanocrystals are materials with nanoscale microcrystalline and amorphous mixed microstructures formed after the preparation process of amorphous alloys and then undergo a highly controlled annealing process. Nanocrystalline soft magnetic compared with the above three have more excellent comprehensive performance: compared to amorphous alloys, can have higher saturation magnetic induction strength and initial permeability, but also more adapted to the trend of miniaturization, integration, compared to iron-based amorphous, losses can usually continue to decrease, for high-frequency power electronics applications of ideal materials.

The types of amorphous alloys mainly include iron-based, iron-nickel-based, cobalt-based amorphous alloys and iron-based nanocrystalline alloys. Among them, iron-based amorphous alloys are widely used in energy-saving distribution transformers; the application range of iron-nickel-based amorphous alloys corresponds to nickel-pomo alloys, but it is more superior in energy loss and mechanical strength, and is used in leakage switches, magnetic shielding, etc. Cobalt-based amorphous alloys have the highest permeability in amorphous alloys, and have excellent wear resistance and corrosion resistance, and should be used for transformers, inductors, etc. in military power supplies with strict requirements, which can replace pomo alloys, ferrites, etc.; nanocrystalline alloys are the soft magnetic materials with the best comprehensive performance at present. Widely used in high-power power switches, inverter power supplies, high-frequency transformers, common mode inductors and other fields, can replace ferrite.

At present, the most widely used amorphous alloys are mainly iron-based amorphous and iron-based nano-amorphous alloys, of which iron-based amorphous alloys are mainly used in power frequency (low and medium frequency) environment distribution transformers, motor materials, downstream including power distribution, rail transit transformers and other relatively traditional power industry fields; nanocrystalline alloys have higher permeability and lower loss than amorphous alloys as a whole, higher transmission efficiency, smaller volume, mainly used in electronic magnetic components in medium and high frequency environments, downstream including consumer electronics, new energy vehicles , inverter home appliances, particle accelerators and other fields.

2. Mainland amorphous strip has gained head status, and nanocrystals have accelerated to catch up

There are many domestic amorphous and nanocrystalline participants, and the head enterprises have established a leading edge. At present, the domestic amorphous alloy industry is basically fully covered, and the main participants include Aetna Technology, Yunlu Shares, Zhongyan Amorphous, Mega Crystal Technology, Jiangsu Guoneng, Henan Zhongyue, etc., and the overseas competitors are mainly Japan's Hitachi Metal and German VAC. Mainland amorphous strip industrialization application since 2010 has been more than 10 years, there are many production enterprises in the industry, but the number of large-scale mass production enterprises is small, the capacity utilization gap between enterprises is large, showing a polarization pattern, adhere to technological innovation, product upgrading enterprises not only continue to occupy the main market share, and in the continuous innovation to maintain the industry leader. The production scale of nanocrystalline material enterprises is generally small and the production is relatively scattered.

Mainland amorphous strip materials started late and developed rapidly, and have become the world's largest industrial base. Amorphous strip industry technology is mainly composed of amorphous material design, low-cost raw materials, automated information control of the production process, and continuous large-scale production process equipment for amorphous strip. Amorphous strip was first developed in the United States, in 1982 the United States installed the first amorphous distribution transformer, in 1989 the United Signal Company began to mass-produce amorphous alloy strip, with a production capacity of 25,000 tons, in 2003 Hitachi Metal acquired its amorphous business from Honeywell and continued to develop iron-based amorphous alloys, 2007-2010 will be the production capacity from 25,400 tons / year to 100,000 tons / year, Hitachi Metal is currently in a leading position in the world. The development of amorphous strip in the mainland is relatively late, in December 1995, the State Science and Technology Commission established the national amorphous microcrystalline alloy engineering technology research center, in 2010 the mainland built the first annual output of 40,000 tons of iron-based amorphous strip production base, breaking the monopoly of foreign countries, becoming the second country with amorphous strip industry technology, in recent years, with the continuous influx of domestic enterprises, the scale of the amorphous strip industry in the mainland has been expanding, and has occupied the main global market share.

In the field of nanocrystals, domestic enterprises have broken the international monopoly and are in a period of accelerated catch-up. The core indicators of nanocrystalline strip include strip width and thickness: the width of the strip determines the utilization rate and processing efficiency of the material, and the thickness of the strip directly affects the permeability of the material, and under the same other conditions, the thinner the thickness, the higher the permeability of the material under high-frequency conditions, and the lower the loss. In order to comply with the development of electronic products to high frequency, energy saving, small and integrated, the preparation process and technology of nanocrystalline alloy materials have undergone the development and iteration of multi-generation technology, from the traditional preparation process of the first and second generations (strip thickness 22-30μm, the existing mainstream production level in China) to the current third and fourth generations of advanced tape making technology (strip thickness 14-22μm, international advanced production level). Hitachi Metals was the first to complete the development of nanocrystalline alloy materials in 1988 and is currently in a leading position in this field. From the perspective of market share, Hitachi Metal Nanocrystalline Materials has the highest global market share of 49.71% in 2019, and its market share in the Chinese market is also as high as 43.15%, which is in a leading position in the industry. In 2019, the market share of Aetna Technology in the global market and domestic market in the field of nanocrystalline materials was 9.01% and 16.95%, respectively, ranking second in the industry, and the global market share of German VAC ranked third with 6.33%. In addition to Antai Technology, the remaining domestic enterprises have a small scale of output, a dispersed share, and a weak large-scale production capacity.

