Benefit from the explosion of demand and the improvement of liquid cooling permeability: the performance, life and safety of lithium-ion batteries are sensitive to temperature, and the thermal management system is an important way to ensure the continuous and effective operation of batteries. According to different cooling media, battery cooling technology is mainly divided into air cooling, liquid cooling and phase change cooling. Air cooling has simple structure and low cost, but low heat exchange efficiency and poor temperature uniformity; Liquid cooling has large specific capacity and high heat transfer coefficient. It is the most mainstream cooling technology of electric vehicles. At the same time, it also accelerates its penetration in the field of energy storage.
The cooling sector is the core component of the thermal management system: the components of the liquid cooling system include battery cooler, electronic expansion valve, electronic water pump, battery valve, liquid cooling sector, etc; The liquid cooling sector transfers excess heat through the circulating flow of coolant in the liquid flow channel, so as to realize the cooling function. It is the key component of the liquid cooling system. According to different shapes and structures, liquid cooling sectors can be divided into friction stir welding, harmonica tube type, expansion type and brazing type. Among them, the blowing type has low cost, heat exchange effect and high production efficiency. The brazing type has certain advantages in structure, weight and heat dissipation capacity.
Aluminum heat transfer materials and cooling sectors have great elasticity: the upstream of the industrial chain is bulk commodities such as aluminum and copper. The corresponding metals are processed into aluminum heat transfer materials and further processed into cooling sectors according to the needs of customers. Compared with fuel vehicles, the battery cooling sector of new energy vehicles brings incremental demand. It is estimated that the global market scale of electric vehicle cooling sector will be about 14.2 billion yuan in 2025, corresponding to the demand for aluminum heat transfer materials of electric vehicle cooling sector of about 260000 tons. In addition, the increase of energy storage liquid cooling permeability brings incremental demand. GGII predicts that the installed capacity of electrochemical energy storage in China is expected to exceed 50gwh in 2025, while it is only 4.4gwh by the end of 2020.
Investment suggestion: the demand is large, and the liquid cooling sector industry chain is expected to usher in an inflection point. Liquid cooling sector has the characteristics of small batch and multiple varieties, and specific categories and models in the downstream are expected to realize the scale effect of production. Related objects: cooling sector, Zhejiang Yinlun Machinery Co.Ltd(002126) , Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) , Songz Automobile Air Conditioning Co.Ltd(002454) , Shenzhen Cotran New Material Co.Ltd(300731) , Shenzhen Frd Science & Technology Co.Ltd(300602) etc; Aluminum heat transfer materials, Yinbang Clad Material Co.Ltd(300337) , Shanghai Huafon Aluminium Corporation(601702) , etc. From the perspective of industrial chain elasticity, it is recommended to pay attention to: 1) the Yinbang Clad Material Co.Ltd(300337) of aluminum heat transfer materials. The upstream raw materials are homogeneous, the downstream cooling sector industry pattern has not been formed, the new capacity is relatively limited, and it is expected to usher in a simultaneous increase in volume and profit under the background of rapid demand growth; 2) Enterprises mainly engaged in cooling sector production, such as Shenzhen Cotran New Material Co.Ltd(300731) (ruitaike), enter the cooling sector industry, benefit from the large-scale elasticity of downstream demand, and are expected to usher in value revaluation.
Risk tip: the sales volume of new energy vehicles is lower than expected, the popularization speed of energy storage is slower than expected, the improvement of liquid cooling permeability is lower than expected, and the cost of raw materials and freight fluctuates sharply.
