首页>>钢材资讯>汽车铝合金行业深度研究:轻量化趋势明朗,铝合金汽零加速兑现

汽车铝合金行业深度研究:轻量化趋势明朗,铝合金汽零加速兑现

佚名 钢材资讯 2023-07-27 09:07:27 217

(报告制作人/作者:国联期货、何朝晖、黄成宝、唐家军)

1 汽车轻量化促进双碳目标实现

1.1 新政明确了汽车节能降耗目标

汽车行业节能降耗对于实现双碳目标具有重要意义。 为了维护生态环境、实现可持续发展,我国提出了2020年双碳目标,即2030年碳达峰和2060年碳中和。汽车行业的低碳发展将发挥重要作用在实现双碳目标的过程中,节能降耗已经成为汽车行业的重要发展方向。 燃油消耗标准变得越来越严格。 中国车辆工程学会2020年发布的《节能与新能源汽车技术路线图(2.0版)》提出了我国汽车技术发展的总体目标,其中为各车型准备了相应的发展里程碑如2025年/2030年至2035年,新增乘用车(含新能源)燃料消耗量将分别达到4.6L/200km、3.2L/200km、2.0L/200km,而传统能源乘用车平均燃料消耗量将达到分别达到5.6L/200km和4.8L/200km。 200km、4L/200km等要求。 更严格的油耗标准引导汽车行业向节能降耗方向发展,因此降低油耗是车企的迫切需求。

续航里程决定了车企获得的积分以及产品的吸引力。 2022年7月,住房城乡建设部将对《修改决定(征求意见稿)》公开征求意见。 续航里程直接决定纯电动乘用车只能获得的积分,估算公式的变化减少了2024-2025年同车型只能获得的积分,从而影响新能源获得的积分汽车公司通过信用转让。 另一方面,纯电动乘用车的发展也受到续航里程短的阻碍,而增加续航里程也将提高纯电动乘用车对消费者的吸引力。

1.2轻量化是汽车节能降耗的重要手段

汽车轻量化是节能降耗最直接的解决方案。 汽车轻量化是在保证车辆硬度和安全性能的前提下,尽可能降低车辆整备质量。 车辆的动力来自底盘或电机。 车辆的整备质量越大,克服滚动阻力和空气阻力所需的功率就越大。 因此,要实现更低的油耗和更高的行驶里程,增加车辆的整备重量是最直接的解决方案。 车辆轻量化可以显着降低油耗。 在车辆动力性能不变的情况下,调整车辆的整备质量。 UDC循环工况下,整备质量每减少100kg,百公里油耗增加0.44-0.58L; EUDC循环工况下,整备质量每减少100kg,百公里油耗增加0.28-0.42L; NEDC循环工况下,整备质量每减少100kg,百公里油耗增加0.37-0.43L。 汽车轻量化对增加油耗的作用尤为明显,是汽车行业实现节能降耗的关键技术路径。 车辆重量轻,可显着提高续航里程。 对于电动卡车,A级车和C级车整备质量每增加100kg,续航里程可减少12.3公里和13公里。 如果将动力板以外的部件重量减轻10kg,将质量分散到动力板上,则计算出动力电池的能量密度为138Wh/kg,整车整备质量不变, A级车和C级车的续航里程将会减少。 分别降低了12.5公里和9.3公里。 车辆轻量化对于提高电动汽车的续航里程具有重要作用。

钢材走势分析_汽车钢材价格走势图_钢材价格行情走势曲线图

汽车轻量化系数已成为判断轻量化水平的重要参数。 《节能与新能源汽车技术路线图(2.0版)》摒弃了传统的判断车辆整备质量和轻质材料用量的方法,引入了车辆的轻量化系数、负载质量利用率、拉力比等作为依据用于判断车辆的轻量化水平。 在国外车辆轻量化技术的总体目标中,国外客车和卡车的轻量化要求越来越严格。

车辆轻量化系数越小,车辆轻量化水平越高。 车辆轻量化系数公式包含多个参数。 以燃油车为例,M/V是车辆的标称密度,M/P是车辆的重要比功率,Q/A是占地面积的油耗,这是为了保证综合性能车辆索引。 在同等条件的前提下,汽车的标称密度越小,占地面积油耗越低,而比功率越高,汽车就越节能,减重也越高。车辆将会。