According to the 2021 China Iron and Steel Association and the Metal Society "Metallurgical Science and Technology Award Selection Results", the "wide-width ultra-thin iron-based nanocrystalline strip engineering technology development and application" project jointly completed by Antai Technology, Qingdao Yunlu and other 6 units has been successful, before the start of the project, domestic and foreign strip production are using discontinuous single-package process, low production efficiency, and the supply of nanocrystalline strip width is below 60mm, strip thickness of more than 20μm, high loss, poor consistency, high cost. Through joint technical research, the newly developed ultra-thin nanocrystalline strip continuous production equipment and manufacturing process have filled the domestic technology gap, and the width of the nanocrystalline ultra-thin strip produced by Qingdao Yunlu can reach 142mm. The thickness of the nanocrystalline ultra-thin strip reaches 14-18μm, which solves the problem of "no material available" of the continental wide ultra-thin nanocrystalline strip. It can be seen that domestic head nanocrystals have begun to accelerate catch-up with overseas enterprises such as Hitachi Metal.

3. Amorphous alloys: benefit from the gradual increase in the proportion of amorphous transformers

Amorphous alloy products are mainly amorphous strips, which are used in transformer cores. Amorphous alloys can be manufactured into bulk amorphous materials, with good mechanical and physical properties, but due to problems in process technology, mass production is difficult. At present, amorphous alloys are mainly used as soft magnetic materials for the production of transformer cores, and the products are mainly amorphous strips. In 2019, the field of amorphous strip and amorphous transformer in mainland China is the field with the most patent applications in the amorphous alloy industry, with the number of patents being 227 and 113 respectively, far exceeding the 22 pieces of block amorphous coatings and 27 pieces, and the maturity of amorphous strip industrialization is high. Amorphous strip as an energy-saving transformer core material, from the perspective of market size, since 2015, the domestic amorphous strip has developed rapidly, the market size has increased from 130 million US dollars to 208 million US dollars in 2019, with an annual compound growth rate of 12.47%; the output of amorphous strip has increased from 49,700 tons to 99,700 tons in 2019, with a compound annual growth rate of 19.01%. According to the prospectus of Yunlu shares, the global amorphous strip production in 2019 is about 129,000 tons.

Transformers are divided into oil-immersed transformers and dry-type transformers, of which oil-immersed transformers are mainly used in the field of distribution networks, and dry-type transformers are mainly used in user engineering fields with high safety requirements such as fire prevention and dust prevention. In 2020, the domestic transformer production scale is about 1.74 billion kVA, which is slightly declined year-on-year due to the impact of the epidemic, and the output of its medium-dry-type transformer is about 250 million kVA, accounting for about 14.49%, and oil-immersed transformers account for about 85.5%. According to QY Research's statistics, in 2020, the proportion of oil-immersed transformers and dry-type transformers in transformers made of amorphous materials in the world is 86.58%, and the proportion of dry-type transformers is 13.42%, which is similar to the proportion of dry-type and oil-immersed applications in domestic transformers.

3.1 Distribution transformers, transformer energy consumption standards upgrade to drive amorphous demand

The loss of the mainland power transmission and distribution link is large, of which the transformer loss accounts for 40%. According to the China Research Network, in 2020, China's transmission and distribution losses will account for 6.6% of the country's power generation, and transformer losses will account for about 40% of the transmission and distribution losses, that is, about 2.6% of the country's power generation. Transformer is a key node in power transmission and distribution, playing a role in connecting all aspects of the power grid, the large power loss generated by the transformer in the transmission and distribution process causes serious waste of electricity, under the trend of energy conservation and emission reduction, upgrading and transforming the transformer is of great significance. Compared with traditional silicon steel materials, amorphous transformers can greatly reduce no-load losses. Transformer losses are divided into no-load losses and load losses, of which no-load losses account for about 50%-80% of the total loss of the transformer. Silicon steel and amorphous alloy are the two core materials for the production of transformer cores, and amorphous alloys are a new generation of transformer materials after oriented silicon steel. Because the amorphous alloy has a higher resistivity, its no-load loss can be greatly reduced than that of silicon steel, according to the "JB/T 3837-2016 transformer product model preparation method" shows that the same capacity of amorphous alloy transformer than the silicon steel transformer no-load loss is reduced by about 50%, the distribution network, especially in the rural network, many transformers the load rate is less than 20%, the use of amorphous alloy transformer energy saving effect is significant.

The price gap with silicon steel transformers is small, or even slightly lower. Early amorphous transformer due to low scale of mass production, low technical process maturity and other reasons, the price is higher than the same capacity of silicon steel transformer, in recent years, with the continuous maturity of the amorphous strip manufacturing process, domestic enterprises gradually broke hitachi metal in the mainland amorphous strip market position, with the gradual improvement of localization rate, the market supply gradually increased, the domestic amorphous strip market price decreased year by year. In addition, with the gradual evolution of the magnetic conductive material of silicon steel transformers from carbon steel to hot-rolled silicon steel sheets with better energy-saving effects, cold-rolled silicon steel sheets, oriented cold-rolled silicon steel sheets, etc., the cost of silicon steel has also increased. At present, amorphous strip to do primary transformer compared to oriented silicon steel has a cost advantage, according to the Yangdian Technology prospectus, 2019-2020, the company's amorphous strip procurement average price is reduced year by year, the average purchase price of amorphous core is slightly lower than that of silicon steel, it is expected that in the field of energy-saving transformers, the price advantage of silicon steel energy-saving transformers has weakened.

Amorphous transformers and silicon steel transformers complement each other, and the process is constantly improving. The production process of amorphous alloy is significantly shorter than that of silicon steel products, silicon steel is made of traditional steel metallurgical preparation process, product preparation through hot rolling, cold rolling and other multi-channel processes, non-crystalline using rapid cooling process made, from molten steel to amorphous alloy thin strip products once formed, according to the Yunlu shares prospectus, the production of 1 kg of amorphous alloy thin strip than the production of 1 kg of silicon steel can save about 1 liter of oil; waste amorphous iron core can be made of amorphous alloy thin strip after remelting through the medium frequency furnace, silicon in the amorphous core, Boron can basically be recycled and reused, and the recovery performance is better. Due to the high hardness, brittleness and poor stress tolerance, the shear and processing of amorphous alloys are more difficult, and the production of debris can easily lead to transformer failure; in addition, the large magnetostrictive coefficient leads to an increase in the noise of the amorphous alloy transformer. The magnetic induction strength of amorphous alloys is usually lower than that of oriented silicon steels, resulting in larger amorphous alloy iron core transformers and slightly higher load losses of the same specifications. At present, amorphous transformers are mainly used in long-term low-load areas such as rural power grids and developing areas, and silicon steel transformers are mainly used in long-term high-load areas such as urban power grids, and the two complement each other.

