Under the trend of high power density, high permeability, low loss and high stability are the general paradigm of magnetic material performance
There are many categories of magnetic materials. In the two dimensions of permanent magnet and soft magnet, they are divided into many sub categories according to the properties of magnetic materials. Each material has its suitable application scenario. For example, soft magnetic materials are divided into ferrite soft magnetic materials and metal soft magnetic materials; Permanent magnet materials can be divided into ferrite permanent magnet and rare earth permanent magnet. From the perspective of performance and cost, each material has its own advantages and disadvantages under specific working frequency and power band. However, in any case, the development trend of high power density of electric energy conversion, which can not be bypassed, puts forward higher requirements for magnetic materials: higher saturation magnetization, lower loss and better stability.
Imagination should not be limited to existing application scenarios. Where high-end manufacturing is, the demand is there
Where there is electricity, there is magnetism. As one of the basic materials involved in electromagnetic conversion in electrical equipment, magnetic materials are an important part of the development of China’s manufacturing industry, and continue to develop and bloom new value with the application scene. Taking the working frequency of electronic components as the dimension, the improvement of frequency and the control of loss require the optimal selection of magnetic materials, and the performance is continuously optimized; Taking the use scenario of electronic components as the dimension, from low-efficiency transformer and motor to high-efficiency transformer and motor, from air conditioning to photovoltaic and then to integrated inductor, with the progress of science and technology, the use scenario has been continuously developed, and the field of magnetic material application has been increasingly expanded. Therefore, the imagination of magnetic materials should not be limited to the existing scenes, but should focus on the development of science and technology and the continuous emergence of new applications.
The three-dimensional requirements from equipment technology to the whole process of technology, and the barriers are tangible but invisible
The upgrading of magnetic materials is inseparable from the progress of production technology. Regardless of the initial entry barriers, it is very difficult to refine and deepen the production technology of each material. For cold rolling and hot rolling of silicon steel, aerosol / water atomization preparation of alloy powder, high-speed quenching of amorphous materials, grain boundary diffusion of rare earth permanent magnet, etc., first ensure the purity of materials from the raw material end, and then continuously improve the product quality from the equipment end. It is also necessary to optimize the production process with the goal of automation and integrity of the production line, and finally cooperate with the downstream, To jointly improve the level of the whole industrial chain, all links are indispensable.
China is expected to lead the global magnetic material market, and only companies that continue to cultivate deeply can emerge from the crowd
Reviewing the development history of the industry, magnetic materials are one of the few basic materials dominated by China in the world. In many kinds of magnetic materials, China’s output accounts for more than 70% of the world’s output. A good industrial chain foundation also gives us the courage and confidence to be the first in the wave of catching up with the technological R & D and production process of magnetic materials. In the course of the development of the industry, it is not difficult to find that excellent companies have many common qualities: accurate and leading technical reserves, close communication with demand side industries, perseverance in continuous expansion, and the determination of the management to stick to it silently. These excellent commonalities can often help them seize the east wind of each era and become the leader of the industry.
Investment advice
With the irreversible development of the trend of high power density, China’s high-performance magnetic material industry has entered a period of vigorous development, the competition pattern will also focus on the head, and companies with technical and customer barriers are expected to take the lead. In the field of soft magnetic, we recommend Poco Holding Co.Ltd(300811) , and suggest paying attention to Yunlu shares, Jiangxi Yuean Advanced Materials Co.Ltd(688786) , Nbtm New Materials Group Co.Ltd(600114) ; In the field of permanent magnet, it is recommended to pay attention to Jl Mag Rare-Earth Co.Ltd(300748) , Ningbo Yunsheng Co.Ltd(600366) , Beijing Zhong Ke San Huan High-Tech Co.Ltd(000970) , Yantai Zhenghai Magnetic Material Co.Ltd(300224) .
Risk warning: the risk that the downstream market demand is less than expected, the risk that the upstream raw material price fluctuates, and the risk that the company’s production expansion is less than expected.