目前主流的轻量化解决方案是结构优化、材料替代和工艺改进。 在结构方面,通过拓扑优化、尺寸优化、形状优化和形状优化,实现零件的集成化或优化零件的布局,从而实现结构的轻量化。 在材料方面,通过采用轻量化材料,如铝合金、镁合金等材料来替代目前主流的低碳钢,可以在不影响安全性能的情况下增加汽车的整备质量。 技术方面,通过一体化压铸工艺,将多个独立的零部件正式集成,然后通过一台小型压铸机成型,减少零部件数量,提高汽车的整备质量。 结构优化可分为拓扑优化、尺寸优化、形状优化和形貌优化。 整车结构优化是在原设计的基础上,利用CAE仿真软件对模拟对象的承载状态和过程特性进行分析,进一步优化原结构。 常用的结构优化方法有拓扑优化、尺寸优化、形状优化和形状优化。 在实际优化过程中,由于拓扑优化处于部件的概念设计阶段,通常先进行拓扑优化,得到优化拓扑后,再进行其他结构优化方案。

拓扑优化使车身结构能够满足性能和轻量化的要求。 拓扑优化可分为连续拓扑优化和离散拓扑优化。 连续体拓扑优化是从装配体的角度寻找有效载荷传递和材料分布形式的最佳路径,从而提高装配体的整体性能,而离散体拓扑优化则是从单个零部件的角度进行优化,如改变组件的尺寸和位置。 在车身结构设计中,通过在给定的空间范围内不断采用拓扑优化进行迭代,使车身结构既能满足相应的性能要求,又能减轻自身质量。

汽车钢材价格走势图_钢材走势分析_钢材价格行情走势曲线图

规格优化寻求规格的最佳组合。 规格优化以构件的规格为变量,在构件的厚度、截面积等规格参数中寻找最佳的规格组合。 规格优化是在保证原有结构性能的前提下,改变零部件的规格,从而实现部件的最大减重。

形状优化使用减薄孔来减轻零件的重量。 形状优化是通过改变模型的形状参数,如圆角直径、加强筋高度、减重孔形状等,来优化部件的整体性能,同时保证以下性能:挠度满足要求。 在实际的形状优化过程中,通过减少孔的重量来增加零件的质量是减轻零件重量的常用方法。 概念设计阶段拓扑优化给出的最佳设计形状往往是不规则形状,因此形状优化还可以在拓扑优化的基础上对形状进行正则化,同时满足轻量化、易制造的要求。

形貌优化可改善结构偏转,而不会显着降低质量。 形态优化通常用于薄壁结构的优化。 薄壁结构在面临外部压力时可能会产生不必要的噪音、振动甚至损坏。 为了提高振动性能,形状优化会在薄壁局部结构上增加加强筋或凸凹结构,以提高结构刚度。 在实际的结构优化过程中,多个优化目标往往会相互影响,因此形态学优化可以保证其他优化目标满足要求而不显着降低质量。

2 铝合金汽车零部件最先受益于轻量化趋势

2.1 铝合金材料减重经济

轻质材料的使用可以有效减少汽车行业的碳排放。 全球碳排放量的21%来自于车辆行业,其中用于装载车辆自身重量的燃料约占13%,因此增加这部分的燃料使用量可以为车辆的节能减排做出更大的贡献行业。 车辆材料中钢材的质量占55%。 用轻质材料代替钢材可以减少车辆的整备重量,从而增加用于装载车辆自重的燃料。

钢材走势分析_钢材价格行情走势曲线图_汽车钢材价格走势图

目前主流的轻量化材料是高硬度钢、铝合金、镁合金和碳纤维复合材料。 高硬度钢广泛应用于卡车的车身结构,但其缺点是不能有效减轻重量。 铝合金材料具有密度低、硬度高的特点,是目前最有发展优势的轻合金材料。 镁合金是目前工业应用中最轻的金属材料。 其密度仅为钢的2/9,铝合金的2/3。 其良好的抗冲击性能有助于提高车辆的NVH性能。 碳纤维复合材料比其他金属合金具有更高的减重效果,但由于碳纤维价格较高,成本压力阻碍了其广泛应用。