The domestic state grid and south grid transformer procurement presents a structure based on silicon steel transformers and supplemented by amorphous alloy transformers. At present, amorphous strip is mainly used for small transformers due to product specifications, and from the perspective of procurement amount, amorphous transformers account for a relatively small proportion. From the perspective of procurement quantity, the state grid, China Southern Power Grid and other power grid system bidding volume determines the demand for distribution transformers, according to the State Grid and China Southern Power Grid bidding data, in 2020 the two networks of amorphous alloy transformer procurement ratio of 27.33%, its China grid amorphous transformer procurement accounted for 15.49%, The Southern Grid 58.82%, China Southern Power Grid Amorphous Transformer Bidding and Procurement Accounted for a higher proportion, mainly because the Southern Power Grid mainly covers Guangdong, Guangxi, Guizhou, Hainan, In Yunnan and other regions, the electricity load and concentration in the above areas are relatively low, and the role of amorphous transformers in energy saving and consumption reduction is more obvious.

In overseas markets where power demand is relatively strong, the purchase quantity of amorphous alloy transformers has shown an overall growth trend. Amorphous transformers have been applied and developed in many countries, and the demand and development of amorphous transformers in the international market have always been limited by the supply of amorphous raw materials. The United States, India, Japan and other countries have developed and used amorphous transformers earlier than China, but due to the lack of related manufacturing enterprises, the supply of amorphous strip materials mainly depends on Hitachi Metal, and the production and manufacture of amorphous transformers are mainly concentrated in large foreign companies. In North America, the United States, Mexico, Canada and other countries of the well-known transformer enterprises have been stable production of amorphous transformers, in addition to the use of Hitachi Metal in the United States factory to provide strip and local cores, considering the mainland amorphous strip production, amorphous transformer manufacturing, etc. has grown into the world's second largest supply chain, has begun to purchase more cost-effective amorphous strip and amorphous core from China. Europe lacks amorphous strip production enterprises and amorphous core production capacity, amorphous transformer manufacturing relies on imports, long production cycle, high cost, slow development.

From a regional point of view, the Asia-Pacific region will become the world's largest regional market for distribution transformers, mainly driven by the region's transmission and distribution infrastructure, increased industrial investment and aging distribution equipment replacement, among which India, South Korea, Japan demand for amorphous transformers is stable, the Philippines, Vietnam, Taiwan and other countries and regions, supported by their local power system industrial policies, the demand for amorphous transformers has increased significantly, and the introduction of amorphous transformer technology, equipment and imported amorphous transformers from China. According to the statistics of Korea Electric Power Corporation (KEPCO), in 2019, Korean power companies tendered about 70,000 distribution transformers, of which silicon steel transformers accounted for about 70% and amorphous transformers accounted for nearly 30%; in 2020, the number of distribution transformers tendered by Korea Power Company further increased to about 116,000 units, of which about 70,000 silicon steel transformers, accounting for about 60%, amorphous transformers about 46,000 units, accounting for nearly 40%, amorphous transformers The number of transformer purchases and market share are on the rise.

The investment in power distribution is not reduced, and the incremental demand for amorphous transformers is guaranteed. With the continuous growth of electricity consumption in the mainland, the construction and implementation of superimposed major projects will promote the maintenance of a high level of power investment, and the proportion of construction investment in the current distribution network field has increased year by year, and some of the early assembled transmission and distribution equipment have entered the replacement cycle, and the distribution network field has generated continuous construction investment demand. According to the annual work meeting held by the State Grid on January 13, 2022, it is planned that the investment in the power grid will reach 501.2 billion yuan in 2022, and the investment amount will exceed 500 billion yuan for the first time in history, an increase of 8.84% year-on-year. With the launch of the "14th Five-Year Plan", the successive operation of UHV power grids, the completion of the construction of new energy charging piles and photovoltaic wind power, it is expected that the investment in the power grid is expected to usher in a period of growth.

From the perspective of transformer production, from 2016 to 2018, affected by factors such as the decline in transmission and distribution prices, the output of domestic transformers decreased slightly, and the total output scale in 2019 rebounded, and in 2020, affected by the new crown epidemic, the total output of transformers in the mainland fell slightly, to 1.74 billion kVA, but it rebounded from previous years. According to the forward-looking industry information network, with the landing of UHV projects in various parts of the mainland, the mainland power transformer market will show a new growth trend in the next few years, and it is expected that the national transformer output will continue to maintain a growth trend of 2.5%, and by 2026, the scale of transformer production in the mainland will exceed 2 billion KVA. It is expected that the steady increase in transformer production will bring new demand for amorphous alloy transformers.

Considering that amorphous transformers are more suitable for long-term low-load areas such as rural power grids, based on the following assumptions, the demand space for amorphous transformers in the construction of rural networks is calculated: 1) In the total investment of the State Grid and the Southern Grid in 2020, the investment amount of rural networks accounts for 34%, which is roughly estimated, as a proportion of the annual procurement volume of rural network transformers; 2) The procurement share of amorphous transformers in China Southern Power Grid is relatively high, mainly due to the higher proportion of rural areas in the covered areas, which can be seen, The penetration rate of amorphous transformers in rural power grids will be significantly improved compared with urban power grids, and it is expected that the penetration rate of amorphous transformers in rural power grids will reach 60% in the future. 3) In 2019, the output of amorphous strip in the mainland was 99,700 tons, corresponding to a transformer capacity of about 0.26 billion kVA, accounting for about 1.5% of the total output of 1.76 billion kVA in the continental transformer in 2019, which can be seen that according to the calculation of transformer capacity, the current amorphous transformer permeability is low, considering the double carbon target, the energy saving potential of the rural network is large, and it is expected that the permeability of amorphous transformers will increase steadily in the construction of the rural network. (Source: Future Think Tank)

