Alloy soft magnetic powder core high industry concentration
Alloy soft magnetic powder core: the industry has a high degree of concentration, and Boke New Materials and Dongmu Keda are leading domestically
1. The industry has a high degree of concentration, CR4 is about 58%
According to the Huajing Industrial Research Institute, the global alloy soft magnetic powder core market will be about 480 million US dollars in 2020. The output of various metal alloy soft magnetic powder plus metal magnetic powder cores in my country will be about 195,000 tons, with an output value of about 10 billion yuan, an increase of 8% over last year. . (1) The industry concentration is high, CR4 is about 58%: In terms of major competitors in the industry, major foreign metal soft magnetic powder core leading companies include Korea Changxing and Magnetics, and domestic companies include Platinum New Materials, Dongmu Co., Ltd., and Hengdian East Magnetics , Tiantong Co., Ltd., etc., the quality is close to or reaches the foreign level, and the domestic substitution is realized in the relevant application fields. In 2020, Magnetics and South Korea’s Changsung will account for approximately 32.4% of the market, while domestic Platinum New Materials and Dongmu Keda Magneto will account for 15.6% and 9.9% respectively, making them leading companies in China. According to the investor relationship record table of Boke New Materials, the revenue scale of Magnetics and Changxing in 2020 will be about 400 million yuan, while the revenue of Boke New Materials and Dongmu Keda will be 481 million yuan and 310 million yuan in the same period.
(2) The preparation process is complex and the industry barriers are high: technical barriers, the magnetic core is one of the core materials of electric energy conversion equipment, and the performance of the magnetic core directly affects the performance of power electronic equipment. The performance of the magnetic core mainly depends on the characteristics of the magnetic powder. As the source of magnetic materials, magnetic powder will affect the final performance of magnetic powder in the links of differential solutions, magnetic core molding, and electronic component design and processing. Comprehensive capability in program design. Solution barriers: Since different industries have different emphasis on inductive magnetic materials and component product requirements, external collaboration between manufacturers, customers and end users is required to continuously develop new products, so new entrants provide a complete set of solutions The scheme is relatively difficult; scale barriers: in the process of large-scale production, technology, process, experience, equipment, etc. will affect the performance, yield, and cost of mass-produced products. It takes a long time of experience accumulation and continuous improvement to gain a comparative advantage.
2. Development trend: take advantage of the new energy Dongfeng, and domestic companies overtake on corners
(1) From a global perspective, domestic companies benefit from the rapid growth in the new energy field: major foreign-funded companies such as Magnetics and Changxing are mainly concentrated in server power supplies, titanium-grade switching power supplies, 5G communication power supplies, and vehicle power supplies. , the downstream subdivision and application fields of Boke new materials are mainly concentrated in new energy vehicles, photovoltaics, energy storage, UPS, etc., so there is no obvious competition conflict with foreign companies. Dongmu Keda is involved in various fields, and will increase its Exploitation of the new energy market. Domestic enterprises have benefited from the vigorous development of the new energy market and are competing with foreign companies. Through continuous investment in the downstream application of new energy, they will develop customers and grow together with the downstream of the high prosperity. The market share is expected to further increase. (2) The photovoltaic energy storage market accounts for the largest proportion: in the downstream market of alloy soft magnetic powder cores, the photovoltaic and energy storage markets account for a large proportion, which is expected to account for 47% of the downstream market in 2025. In terms of revenue structure, in 2022 H1, Dongmu’s soft magnetic revenue accounted for 16.57%, of which inverters accounted for about 40%, and the rest were mainly new energy vehicle vehicles/charging piles. In 2022, Platinum New Materials’ revenue from the photovoltaic field is expected to reach 60%. In terms of customers, the direct customers of Boke New Materials and Dongmu Keda are magnetic material device suppliers, which are widely used in leading enterprises in photovoltaic inverters, new energy vehicles and other industries. According to the disclosure of Platinum New Materials, the company’s end customers in the photovoltaic field include Huawei, Ginlong, Sungrow and GoodWe, etc., and its customers in the new energy vehicle field are mainly BYD.
3. Competitive landscape: the strong are always strong, and the first-mover advantage is obvious
The production capacity of leading enterprises is expanding rapidly, and the strong ones are always strong: In terms of production capacity, the current domestic production capacity of Platinum New Materials is 25,000 tons, and the production capacity will reach 50,000 tons in 2023-2024. Dongmu Co., Ltd. has increased the existing production capacity of Dongmu Keda by 2.6 10,000 tons, and the production capacity will reach about 40,000 tons in 2024. In addition, other magnetic material companies in the industry, such as Hengdian DMEGC, Longci Technology, and Sinosteel Tianyuan, are also gradually developing their alloy soft magnetic business, with future planned production capacities of about 0.5/0.5/0.4 tons respectively. From the perspective of magnetic material business revenue, the top three in 2021 are Hengdian DMEGC, Tiantong Co., Ltd., and Platinum New Materials; from the perspective of magnetic material business gross profit margin, the top three in 2021 are Longci Technology , Platinum New Materials, Tiantong shares. Among them, Boke New Materials is mainly due to the self-supply of raw materials and high gross profit margin. Dongmu Co., Ltd. has now included the milling company (Deqing Xinchen Company) into the scope of the company’s consolidated statements, and the gross profit margin is expected to further increase.
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