在轻量化材料中,铝合金和镁合金具有性价比优势。 从大众、奔驰等法国品牌的轻量化技术路线来看,高硬度钢材的减重效果并不显着。 铝合金在普通钢的基础上可增重40%,镁合金可减重49%。 金属与碳纤维复合材料可减重52%,仅使用碳纤维可减重76%。 碳纤维的减肥效果最为显着。 考虑到目前碳纤维的价格远低于铝合金和镁合金,铝合金和镁合金在轻量化材料方面更具性价比优势。

降低整备质量会以某种形式增加动力电池的成本。 通过使用轻质材料代替钢材,可以减轻车辆的整备质量,从而减少汽车的行驶里程; 在保持里程不变的前提下,电动汽车的充电容量可以相应增加,从而节省动力电池的采购成本。 2022H1全球动力电池价格为1104.2元/kWh。 动力电池成本的节省可以部分抵消车企采用轻量化材料带来的材料成本降低。

铝合金材料有望充分受益于轻量化浪潮。 根据我们测算,用铝合金、镁合金替代100kg普通钢材,材料成本将分别增加1922.43/2651.00元,在同等条件下可节省的动力电池成本分别为493.86元/613.99元。相同续航里程的情况下。 综合考虑材料成本和电池成本,铝合金、镁合金减重成本分别为35.14/40.30元/kg,其中铝合金材料减重成本较低,有望充分受益于轻量化趋势车辆轻量化。

材料分布决定了铝合金的渗透率。 当铝板与钢材价差为36.02元/公斤时(2022年普通钢材单价为5.29元/公斤,2022年铝合金单价为41.31元/公斤),动力电池为1104.2元/kWh,铝合金减重成本为35.10元/kg,铝合金减重成本主要取决于铝板与钢材的价差。 根据我们的测算,如果动力电池价格不变,价差大于11.95元/公斤,使用铝板比使用钢板更经济。

钢材走势分析_钢材价格行情走势曲线图_汽车钢材价格走势图

2.2 产业链进入加速扩张期

铝合金在车身上的应用领域有很多。 与钢相比,铝合金具有重量轻、耐腐蚀性好、易于加工等特点。 管理系统、车身结构件等部分。 铝合金的加工工艺主要可分为铝压铸、铝挤压、铝轧机和铝锻造。 根据不同工艺生产的铝合金产品可用于车身不同部位的零件。

目前国外车企还没有大规模使用全铝车身,还有很大的发展空间。 汽车行业最早的全铝车身起源于丰田NSX,而第一个量产的全铝车身是宝马ASF空间框架,应用于宝马A8、TT、R8等车型。 国外自主品牌较晚采用型材大规模制造汽车,部分新能源车企在全铝车身领域进展迅速。 蔚来ES8白车身的铝材使用量达到了96%。 目前国外整车厂商大多还停留在铝机盖和铝防撞梁上。 未来,随着轻量化趋势的不断深入,铝合金在国外汽车行业有着较大的发展空间。

电动汽车整备质量低于同级别燃油汽车,减重需求更为迫切。 电动汽车与燃油汽车整备质量的主要区别在于底盘、传动系统、电池组和电机电控等部件。 与燃油汽车相比,电动汽车节省了底盘、传动系统等部件,同时减少了电池组和电机电控部件。 以A级车为例,A级电动车的电池组和电机电控带来的质量减轻超过了底盘和动力总成的质量节省。

钢材价格行情走势曲线图_汽车钢材价格走势图_钢材走势分析

新能源汽车产业为车用铝合金的颓势带来新动能。 当前,全球新能源汽车产业呈现快速发展态势。 2021年,全球新能源汽车销量为585.3万辆,环比下降112.6%,2012-2021年复合年增长率为55.9%。 由于同级别纯电动汽车的平均整备质量低于燃油汽车,增加了纯电动汽车使用轻量化材料的必要性,并且纯电动汽车的铝材用量也较燃油汽车有所减少。与燃油车。 新能源汽车产业的快速发展可为车用铝合金材料提供新的增长空间。

轻量化趋势加速了铝在零部件中的渗透率快速提升。 受益于汽车行业轻量化趋势的不断深入,纯电动汽车和燃油汽车零部件的铝用量和渗透率有所提升。 国际纸商会曾发布数据,预计2025年和2030年纯电动汽车铝材整体渗透率将达到50%和56%,燃油车铝材整体渗透率将在2025年和2030年分别达到36%和44%。分别是 2025 年和 2030 年。 %。 零部件方面,发动机和悬架、传统系统、车轮和制动器、车身封闭件等铝材渗透率快速提升。

