The company focuses on the design, development, production and sales of advanced magnetic metal materials. The company's main products include amorphous alloys, nanocrystalline alloys, magnetic powders and their products. The products are mainly used in the field of power distribution, while also extending to downstream application fields such as new energy vehicles, new 5G infrastructure, rail transit, data centers, consumer electronics, home appliances, and heavy ion scientific research. In 2018-2022Q3, the company's operating income and net profit as a whole showed a rapid growth trend.
Global NEV sales have continued to grow, and permanent magnet synchronous motors are the most widely used. The drive motor is one of the three core components of a new energy vehicle (power battery, drive motor, and electronic control system). It can convert electric energy into mechanical energy to power the electric vehicle according to the law of electromagnetic induction. The motor's power, torque, efficiency and other parameters directly affect the vehicle's acceleration performance, climbing ability, energy consumption, and range, so efficient and high-performance motors are the key to new energy vehicles. Currently, permanent magnet synchronous motors are currently the most widely used motors, and stators and rotors are the core components of permanent magnet synchronous motors.
Breaking through motor power density is a difficult problem. Avoiding high power output loss is one way to solve it. The main sources of motor loss include copper loss, iron loss, and mechanical loss. Among them, iron damage mainly specifies that the core generates alternating magnetic flux when current passes through, resulting in hysteresis loss and eddy current loss, causing local heat in the core, causing severe demagnetization of the core, causing serious demagnetization of the core and irreversible loss of the motor. With the advancement of technology and the expansion of downstream applications, motors are developing in the direction of high frequency and high speed.
Iron loss in high-frequency motors accounts for a high proportion of total motor loss. Using amorphous alloys to make motor stator cores to replace traditional unoriented silicon steel is the future development direction.
There have been examples of the application of amorphous motors in new energy vehicles. In March 2023, Aian released a new generation of high-performance integrated electric drive technology group - Quark Electric Drive, which can generate powerful power in a smaller volume. The motor power density is as high as 12kW/kg, an increase of 100% compared to the industry. Nanocrystal-amorphous superefficiency motors are one of its three core technologies. Aian uses nanocrystalline and amorphous materials to make motor cores, reducing motor core loss by 50%, increasing motor operating efficiency to 97.5%, and the maximum motor efficiency to 98.5%.
Profit forecast and investment rating: In 2023-2025, the company's operating income is estimated to be 17.9/19.8/2.23 billion yuan, net profit is 3.19/3.9/495 million yuan respectively, and the corresponding EPS is 2.66/3.25/4.13 yuan, respectively. The company has focused on the field of advanced magnetic metal materials for many years. Considering the company's good performance and the development of motors in the direction of high frequency and high speed, the future application prospects of amorphous motors are broad, giving the company a “buy” rating.
Risk warning: the risk that the development progress of amorphous motors falls short of expectations; the risk that the promotion and use of nanocrystalline alloy products in new energy vehicles and other fields falls short of expectations; the risk that performance predictions and valuation judgments fall short of expectations.