In this report, we focus on 3 aspects of driving motor of new energy vehicle: 1, industrial ecology; 2, product indicators; 3, enterprise regionalization, and then see the development trend and investment opportunities of driving motor field.
Driving motor opportunity geometry. With the accelerated iteration of battery technology, the short circuit restriction of electric vehicle mileage will be gradually eliminated. Consumers will focus more on its highlights, such as power performance, and the importance of motor will become more prominent. In the next four years, the demand for motor drive motor in China is expected to achieve the annual growth rate of 40%, and the accumulative market size of the power assembly system is expected to reach 150 billion yuan. In the early phase of the promotion of new energy vehicle pilot, vehicle driving motor is small batch and customized products, the gross profit margin of nearly 30% high value; and with the scale of production to promote new energy vehicles drive motor''s gross margin will be approaching to the motor industry, considering the complexity of vehicle environment and high performance the required, its gross margin should be higher than the motor industry, is expected to remain above 25%.
Where is the motor technology barrier? The motor drive system is equivalent to the engine in the fuel car. The driving characteristics determine the main performance indicators of the electric vehicle such as climbing, acceleration and maximum speed. At present, the motor power density in China is at 2.8-3.0kW/kg, and the technology roadmap in the key area of China made 2025 puts forward that the effective power of 20s for passenger cars driving motor is no less than 4kW/kg, and the commercial vehicle 30s is more effective than the torque is no less than 19Nm/kg. In the field of motor "does exist" step asynchronous battle, from the driver''s point of view, the use of asynchronous motor can achieve high efficiency at high speed under the condition of high reliability, high speed models suitable for class ModelS; and "step motor with high power density, wide speed range, suitable for frequent start and stop of the road. More suitable for city commuter models of the EU260 class.
A long time, fineness of motor enterprises, foreign motor enterprises are in the leading position in the field of high-end motor, and China Taiwan Tomita motor with cooperation material innovation, ultimate design and downstream, become the sole supplier of tesla. In the domestic market, the motor listed companies have maintained the growth rate of the super industry in recent years by means of M & A, scale advantage, capital strength and brand effect, and their share of the market has been rising. They are in the first tier industry, and the future oligopoly can be expected. As of July 2017, the top five domestic pure electric passenger car enterprises produced a total of 113621 new energy vehicles, accounting for nearly 7, from supporting the motor, ocean, diligence, Wolong, Deyang, a share of the top.
Industry trends and investment recommendations: we believe that the development of vehicle driven motor field is showing 3 characteristics: 1, global expansion; 2, increasing profits and stability; 3, leading concentration. Starting from the product itself, rather than the region, the drive motor, which is the core component of the electric vehicle, will achieve a global supply of support. The vehicle driving motor plate valuation has dropped to 30x, taking into account the results of more than 30% compound growth period, and the mass line, Tesla overseas car prices in the localization process, drive, enhance the valuation of the potential for growth of both fields to determine the motor vehicle configuration value. Recommendations focus on the domestic market share of the first and second half performance into the harvest period of industry leader in ocean motor, in the passenger car, car name in the field of logistics industry cutting-edge founder motor, BAIC, accelerate the extension of the depth bound "Wolong Electric Co, sea magnets, Benitez pull the potential beneficiaries of letter quality motor localization the breadth of the electric vehicle industry chain layout jiangte motor.