Core view
Industry Overview: led by permanent magnet synchronous motor, the market space is expected to reach 38.5 billion yuan in 2025. With the advantages of high power density, high operation efficiency, simple and compact structure, large and smooth torque and good speed regulation performance, permanent magnet synchronous motor has occupied the absolute mainstream position in the Shanxi Guoxin Energy Corporation Limited(600617) automobile drive motor market. According to the data of GGII, the loading volume of permanent magnet synchronous motor accounts for 94% in 2021; In 2021, the top five enterprises in terms of loading volume of drive motors in China are Byd Company Limited(002594) / Tesla / Zhejiang Founder Motor Co.Ltd(002196) / Ningbo Shuanglin / Weiran power, with loading volume of 620000 / 40 / 25 / 20 / 180000 units, accounting for 18% / 12% / 7% / 6% / 5% respectively. Benefiting from the rapid growth of new energy passenger vehicles, the improvement of motor performance and the increase of the proportion of models with dual motor configuration, we expect that the market space of driving motors of new energy passenger vehicles is expected to reach 38.5 billion yuan in 2025.
Development trend: flat wire, oil cooling, multi in one. Compared with traditional round wire motor, flat wire motor can increase the full rate of bare copper slot by 20% - 30%, reduce the total copper consumption by 21% and improve the efficiency by about 1%. Under the oil cooling technology, the cooling oil can directly contact with the heating parts of the motor, and the heat dissipation efficiency is much higher than that of the traditional water cooling system. Moreover, the oil medium has the advantages of good insulation, high dielectric constant, low freezing point and high boiling point Byd Company Limited(002594) dmi's drive motor adopts direct injection rotor oil cooling technology, which can increase the power density of the motor by 32%. The multi in one electric drive system integrates the motor, reducer, controller and other parts and shares the shell harness and other parts to achieve integration, cost reduction and light weight. The gap between the flat copper wires of flat wire motor is large, and the cooling oil is easy to penetrate, which promotes the application of direct oil cooling technology. At the same time, the cooling oil has good insulation and can be reused in multiple scenarios, accelerating the integration process of vehicle thermal management system and promoting the ground popularization of multi in one electric drive system assembly.
Benchmarking enterprises: Tesla and Byd Company Limited(002594) continued to innovate, and the third-party Motor Factory made rapid progress. Tesla uses a built-in permanent magnet synchronous reluctance motor to alleviate the limitations of the permanent magnet motor under high speed conditions, adds a carbon fiber protective layer to the motor rotor with excellent production technology, and develops a 10 layer flat wire winding motor.
Byd Company Limited(002594) adopted the technical scheme of front drive induction asynchronous motor + rear drive permanent magnet synchronous motor on E platform 3.0, and landed the world's first eight in one powertrain Byd Company Limited(002594) the EHS electric mixing system on the plug-in mixing system adopts the integrated design of double motor and double electric control. The power density of the flat wire oil cooling motor is increased to 44.3kw/l, and the volume and weight are reduced by 30%. In addition, Byd Company Limited(002594) drives the permanent magnet to rotate through the ring gear structure, which alleviates the problem of flux weakening control of permanent magnet synchronous motor Jing-Jin Electric Technologies Co.Ltd(688280) , Jee Technology Co.Ltd(688162) , Zhejiang Founder Motor Co.Ltd(002196) , Zhongshan Broad-Ocean Motor Co.Ltd(002249) and other high-quality third-party motor factories have developed and mass produced their own electric drive products.
Recommended target: high quality third-party electric drive system supplier Jing-Jin Electric Technologies Co.Ltd(688280) : experts run enterprises, independent research and development, and enter Xiaopeng supply chain Zhejiang Founder Motor Co.Ltd(002196) : smooth development of customers and accelerated growth of motor leaders Jee Technology Co.Ltd(688162) : intelligent equipment goes hand in hand with electric drive system Zhongshan Broad-Ocean Motor Co.Ltd(002249) : a global high-quality supplier of motor and drive control systems with comprehensive layout.
Risk tip: the sales volume of new energy vehicles is lower than expected; Deterioration of industry competition pattern; The progress of new product development and mass production is less than expected.