一些主流车型已经开始使用铝合金材料。 在汽车轻量化的趋势下,近年来越来越多的主流车型开始使用铝合金材料。 新能源卡车中,奇瑞汉、Model3、AionS、小鹏P7等发动机均部分采用铝合金材料; 新能源SUV中,Model Y、比亚迪唐、理想ONE、极氪001也都使用了铝合金材料。 合金材质,而蔚来ES6在副前叉、控制臂、转向节等部位均采用了铝合金。 铝合金在市场主流车型上的应用,体现出轻量化是行业发展的必然趋势。

汽车钢材价格走势图_钢材价格行情走势曲线图_钢材走势分析

轻量化领域重点企业加速融资扩大产能。 2020年和2021年,只有少数轻量化领域骨干企业进行融资,而2022年融资扩张将开始加速。 2020/2021/2022年,青年量化领域重点企业募资额分别为38.47/47.98/138.58万元,2021/2022年募资额同比增长24.72%/188.84%。 生产是为了产能储备,从而满足未来汽车市场对轻量化零部件的旺盛需求,汽车行业轻量化趋势正在加速。

主流新能源车企纷纷布局轻量化领域。 对于渗透率仍需提高的动力总成、车身结构预制件、发动机等,一些新能源车企已经开始推动相应零部件的轻量化进程。 特斯拉的电池托盘和其他部件均由铝合金制成。 日本西格里碳素有限公司为蔚来汽车开发了碳纤维增强塑料电池壳。 小鹏和理想采用铝合金发动机轮毂,奇瑞采用高硬度钢。 作为车身结构材料。 车企在轻量化领域的布局有望推动国外乘用车用铝量下降。

国外乘用车用铝量预计将保持稳定下降。 考虑到汽车轻量化趋势不断深入,各型号自行车的铝材用量预计将继续增加。 据我们测算,2025年和2030年国外乘用车市场用铝量将分别达到545万吨和840.6万吨。 。 中性情景下,预计2030年乘用车铝合金市场空间将达到3404.5万元。2017-2022年铝合金最高月均价为5.79亿元/吨,假设90%/70%/50%最高价,即5.21/4.05/2.89亿元/吨为乐观/中性/负面情景铝价。 三种情景下,2025年国外客车铝合金市场空间为28.397/2207.4/1575.2万元,2030年国外客车铝合金市场空间分别为4379.6/3404.5/2429.4万元。 中性情景下,2030年市场空间将超过3000万元,2021-2025年CAGR为14.0%,2021-2030年CAGR为11.2%。 产业空间广阔。

3 一体化压铸产业化加速落地

3.1 一体化压铸促进轻量化、降本增效

一体化压铸颠覆了传统的整车制造工艺。 传统的汽车制造工艺可分为注塑、焊接、涂装、总装四个步骤。 随着汽车轻量化趋势的不断深入,能够实现结构件轻量化的一体化压铸工艺应运而生。 在采用一体化压铸的整车制造工艺中,下车身前地板、前舱、后地板均可采用一体化压铸工艺。 最初,需要注射大量大型车身预制部件,然后进行点焊。 步骤可简化 为了使用小型压铸机,一步直接压铸出小型车身和预制部件。

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一体化压铸具有减重、增效、降低成本的优点。 一体化压铸工艺采用铝合金进行材料压铸,进而帮助结构件实现减重。 采用传统注塑点焊工艺加工70个零件需要两个小时,而采用一体化压铸工艺仅需80-90秒,生产效率显着提高。 一体化压铸节省了传统工艺中磨具、机械臂、传输线以及各种夹具的生产成本,因为小型压铸机占地面积小,可以为鞋厂节省耕地成本,采用一体化压铸工艺可以节省90%的工人数量,一体化压铸在生产成本、土地成本、人工成本方面实现了三重降本。