3.2 User engineering transformers: new infrastructure construction is advancing, and incremental demand can be expected

Driven by new infrastructure investment, the market space for amorphous transformers to be applied to the field of user engineering is vast. "New infrastructure" mainly involves 5G base stations and their applications, photovoltaic power grids, intercity rail transit, new energy vehicles and charging piles, big data centers and other fields, and investment and construction in related fields will drive the demand for dry-type transformers at the end of large-scale user projects. Considering that most of the new infrastructure projects use large electricity, and the electricity consumption is unbalanced, the operating load rate is low, bringing about the high efficiency demand for power supply energy conversion, amorphous dry-type transformers can significantly reduce the energy consumption of the power supply system, which is in line with the relevant needs, and it is expected that the relevant investment and construction can form an effective pull on the demand for amorphous transformers. In the field of rail transit, reducing the no-load loss of distribution transformers is conducive to reducing the operating costs of rail transit. According to QY Research research reports, from 2016 to 2020, China's rail transit transformer market size increased from 4.087 billion yuan to 7.111 billion yuan, with a compound growth rate of 14.85%, and the installed capacity increased from 0.54 billion kVA to 0.95 billion kVA, with a compound growth rate of 15.17%, maintaining stable growth, and it is expected that the market size of rail transit transformers will continue to grow from 2021 to 2027, and the market size in 2027 will be as follows It is expected to exceed 20 billion yuan, and the installed capacity is expected to reach 280 million kVA.

According to QY Research research reports, from 2016 to 2020, the size of China's data center transformer market grew from 4.723 billion yuan to 17.077 billion yuan, with a compound growth rate of 37.89%, and the installed capacity increased from 0.63 billion kVA to 228 million kVA, with a compound annual growth rate of 37.93%, and it is expected that the data center transformer market size will continue to grow at a high speed from 2021 to 2027, and the market size is expected to exceed 110 billion yuan in 2027. The installed capacity is close to 1.5 billion kVA. The power cost of the computer room accounts for more than half of the total operating cost of the data center, and the amorphous alloy transformer can reduce the no-load loss by 65% to 70% compared with the relevant technical parameters of the ordinary dry transformer, and the high-speed growth of the data center field is expected to bring incremental market space for the amorphous alloy transformer. At present, Baidu, Jingdong and many other well-known enterprises have begun to use amorphous alloy transformers to replace the original silicon steel transformers, with the mainland to data centers and other new infrastructure construction efforts and construction progress to accelerate, the application of data center amorphous transformer market demand is expected to continue to grow.

The rapid development of the new energy vehicle industry, charging stations, charging piles as supporting facilities demand space is vast, large-scale charging pile laying will bring about the incremental demand for dry-type transformers, compared to the traditional dry-type transformers, amorphous transformers are more suitable for the use of high-power charging requirements of new energy vehicle charging stations. According to wind data, at the end of 2021, the total number of public and private charging piles in China was 1.147 million units, the number of new units was 340,000 units, the proportion of new installed capacity increased by 16.69%, and the compound growth rate of new charging piles in 2016-2021 was 29.91%, and the industry was in a stage of rapid development. At present, the pile distribution rate of new energy vehicles in the mainland is still low, with the popularity of new energy private cars, it will drive the demand for private charging piles to increase, and new energy charging piles will benefit from the high growth of electric vehicle sales and the improvement of pile distribution rate, thus continuously bringing incremental demand to the amorphous energy-saving transformer market.

Based on the following assumptions, we predicted the market demand for amorphous alloys for dry-type transformers at the user's engineering end: 1) According to the data in the "Optimal Design of Amorphous Alloy Dry-type Transformers Based on IPSO", the weight of the amorphous core required for a dry-type transformer with a specification of 315 kVA is 1208kg, and the amorphous core quality required for the capacity of the dry-type transformer per kVA is about 3.8kg according to the synchronous change relationship between the transformer power and the core size. 2) According to the prospectus of Yunlu Shares, the proportion of dry amorphous transformers in the global amorphous transformer in 2020 is about 13.42%, which calculates the output of 99,700 tons of amorphous strip in 2019 for dry transformers of 13,400 tons. According to the calculation of the amorphous core quality required for the unit kVA transformer capacity of 3.8kg, the corresponding transformer capacity is 3.526 million kVA, accounting for about 1.3% of the total output scale of 273 million kVA in the continental dry-type transformer in 2019. 3) Considering that there are many scattered load scenarios such as new energy power generation and rail transit in new infrastructure projects, the energy consumption requirements of data center users for transformers have increased significantly, and it is expected that the penetration rate of amorphous dry-type transformers will gradually increase.

In summary, the current amorphous iron core used as an extranet transformer core in rail transit, data center and other fields of application and development is relatively fast, in addition to new energy power generation and other areas of penetration rate improvement space is vast, we expect that by 2025, rail transit, data center, new energy power generation field dry transformer procurement brought about by amorphous material demand from the current 0.43 million tons, 0.58 million tons, 0.11 million tons to 11,100 tons, 30,700 tons, 0.23 million tons.

3.3 The upgrading of energy efficiency limit standards brings replacement demand and stimulates the increase in the proportion of amorphous

Transformer energy efficiency limit standards have been upgraded, and the target has led to an increase in the purchase volume of amorphous transformers. On June 1, 2021, the national mandatory standard "Power Transformer Energy Efficiency Limit Value and Energy Efficiency Grade (GB20052-2020)" was officially implemented, compared with the original standard, the no-load loss of 35-350kV power transformers decreased by 20-45%, and the load loss decreased by 5-10%, according to the "Transformer Energy Efficiency Improvement Plan (2021-2023)" jointly issued by the Ministry of Industry and Information Technology and other three ministries and commissions, the proportion of new high-efficiency energy-saving transformers in that year will reach more than 75%. By 2023, the proportion of energy-efficient transformers in network operation will increase by 10 percentage points, and it is expected that under the trend of continuous upgrading of energy efficiency standards, amorphous transformers will usher in an increase in the demand for replacement and upgrading of stocks and the proportion of new procurement.

