Soft magnetic materials are the key materials in the era of electric intelligence. According to the difficulty of demagnetization after magnetization, magnetic materials can be divided into permanent magnetic materials and soft magnetic materials. Soft magnetic materials are magnetic materials with low coercivity and high permeability. They are easy to magnetize and demagnetize. Their main function is to convert and transmit electromagnetic energy. They are widely used in various electric energy conversion equipment. In the future, high frequency, high power and low power consumption will be the important development direction, and high-end consumer and industrial electronics, new energy, cloud computing, Internet of things, 4G and 5g communications, power supply and other new infrastructure markets and new consumer electronics will be the important application fields. In particular, the rapid development of new energy field will open up the demand space for the application of soft magnetic.
The three types of soft magnetic materials perform their respective duties, and the performance advantages of metal soft magnetic particle core are more comprehensive. Soft magnetic materials can be divided into traditional metal soft magnetic materials, ferrite soft magnetic materials, amorphous and nanocrystalline soft magnetic materials and metal soft magnetic powder core materials. Due to the great difference between raw material selection and preparation process of soft magnetic materials, the properties of finished products are greatly different. Ferrite soft magnet has very high resistivity and low eddy current loss in high frequency and ultra-high frequency environment. It is the best material in high frequency and ultra-high frequency scene; Amorphous is mainly suitable for medium and low frequency applications, such as distribution transformers; Nanocrystalline alloys are suitable for medium and high frequency scenarios. At present, they are mainly used in wireless charging and new energy vehicle motors; The metal magnetic particle core has comprehensive performance, with high saturation magnetic induction strength and high resistivity. It is compatible with the advantages of traditional metal soft magnetic and ferrite soft magnetic, and the market penetration has increased rapidly.
New energy opens up the space for soft magnetic demand. The application fields of soft magnetic material terminal mainly include power grid, photovoltaic, energy storage, new energy vehicles and charging piles, UPS, wireless charging, variable frequency air conditioning, rail transit and other fields. The construction of new power system has been carried out slowly. Under the theme of environmental protection and energy conservation, the demand for amorphous soft magnetic materials has increased rapidly. Photovoltaic has achieved parity on the Internet, and its development has entered the fast lane. The continuous growth of photovoltaic installed capacity and the increase of market share of series inverter will drive the significant growth of the demand for metal soft magnetic powder core; At the same time, the accelerated development of energy storage driven by the "double carbon" policy and the rapid development of new energy vehicles and charging piles will increase the demand for soft magnetic materials such as metal soft magnetic particle cores. Driven by the project of "counting from the east to the west", UPS benefits from the increase of the scale of the data center, the recovery of the growth rate of consumer electronics and the improvement of the penetration rate of wireless equipment in the field of wireless charger, which is expected to usher in a demand explosion, and the variable frequency air conditioner is expected to gradually replace the fixed frequency air conditioner with the improvement of the national air conditioning energy efficiency standard in July 2020, which has significantly boosted the demand for soft magnetic materials. We predict that from 2020 to 2025, the demand for soft magnetic materials will increase from 240000 tons to 490000 tons, cagr15.5% 4%； The market scale will increase from 5.8 billion yuan to 15.1 billion yuan, with a CAGR of 21.1%.
Investment suggestion: driven by the "double carbon" policy, the development of new energy fields such as photovoltaic, wind power, energy storage and new energy vehicles has been accelerated, and the projects such as power system transformation and upgrading and "counting East and west" have been promoted. The market space of soft magnetic materials has accelerated and the demand growth rate has continued to increase, and the enterprises related to soft magnetic materials have benefited significantly. Suggestions: (1) Poco Holding Co.Ltd(300811) : metal soft magnetic particle core faucet; (2) Nbtm New Materials Group Co.Ltd(600114) : the only enterprise with PM, MIM and SMC powder metallurgy business; (3) Yunlu Co., Ltd.: a leading enterprise in amorphous materials; (4) Hengdian Group Dmegc Magnetics Co.Ltd(002056) : ferrite soft magnetic material tap; (5) Advanced Technology & Materials Co.Ltd(000969) : nanocrystalline production capacity is leading in the industry.
Risk factors: the impact of policies on the development of new energy; Downstream demand growth is less than expected; Overseas soft magnetic supply increased significantly.