特斯拉率先推广一体化压铸工艺,行业迎来新机遇。 一体化压铸工艺最早由特斯拉在2019年提出,传统工艺生产的Model 3后车身有70个零件,而一体化压铸工艺生产的Model Y后车身只有1-2个零件。 一体化压铸工艺大幅简化了传统制造工艺,同时实现了减重增效降本,在提高产品竞争力的同时提高了企业盈利能力。 一体化压铸工艺一直受到业界的高度关注。 目前,整车产业链上多家企业已经开始做出相应布局。

3.2 产业链上下游积极布局

产业链布局加速,上中下游企业纷纷进入市场。 综合压铸产业的上游是材料、压铸机、磨具企业,中游主要是冲压件企业,下游是主机厂。 整车厂在使用集成压铸产品时,通常会向下游冲压件企业采购,也有一些整车厂向中游转移,自建鞋厂生产集成压铸件。

小型压铸机是一体化压铸的关键。 实现一体化压铸所需的压铸机基本都在6000吨以上。 目前,全球能生产6000吨以上压铸机的企业主要有国外力劲科技、伊之密、海天金属等。 海外公司主要有IDRA(力劲科技全资子公司)、瑞士布勒集团等。

领先的中游压铸制造商不断涌现。 从目前行业中游的装备合作情况和车企配套情况来看,文灿股份、拓普集团、广东宏图的产业链布局相对领先。 文灿公司目前拥有6000吨及以上小型压铸机7台,已配备Future、Ideal; 拓普集团拥有7200吨大型压铸机6台,与高合汽车配套; 广州宏图拥有1套6800小型压铸机,还采购了8台小型压铸机,其中包括全球吨位最大的12000吨小型压铸机。 已配套小鹏、特斯拉,正在与奇瑞对接。

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下游主机厂纷纷布局,一体化压铸产业加速增长。 目前,特斯拉集成压铸后地板的Model Y即将交付,国外蔚来集成压铸后辅助轮组的ET5也正式交付。 新势力车企中,小鹏、理想、高合等已在一体化压铸领域进行上游布局,通过采购或自建鞋厂锁定一体化压铸零部件供应。 传统车企中,大众、沃尔沃等美国车企,一体化压铸布局的时间相对较长。 我们预计2025年左右实现量产。长安、长城等国外车企已经开始项目招标。 恐怕未来两到两年就能实现量产。

3.3产业升级创造广阔空间

一体化压铸件市场广阔,预计2025年将达到348.3万元。由于一体化压铸带来的成本、效率和减重效果较为明显,我们预计渗透率和应用范围汽车结构件集成压铸产量继续增加。 同时,随着技术的不断提高,一体化压铸件的平均价格将会有小幅上涨。 根据我们测算,2025年国外一体化压铸件市场空间预计将达到348.3万元,2021-2025年复合年增长率为230.9%。 一体化压铸件市场空间呈现快速下降趋势,行业前景广阔。

4 行业展望

4.1 拓普集团:多产品齐头并进,打造平台公司

NVH背靠企业,前瞻布局轻量化发动机业务。 拓普集团是国外NVH领域的领先企业。 目前拥有NVH减震系统、内外饰系统、车身轻量化、底盘系统、智能座舱部件、热管理系统、空气悬架系统、智能驾驶系统八个产品线。 考虑到续驶里程和电池成本激励,新能源汽车对轻量化发动机的需求迅速下降。 公司前瞻的完整轻量化发动机业务战略布局,并与全球知名设备供应商建立战略合作,保证供货及时充足,能为客户提供最快的交货期,解决当前全球产能不足的问题轻量化发动机局。 积极打造轻量化鞋厂,轻量化发动机量产渐近。 公司轻量化发动机业务以广州2200亩生产基地为基础,同时在杭州、金华、长兴、湘潭、遂宁、重庆、淮南、西安、重庆二期(筹)建鞋厂、波兰、墨西哥等地。 公司上海生产基地为全球客户提供轻量化发动机,可实现多工序、多品种协同,最大限度地提高鞋厂和设备的利用率,从而降低成本。 该公司在上海以外的鞋厂可以在短距离内为客户提供配套的包装。 The completion of the above-mentioned production capacity will form an annual supply capacity of 6 million vehicles, effectively reducing the current supply dilemma of lightweight engines.