4. Nano amorphous: Excellent comprehensive performance, benefiting from downstream demand upgrades

4.1 In the field of power electronic components, conform to the trend of high frequency and integration

Nanocrystalline alloys can be used in the production of power electronic components. Power electronic components are mainly used in power equipment power conversion and circuit control, divided into capacitors, magnetic materials and devices, optical fiber cables, magnetic components, etc., of which magnetic components are mainly used in power supply and electrical and electronic equipment, used to achieve electrical energy and magnetic energy conversion, widely used in a variety of electrical energy conversion equipment, downstream including household appliances, new energy vehicles, communications, energy, medical and many other fields. The soft magnetic materials used in magnetic electronic components have undergone the continuous upgrading process of metal soft magnetism, ferrite soft magnetism, amorphous, nanocrystalline soft magnetism, and the products are developing in the direction of high frequency, high efficiency, low loss, miniaturization, and intensification, such as new energy generation, new energy vehicles, wireless charging demand, and other new form of energy applications.

With the characteristics of high saturation magnetic density, high initial permeability and low loss, nanocrystalline materials can meet the needs brought about by the trend of high frequency, high efficiency, low loss and integration. The loss of the soft magnetic material may not be hysteresis loss, eddy current loss and residual loss, wherein the hysteresis loss increases linearly with the frequency, the eddy current loss increases with the frequency power, and the increase in frequency will increase the loss of the soft magnetic material. The greater the magnetic properties of the material by the permeability and saturation magnetic induction strength, the smaller the component volume under the same electrical indicators, and the more it can meet the trend of thinning and integration.

The comprehensive performance of nanocrystallines is optimal among all soft magnetic materials, compared with silicon steel and iron-based amorphous, although the saturation magnetic inductance of nanocrystalline alloys is low, its high-frequency loss can be greatly reduced, and has better corrosion resistance and magnetic stability, for silicon steel and amorphous alloys with low resistivity, the use of materials such as high-frequency is limited. Ferrite has the characteristics of low cost and low loss, can be applied to high-frequency fields, and is currently widely used, and nanocrystalline alloys compete with ferrite soft magnetism in the medium and high frequency fields. Although the traditional ferrite can be lower in the higher frequency band, its loss in the lower (100kHz) frequency band is greater than that of the nanocrystals, and the magnetic performance is poor, and the saturated magnetic induction intensity is much smaller than that of the nanocrystals, forcing the volume and weight of the components to increase. For example, at frequencies below 50kHz, nanocrystals can have a 2 to 3 times higher operating magnetic sense with lower losses, and the core size can be more than doubled. In addition, the Curie temperature of the ferrite is low, the thermal stability is poor, and the saturation magnetic intensity of the ferrite is further reduced after the temperature rises, and the working state is unstable.

With the characteristics of high saturation magnetic density, high initial permeability and low loss, nanocrystalline materials can meet the needs brought about by the trend of high frequency, high efficiency, low loss and integration. The loss of the soft magnetic material may not be hysteresis loss, eddy current loss and residual loss, wherein the hysteresis loss increases linearly with the frequency, the eddy current loss increases with the frequency power, and the increase in frequency will increase the loss of the soft magnetic material. The greater the magnetic properties of the material by the permeability and saturation magnetic induction strength, the smaller the component volume under the same electrical indicators, and the more it can meet the trend of thinning and integration. At present, soft magnet ferrite in the field of soft magnetic materials for electronic components still occupies a large proportion, the mainland as the world's largest producer of ferrite soft magnet, according to QY Research, in 2020 the mainland ferrite output of 210,000 tons, while the output of nanocrystallines is only 10,200 tons, the output accounts for less than 5% of the ferrite production, nanocrystalline replacement space is vast.

At present, the overall penetration of nanocrystalline materials is low, and there is a broad space for application in emerging fields in the future. According to the "2020-2026 Global and China Nanocrystalline Soft Magnetic Materials Market Status and Future Development Trend" issued by QY Research, the global nanocrystalline soft magnetic materials market size showed a continuous growth trend from 2015 to 2019, with the output increasing from 21,500 tons to 30,200 tons, the market size increasing from $165 million to $242 million, with an average annual compound growth rate of 10.05%, and the domestic nanocrystalline production from 0.67% in 2015-2019 The 10,000 tons grew to 10,300 tons, and the market size grew from $46 million to $75 million, representing a compound annual growth rate of 12.7%.

At present, the downstream application of nanocrystallines is still mainly in traditional fields such as home appliances, the overall scale is small, the newest generation of high-performance soft magnetism, and the future market growth space is sufficient. Under the trend of low-carbon energy saving, it is applied to traditional fields such as energy-saving home appliances and consumer electronics, which can reduce losses and improve core efficiency, which is of great significance to energy conservation; in emerging fields, with the construction of 5G communications, smart grids, new energy vehicles, third-generation semiconductor technology, consumer electronics upgrades, wireless charging technology, the design and promotion of high-frequency high-power, low-loss electromagnetic components are possible, nanocrystalline materials will boost power electronics, new energy vehicles, information and communications and other strategic emerging industries to high frequency, The direction of efficiency, miniaturization, lightweight and low energy consumption is constantly evolving.