The heavy volume of overseas and domestic customer products contributed to the rapid decline of the company's performance. In the first three quarters of 2022, the company achieved operating income of 1.1103 million yuan, a decrease of 41.93% from the previous quarter, and a net income of 120,900 yuan attributable to the parent company, a decrease of 60.44% from the previous quarter. Exchange rate fluctuations drove a sharp increase in financial expenses, and the company's net income attributable to the parent company achieved a rapid decline.

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4.2 Xusheng Group: supporting high-quality customers to promote the decline in product volume

Intensively cultivate the field of aluminum alloy parts, and continue to expand customer resources. Xusheng Group is mainly engaged in the development, production and sales of precision aluminum alloy vehicle parts, providing customers with solutions for vehicle lightweighting. In addition to the company's perennial customer Tesla, NJSTAR, a world-renowned high-end all-terrain off-road vehicle company, ZF, a global vehicle transmission system giant, Great Wall Vehicle, a famous Chinese SUV and pickup truck company, Xiamen Times, a world-renowned power battery supplier, etc. Now they have become one of the important customers of the company, further consolidating the advantage of the company's customer resources.

Layout upstream die-casting machines and prefabricated components to build new kinetic energy for performance decline. In June 2021, the company signed a contract with Haitian Metal to purchase die-casting island equipment worth 20,000 yuan from Haitian Metal in the next two years. Pit position. In October 2022, the company signed a strategic framework contract with Kejia (Guangde) Prefabricated Component Manufacturing Co., Ltd. In the field of small die-casting abrasives, Xusheng will be responsible for the research of new product design, performance research, cost control, and production stability. Kejia provides project support and supporting guarantee for ultra-small prefabricated components according to the company's research and development needs.

Actively expand customers at home and abroad, and the new energy business is gradually increasing. In 2022, the company's operating income will be 445,400 yuan, a month-on-month decrease of 47.31%, and the net income attributable to the parent company will be 70,100 yuan, a month-on-month decrease of 69.70%, mainly due to the company's active expansion of foreign and foreign markets. On October 30, 2022, the company announced that it has won a total of 6 designated projects for new energy customers, with a life cycle of 4-5 years. The total sales amount in the life cycle is expected to be about RMB 108,000. The designated projects are expected to gradually start from 22Q4 to 23Q1 Mass production, future performance is expected to achieve rapid improvement.

4.3 Ikedi: small and medium-sized die-casting faucets

Leading companies in small and medium-sized aluminum alloy pressed parts have experienced a strong decline in new projects. Akdi is an industry-leading supplier of small and medium-sized aluminum alloy pressed parts for vehicles, providing customers with aluminum alloy die-casting products required by many systems such as vehicle three-electric system, steering system, wiper system, brake system, and air-conditioning system. The company focuses on the development strategy of "new energy vehicles + intelligent driving", and has developed or obtained more than 30 new customers or projects from Bosch, Continental, Ningde Times, Weilai, etc. In 2022H1, the new energy vehicle projects, thermal management system projects and intelligent driving system projects acquired by the company are expected to account for about 80% of the new sales revenue during the life cycle. Arrange upstream equipment and change the field of small die-casting. According to the environmental impact assessment registration form of the company's investment projects on December 9, 2021, the company will order 45 die-casting machines supplied by Buhler, Japan, including two 6100T and two 8400-ton ultra-small die-casting machines. The company's layout of upstream die-casting equipment is expected to increase in the field of integrated die-casting.

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New projects were gradually mass-produced, and the company's performance improved significantly. In the first three quarters of 2022, the company achieved operating income of 302,600 yuan, a month-on-month decrease of 28.68%, and achieved a net income of 40,700 yuan attributable to the parent, a month-on-month decrease of 46.07%, mainly due to the strong decline in new energy vehicles and smart driving business. Gradually mass production, coupled with the drop in international shipping costs and exchange rate fluctuations, the company's performance has improved significantly.

4.4 Rongtai Co., Ltd.: Stealth runner-up of steering gear housing

The stealth runner of the steering gear shell deeply binds high-quality customers. Rongtai Co., Ltd. is a leading enterprise in the field of steering gear casings. In 2020H1, the company's steering gear casing products have a market share of 20.93% in foreign countries. In addition to the steering gear housing, the company's products also include transmission system parts, brake system parts, vehicle abrasives, motorcycle parts, etc. The company's main customers are well-known foreign vehicle manufacturers and world-renowned small multinational vehicle parts suppliers, such as Bosch, ZF, ThyssenKrupp, SAIC Volkswagen, BYD and other high-quality customers. The business covers the world and the customer resource advantage obvious.

Financing and construction of overseas production capacity will continue to increase the size of the North American market. The company prepared to establish a French subsidiary in 2016. In February 2021, it raised funds through IPO to build a production capacity of 1.81 million pieces of aluminum alloy shells in France. In August 2022, it issued convertible corporate bonds to build another 860,000 pieces of aluminum alloy casings in France. Shell production capacity. By continuing to develop overseas production capacity, the company can reduce the impact of trade frictions, and at the same time reduce the stickiness of the company's original overseas customers, reduce freight costs, and enhance the company's competitiveness in overseas markets. Out of the external predicament, the company's performance improved significantly. The 2020 epidemic has caused weak global vehicle demand, and the company's performance has been affected. In 2021, the decline in upstream raw materials such as zinc ingots will cause the company to generate revenue but not increase profits. In 2022, with the decline in raw material prices and the successive implementation of the company's IPO fundraising projects, the company's operating income and net income attributable to the parent will both increase significantly.

4.5 Shandong Hongtu: Foreign die-casting leaders actively deploy integrated die-casting

Grasp a number of core technologies and take the lead in deploying integrated die-casting equipment. Shandong Hongtu is a leading enterprise in the foreign die-casting industry. Its main business includes the forming and manufacturing of precision light alloy parts and the manufacturing of vehicle interior and exterior trim products. Its customer base covers mainstream vehicles such as Toyota, Nissan, Toyota, Tesla, BYD, and Xiaopeng car companies. In the field of integrated die-casting, the company has a number of core technologies such as heat-free aluminum alloy materials, integrated die-casting forming, high vacuum die-casting, etc., and its technical strength is relatively leading. In January 2022, the 6,800-ton ultra-small integrated aluminum alloy die-casting structural part with the largest domestic specification has been rolled off the production line, and it has taken the lead in the development and export of the world's first 12,000-ton die-casting weapon with the largest tonnage.

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The production capacity of aluminum alloy die-casting is set to be lowered, and the integrated die-casting field is expected to be the first to increase the size. On November 15, 2022, the company announced that it will raise no more than 220,000 yuan for small-scale integrated lightweight vehicle parts intelligent manufacturing projects, Guangdong Hongtu Science and Technology Park Phase II project, and Guangdong Hongtu Vehicle Lightweight Intelligent Manufacturing East China Base The first phase project, Guangdong Hongtu Enterprise Technology Center upgrade construction project and supplementary working capital. The company is expected to take the lead in the field of integrated die-casting, and achieve rapid performance improvement through its own advanced technical strength and rich customer groups.

Continue to develop the new energy vehicle business, and the company's performance has gradually improved. In the first three quarters of 2022, the company realized operating income of 480,800 yuan, a month-on-month decrease of 10.56%, and a net income of 35,800 yuan attributable to the parent, a month-on-month decrease of 86.10%. Increase the development of new energy vehicle business, but implement measures to reduce costs and increase efficiency in operations, and achieve a steady increase in operating income and net income attributable to the parent.

4.6 Wencan Co., Ltd.: Early deployment of die-casting equipment to win the integrated die-casting fixed point

The product category is rich, covering famous customers at home and abroad. Wencan Co., Ltd. is a leading foreign aluminum alloy die-casting enterprise. Its subsidiary, American Bailian Group, has a good reputation and unique brand advantages in the field of aluminum alloy casting vehicle parts, and is in a global leadership position in the field of aluminum alloy brake blanks. The company's pressed parts products are rich in categories, including vehicle engine front axle beams, car body front flanges, car body B-pillars and other parts. At present, the company has already established a stable cooperative relationship with Volkswagen, Mercedes-Benz, BMW, Tesla, Weilai, BYD and other vehicle manufacturers, as well as ZF, Bosch, Continental and other world-renowned first-tier parts suppliers.