4.1 The field of high-performance demand is developing rapidly, and the soft magnetic discharge of nanocrystallines can be expected

In the field of new energy vehicles, electric vehicle electric drive system, electronic control system, charging system, and charging pile all need to use magnetic devices, the current new energy vehicle single car powder core molded inductor dosage has averaged more than 1,000, high-end cars reached 10,000 / vehicle, and continue to grow. Nanocrystalline materials can be used to manufacture various types of medium and high frequency transformers, high-performance inductors and filters, high-precision electromagnetic measurements and sensors, etc., to meet the performance requirements of electric vehicles. According to EVsales, in 2020, the sales of new energy vehicles in the mainland will be 1.31 million units, an increase of 11.97% year-on-year, EVTank statistics, global new energy vehicle sales in 2020 will be 3.311 million units, an increase of 49.8% year-on-year, and it is estimated that the sales of new energy vehicles will reach 18 million in 2025, which will drive the continuous growth of the automotive magnetic components market.

In the construction of 5G base stations, the high transmission speed and wide coverage characteristics of 5G require 5G key inductors with large capacity range, small size, high rated voltage, good high frequency characteristics and other performance, 5G base station power amplifiers need to achieve greater output power and higher operating frequency, and in terms of dielectric filters and surface acoustic wave filters, the frequency is improved and the accuracy requirements are improved, and inductors, power amplifiers, and dielectric filters made of amorphous materials such as nanocrystals can meet the requirements of 5G base station construction. According to the statistics announcement of the Ministry of Industry and Information Technology, at the end of 2019, the mainland has built more than 130,000 5G base stations, and by the end of 2021, the mainland has built and opened 1.425 million 5G base stations. According to the "14th Five-Year Plan" of the Ministry of Industry and Information Technology, we will strive to achieve 26 5G base stations per 10,000 people by 2025, and achieve comprehensive coverage of cities and towns. According to the calculation of the Prospective Industry Research Institute, the pace of 5G macro base station construction is ahead of 5G small base stations, 2023 is the peak period of 5G macro base station construction, 2024 is the peak period of 5G small base station construction, it is expected that during 2022-2024, the total new construction volume of 5G macro base stations and small base stations will be about 1.4 million stations, 2.4 million stations, and 2.65 million stations. This period is in the period of capital expenditure concentration, which is expected to fully stimulate the demand for high-performance nanocrystalline soft magnetism.

In the field of photovoltaic power generation, nanocrystalline thin strip can be used as a solar photovoltaic inverter, grid-connected photovoltaic inverter is the core power conditioning device of photovoltaic system, the main electromagnetic components include output filter inductance, common mode inductance and isolation transformer. The common mode inductance and high-frequency transformer core made of nanocrystalline thin strip have the characteristics of small size, light weight, energy saving, etc. With the gradual improvement of the electrical switching frequency, the superiority of the amorphous core in high-power photovoltaic inverters will be gradually reflected. By the end of 2021, the cumulative installed capacity of the mainland photovoltaic industry was 305.99GW, and the cumulative new installed capacity was 54.88GW, an increase of 21.86% year-on-year. According to the forecast of the China Photovoltaic Industry Association, the average annual installed capacity during the "14th Five-Year Plan" period is 70-90GW. According to CPIA forecast, as the core device in photovoltaic power generation systems, the market size of inverters will continue to expand with the strong growth of the photovoltaic market, and then the demand for nanocrystalline soft magnetism will be discharged.

In the field of home appliance energy saving, the "Room Air Conditioner Energy Efficiency Limit Value and Energy Efficiency Level" promulgated in 2020 has greatly improved the energy efficiency access requirements for air conditioners: the indicators of the new national standard Level 1 energy efficiency standard have reached the international leading level. The energy efficiency access requirements for inverter air conditioners have been raised to Level 3, which is basically equivalent to the access requirements of the European Union, the United States and other regions, and the energy efficiency access requirements for fixed frequency air conditioners (Level 5) are equivalent to the Level 1 requirements of the original energy efficiency standards. In the field of wireless charging, amorphous alloys are one of the important solutions for wireless charging. Compared with wired charging, wireless charging technology has the advantages of wide application range, high security, no port restrictions, and easy use. The soft magnetic material is a magnetic flake auxiliary material that fits the coil at both ends of wireless charging transmission and reception, and the value of the wireless charging industry chain accounts for about 20%. At present, wireless charging soft magnetic materials ferrite and nanocrystal coexist, nanocrystalline materials can achieve high dimensional precision, high frequency and thinness, occupying an advantage in the field of mobile phones, ferrite in electric vehicle wireless charging and other high-power applications have cost advantages.

According to wind and industry online data, from 2016 to 2021, the sales volume of air conditioners in mainland China increased from 108 million units to 152 million units, with a compound annual growth rate of 7.05%, of which the penetration rate of inverter air conditioners increased from 36% to 53%. Global air conditioning sales by, in the context of carbon neutrality, carbon peak, with the stricter energy consumption standards, energy-saving effect worse low-frequency air conditioning will be phased out, high-efficiency inverter air conditioning will gradually become the mainstream of the market, high-performance material nanocrystalline penetration rate is expected to gradually increase. According to the data of Zhiyan Consulting, from 2015 to 2019, the global wireless charging market grew from 1.7 billion US dollars to 8.6 billion US dollars, with a compound annual growth rate of 49.97%, and in 2024, the global wireless charging market is expected to reach 15 billion US dollars, and the rapid development of wireless charging has opened up demand space for the application of nanocrystalline materials.

Combined with the information in the prospectus of Yunlu shares, according to the development scale of the downstream industry, we measure the demand for nanocrystalline market in key areas. The current permeability of nanocrystalline materials is generally low, assuming that the penetration rate of nanocrystals in the subdivision field will increase from 1% to 3% in the future 2021-2025 (refer to the estimated data of the proportion of nanocrystalline production to ferrite production). In the field of wireless charging, according to zhiyan consulting, it is expected that by 2024 the mainland wireless charging field market size will reach 15 billion US dollars, assuming that 2025 continues to maintain a historical compound growth rate of 6%, then in 2025 the wireless charging market size is 15.9 billion US dollars, according to 20% of the value of the soft magnetic materials, then the 2025 wireless charging soft magnetic materials market size of 3.18 billion US dollars, according to the nanocrystalline penetration rate of 0.90%, nanocrystalline thin strip price of 45,000 yuan / Tons (referring to yunlu shares 2019-2021 nanocrystalline strip prices) estimates, corresponding to the 2025 nanocrystalline market demand of up to 0.41 million tons.

In the application of photovoltaic field, according to CPIA data by 2025, the global new installed capacity of photovoltaics can reach 270GW, according to the prospectus of Yunlu shares, the demand for metal magnetic materials for single GW of photovoltaic installed capacity is 0.3 tons, and the penetration rate of nanocrystalline materials is gradually increased to 0.60%, and it is expected that the demand for nanocrystalline materials in 2025 will reach 0.49 million tons.

According to our calculations, it is expected that the demand for nanocrystalline materials brought by wireless charging, new energy vehicles, photovoltaic inverters and inverter air conditioners in the mainland will increase from 10,700 tons in 2021 to 31,100 tons in 2025, with an average annual compound growth rate of 30.67%.

5. Analysis of key companies

5.1 Yunlu shares: the leader of the amorphous strip industry, and the growth is gradually highlighted

Yunlu Co., Ltd. is the world's leading amorphous alloy and a leader in the field of soft magnetic materials. Focusing on the design, development, production and sales of magnetic metal materials, the company is the industry leader, with a global market share of more than 40% in the field of amorphous alloys in 2021. At present, it has formed three major business sectors of amorphous alloys, nanocrystalline alloys and magnetic powders, and the related products are mainly used in power distribution engineering, consumer electronics, new energy power generation, new energy vehicles, home appliances and other fields. The company has technical advantages in amorphous and nanocrystalline products, and continues to catch up and seek breakthroughs in the field of magnetic powders. The performance of amorphous material products is at the forefront of the industry. 1) Amorphous strip products are better than Hitachi Metal in terms of strip thickness, resistivity, Curie temperature and other performance indicators, and better than Antai Technology in terms of performance indicators such as unit iron loss, resistivity, saturated magnetic flux density; 2) Amorphous core products are comparable to Antai Technology in terms of unit loss index, better than Hitachi Metal, and the excitation technical indicators are better than Antai Technology and Hitachi Metal. At present, the company's key technologies in the field of amorphous alloys are at the international leading level.

Nanocrystalline research and development has made many breakthroughs, and its performance is leading in China. 1) The company is the first enterprise in China to break through the 14μm technology level, developing and producing 10-12μm nanocrystalline products, which solves the material problem of high-end equipment manufacturing "card neck"; 2) In the case that the domestic industry can hardly produce products with a width of more than 80mm, the company focuses on technological breakthroughs, and the product width can reach 120-150mm; 3) The company has the first domestic single continuous casting production of ultra-thin strip nanocrystals with more than 3 tons of continuous casting technology, which is much higher than the average level of about 200kg in the industry. The company's nanocrystalline ultra-thin strip products are overall superior to major competitors in key indicators.

Magnetic powder products are still in their infancy, independent research and development to achieve technological breakthroughs. 1) The company's magnetic powder plates mainly include atomized powder and crushed powder products, as well as magnetic powder cores processed and produced by using magnetic powders. The market share of the company's atomized powder products is 0.27%, which is still far from the leading enterprises in the industry such as Hitachi Metal, Aetna Technology, and Platinum New Material. 2) Based on the accumulation of technology in the field of magnetic materials, the company successfully developed atomized powder products and gradually mass-produced them. The particle size and molding control technology of high-temperature, supersonic atomized spherical particles independently developed by the company can better control the particle size and particle size ratio of milling, reduce the internal stress of the powder fast-cooling process, make the internal and external stress of the powder particles more uniform, and the nano-scale insulating coating particle wrapping technology greatly reduces the magnetic loss characteristics of the products made of amorphous and nanocrystalline magnetic powders.

Amorphous contributions to the main performance, nanocrystalline, magnetic powder to release growth potential. In 2021, the operating income of the three major plates of amorphous alloys, nano-amorphous and magnetic powders was 6.36/2.12/0.84 billion yuan, an increase of 6.16%/161.71%/153.78% year-on-year. At present, the company's revenue is still dominated by amorphous strip materials for distribution transformers, with amorphous alloy revenue accounting for 68.02% and gross profit accounting for 64.77%. Due to the release of the company's production capacity and the increase in downstream demand, nanocrystalline and magnetic powder performed brightly, and the company's revenue increased by 220 million yuan year-on-year in 2021, of which nanocrystalline and magnetic powder contributed 131 million yuan / 0.51 billion yuan respectively, the proportion of revenue increased to 22.61% / 8.96% respectively, and the proportion of gross profit increased to 31.87% / 2.50% respectively.

The company's products gradually open up overseas markets. The company's amorphous strip and products are exported to North America, Western Europe, Southeast Asia and East Asia, especially in India, South Korea, Vietnam and other countries with strong power demand. From 2018 to 2021, the company's overseas revenue increased from 206 million yuan to 322 million yuan, and the CAGR reached 16.05%. With the continuous release of the company's production capacity, continuous promotion of product research and development, and improved industrial layout, the company's competitiveness in the international market is expected to be further enhanced in the future.

Downstream demand is strong, and capacity utilization is at a high level. According to the company's prospectus data, the company's current amorphous alloy thin strip design annual production capacity of 60,000 tons, nanocrystalline ultra-thin strip design annual production capacity of 3600 tons, amorphous alloy thin strip capacity utilization rate is mainly affected by the downstream transformer industry fluctuations, in recent years, nanocrystalline related products in the field of consumer electronics, new energy vehicles have expanded well, high capacity utilization rate.