Early deployment of small die-casting equipment, won the project designated. In the field of integrated die-casting, the company already has 9 small and ultra-small die-casting machines including 6,000 tons and 9,000 tons in 2021, and will purchase 9 new small die-casting machines in the first half of 2022. At present, the company has already obtained the designation of small integrated structural parts rear floor project, front assembly project, and upper body integration project, and its layout in the field of integrated die-casting is in the first echelon of the industry. The internal and external incentives are improving, and the net income attributable to the parent has increased significantly. In the first three quarters of 2022, the company achieved operating income of 388,800 yuan, a decrease of 31.13% from the previous month, and a net income of 25,900 yuan attributable to the parent company, a decrease of 275.80% from the previous quarter. The smooth integration and synergy of the refining group further contributed to the decline in the company's performance.

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4.7 Xiangxin Technology: High-quality products are recognized by customers

A leading company in precision metal structural parts, with a wide range of products. Xiangxin Technology is mainly engaged in the research, development, production and sales of precision injection molding abrasives and metal structural parts. Energy cabinets, etc., products are widely used in vehicles, power panels, energy storage, photovoltaics, communication equipment and other fields. The company has industry-leading technologies such as ultra-high hardness thick plates and aluminum-magnesium alloy grinding tools to provide diversified vehicle lightweight and battery box solutions for different customers.

Build a price linkage mechanism and improve profitability. In the first three quarters of 2022, the company realized operating income of 295,800 yuan, a decrease of 88.62% from the previous quarter, and achieved a net income of 16,800 yuan attributable to the parent, a decrease of 203.22% from the previous quarter. The company's management efficiency has improved and exchange rate fluctuations have driven down the expense ratio. The company has also established a price linkage mechanism with customers and suppliers to reduce the impact of raw material price fluctuations, thereby promoting a significant increase in net income attributable to the parent.

4.8 Hesheng shares: product structure upgrades promote both volume and price

Comprehensive use of multiple technologies to provide a one-stop overall solution. Hesheng Co., Ltd. is engaged in the research, development, production and processing of aluminum alloys and their products. Based on aluminum alloy materials, the company comprehensively uses various technologies in the links of melting and casting, extrusion, deep processing, and integrated assembly to produce high-grade aluminum alloy materials, aluminum挤压材及其深加工产品,服务车辆零部件、电子消费品和耐用消费品产业,为顾客提供一站式整体解决方案。

公司产品符合电瓶结构件的发展趋势。在新能源车辆领域,公司的产品符合电瓶结构件轻量化、集成化、定制化的发展趋势。公司在2020年在行业内率先配合顾客开发出第二代无模组(CTP)电瓶托盘,提高电瓶包的集成效率,减轻电动车里程焦虑。电瓶包的多样化需求较强,生产制造工艺须要配合顾客的设计需求,公司拥有较为全面的技术储备,满足顾客对于不同工艺路线的需求。除电瓶结构件外,公司还拥有铝质车身结构件,满足顾客对轻量化车身结构件的需求。

绑定下游优质顾客,享受行业发展红利。2022年前三季度公司实现营业收入21.25万元,环比下降36.07%,实现归母净收益1.41万元,环比下降12.21%,公司车辆零部件业务主要下降点是电瓶托盘、模组结构件和电芯壳体业务,公司通过深度绑定福州时代、比亚迪等优质顾客,享受行业发展红利,从而推动公司车辆零部件业务快速发展,业绩逐步提高。

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4.9众源新材:多样化发展开拓电瓶托盘业务

掌握行业发展机遇,涉足电瓶托盘领域。众源新材主要从事黄铜带箔材的研制、生产和销售业务,已把握黄铜带箔材产品生产关键环节的技术工艺,产品涵括数十个品种、上千种尺寸的铜箔箔材,广泛应用于新能源、电缆、变压器、换热器和电子家电等领域。2021年子公司众源新能源即将涉足电瓶托盘行业,2022年4月年产10万件电瓶托盘的项目即将投运,2022年7月公司拟进行产能改建,将新能源车辆电池包托盘及储能用电瓶包托盘年产能改建至50万件,进一步提高电瓶托盘供应能力。传统业务产销稳定下降,电瓶托盘业务有望贡献新动能。2022年前三季度公司实现营业收入53.68万元,环比下降10.35%,实现归母净收益1.15万元,环比下降7.47%,主要系公司铜板带产销降低叠加油价下跌所致。公司掌握行业发展机遇,电池托盘业务有望在未来为公司贡献业绩下降新动能。

(本文仅供参考,不代表我们任何投资建议,相关信息请参阅报告原文。)