From the perspective of profitability, 1) Amorphous strip business, the gross profit margin in 2021 was 22.26%, a year-on-year decrease of 6.78pct, mainly due to the rise in raw material prices, the cancellation of export tax rebate policies in the steel industry, and the rise in sea freight rates. 2) Nanocrystalline ultra-thin strip, the gross profit margin in 2021 increased by 5.47pct year-on-year to 32.96%, mainly due to the company's component optimization through technical transformation and reduction of precious metal use, so that the annual unit cost of nanocrystalline ultra-thin strip fell by 4.07%. 3) Magnetic powder business, gross margin of 6.52% in 2021, down 7.28pct year-on-year. Magnetic powder is in the market promotion stage, the bargaining power is limited, and the profitability of the product shows a phased decline. Due to the relatively high proportion of the company's direct material costs, changes in upstream metal prices will cause the gross profit margin of the company's products to fluctuate. With the gradual transmission of costs, the improvement of downstream prosperity and the release of production capacity, the company's profitability will be improved.

The funds raised from the initial public offering are invested in the main product projects, expand production and improve quality, and increase product competitiveness. 1) The company intends to invest in the industrialization project of closed-mouth three-dimensional volume of 10,000 tons of amorphous alloy. The traditional amorphous planar core transformer exists in the noise is large, anti-sudden short circuit ability is poor and other issues, the company launched a new generation of amorphous three-dimensional coil core using a three-dimensional triangular structure, with three-phase magnetic circuit complete symmetry, strong anti-sudden short circuit ability, low noise, energy saving effect and other characteristics, can further enhance the amorphous core relative to the competitive advantage of silicon steel core. 2) The company will further expand the production capacity of nanocrystallines in the future, and the high-performance ultra-thin nanocrystalline strip and its device industrialization project can form a production capacity of 5,000 tons of nanocrystalline related products after being put into operation, which is more than double the original production capacity. 3) In terms of relatively weak magnetic powders, the industrialization project of high-quality alloy powder products will improve the quality and production scale of the company's magnetic powder products, and help the company accelerate its catch-up with other leading enterprises in the field. (Source: Future Think Tank)

5.2 Aetna Technology: Pioneer of Amorphous Materials R&D, for high-end enterprises

Leading domestic development, in-depth layout of new materials. Initiated by China Steel Research Technology Group Co., Ltd., Antai Technology was established in December 1998 and listed in May 2000. In 2021, the revenue of the company's four major business segments, advanced functional materials and devices, special powder metallurgy materials and products, high-quality special steel and welding materials, environmental protection and high-end technology services, accounted for 36.86%, 32.75%, 21.65% and 8.72% respectively. In the future, the company will further focus on advantageous industries and develop two core industries. In 2021, the operating income of the two core industries "high-end powder metallurgy and products with insoluble tungsten and molybdenum as the core" and "advanced functional materials and devices with rare earth permanent magnets as the core" will account for 69.61%, and the proportion is expected to be further increased in the future.

Through the divestiture of loss-making businesses, the performance has steadily improved. Since 2016 by welding, amorphous, hot isostatic pressing and other business drag, attributable to the mother net profit declined, in 2018 due to the adjustment and divestiture of some of the business that is hopeless to reverse losses, resulting in a large loss in the company's performance, in 2019 the company further optimized the product structure by adjusting the equity structure, compressing production capacity, and with the help of the rapid development of new energy vehicles and smart phones, focusing on the two advantageous industries of "refractory tungsten molybdenum" and "rare earth permanent magnet", while laying out the field of environmental protection and hydrogen energy, to achieve a turnaround. In 2021, the company continued to promote the development of advantageous industries, especially vigorously promoting the application of amorphous and nanocrystalline materials in the "new infrastructure", combined with strict internal cost control, to achieve operating income of 6.272 billion yuan, an increase of 35.96% year-on-year; net profit of 261 million yuan, an increase of 68.39% year-on-year. In 2021, Aetna's amorphous business will speed up the adjustment of product structure, increase the development of high-end application markets, and achieve a 40% year-on-year increase in the amount of newly signed contracts, of which overseas orders exceeded 100 million yuan for the first time. In order to better play the overall advantages of the company's amorphous industry and achieve business synergy between the three places, the company adjusted the organizational structure of the amorphous business at the end of the year, and established an integrated management system of the amorphous industry by simulating the management mode of the division to improve efficiency and efficiency.

The company is a pioneer in the research and development of domestic amorphous and nanocrystalline soft magnetic materials, and its products are oriented to high-end enterprises. In 2010, Aetna Technology successfully broke through the foreign technology blockade and realized the mass production of amorphous alloy strip for the first time in China, making China the third country in the world to independently produce amorphous strip. The company in 2014 has amorphous strip production capacity of 40,000 tons, and launched the construction of 12,000 tons of new production capacity that year, due to the decline in the procurement of distribution transformers by the State Grid in 2016, the intensification of competition in the superimposed industry, resulting in losses after the new project was put into production, 2019 The company reduced some of the losses Amorphous business, adjusted the business structure, the company currently has amorphous strip production capacity of about 40,000 tons, the original nanocrystalline strip production capacity of about 3,000 tons / year. In addition to transformer cores, the company's amorphous strips are also used in metal parts such as Apple's mobile phone SIM card holders and Lightening slots. With the development of wireless charging, as a global supplier of high-end nanocrystalline materials, Aetna Technology provides materials for wireless charging receivers of high-end enterprises such as Samsung, Xiaomi, and Huawei. In 2019, Aetna's global market share of nano-amorphous reached 9.01%, surpassing the German VAC and ranking second in the world.

The future demand for nanocrystals is broad, and the company opens up room for growth. The nanocrystalline strip products produced by the company have basically covered the high-power high-frequency iron core market, and with the vigorous construction of the national high-speed rail network and the urban subway network, the demand for high-power main variable iron cores will gradually expand, which will lead to an increase in demand for nanocrystalline strip. In the future, the company will continue to be market-oriented, pay attention to the needs of mainstream users, vigorously promote ultra-thin nanocrystalline strips, moderately increase the development of downstream devices, extend the industrial chain, fully release production capacity, and realize the application and expansion of nanocrystalline cores in photovoltaic energy storage, new energy vehicles and energy conservation and environmental protection.

(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].