Industry perspective
Magnetic materials can be divided into permanent magnetic materials, soft magnetic materials and other functional materials.
Permanent magnet material: high coercivity, high remanence strength, core material in the field of motor
Metal permanent magnet: it is mainly divided into aluminum nickel cobalt series, iron chromium cobalt series and platinum cobalt series permanent magnet alloys. The primary permanent magnet alloys have early development and application, high stability and corrosion resistance, but contain strategic element cobalt and low cost performance. They are mostly used in special fields such as instruments and electric energy meters.
Ferrite permanent magnet: its performance is not as good as other permanent magnet materials, but it is still the preferred material in many fields because of its rich raw materials, low price, simple process, excellent oxidation resistance and high residual magnetization. Common uses are electronic audio-visual equipment speakers; Micro and special motors for automobiles and household appliances. The global production capacity of high-performance ferrite permanent magnet wet pressed magnetic tile is 450000 tons, accounting for 75% in China. Chinese enterprises are mainly Hengdian Group Dmegc Magnetics Co.Ltd(002056) (160000 tons / year) and Sinomag Technology Co.Ltd(300835) (33000 tons / year).
Rare earth permanent magnet: the first and second generation samarium cobalt permanent magnets are expensive and are mostly used in the field of military, aerospace and high-end motors. The third generation NdFeB permanent magnet has high magnetic energy product and strong anti demagnetization ability. It is known as the “king of modern permanent magnet”. It is widely used in VCM, permanent magnet motor, Automotive EPS and other fields. It is estimated that the demand in 25 years is about 130000 tons, and the CAGR is 15%. Industrial policies such as improving motor energy efficiency actively promote the development of high-performance NdFeB. Chinese enterprises are mainly Jl Mag Rare-Earth Co.Ltd(300748) (15000 tons / year), Earth-Panda Advanced Magnetic Material Co.Ltd(688077) (6000 tons / year), Beijing Zhong Ke San Huan High-Tech Co.Ltd(000970) (20000 tons / year), Ningbo Yunsheng Co.Ltd(600366) (12000 tons / year).
Low magnetic permeability and high coercivity of core materials
Ferrite soft magnetic: at high frequency, it has the characteristics of high permeability, high resistivity, low loss and low cost. The products are widely used in communication, sensing, audio-visual equipment, switching power supply and other fields. Chinese enterprises are mainly Hengdian Group Dmegc Magnetics Co.Ltd(002056) (40000 tons / year) and Tdg Holding Co.Ltd(600330) (30000 tons / year).
Silicon steel sheet: non oriented silicon steel is mainly used to improve the eddy current loss of electrical pure iron. It has low cost and is suitable for mass production. It is mainly used as the iron core of various motors and transformers such as household appliances, industry, automobile and so on.
Metal magnetic particle core: with high resistivity, low eddy current loss and high saturation magnetization, it is one of the core components of inductive elements. The downstream main application fields are photovoltaic inverter, variable frequency air conditioner, new energy vehicle and charging pile power module, data center, energy storage, etc. it is expected that the global demand for magnetic particle core will exceed 200000 tons in 25 years, and the CAGR will be more than 25%. Chinese enterprises are mainly Poco Holding Co.Ltd(300811) (16000 tons / year) and Sinomag Technology Co.Ltd(300835) (3000 tons / year), with high technical barriers and relatively concentrated industries.
Amorphous / nanocrystalline alloys: amorphous alloys are mainly used in energy-saving distribution transformers. The no-load loss is 60% lower than that of silicon steel transformers, replacing silicon steel materials. Chinese enterprises are mainly Yunlu Co., Ltd. (60000 tons / year); Nanocrystalline ultra-thin tape is mainly used in wireless charging modules, new energy vehicle motors and other fields. It has better comprehensive magnetic properties and is expected to replace ferrite soft magnetic.
Investment suggestion & investment object
Manufacturers of rare earth permanent magnet materials in China: Jl Mag Rare-Earth Co.Ltd(300748) , Earth-Panda Advanced Magnetic Material Co.Ltd(688077) , etc; Manufacturers of soft magnetic materials: Sinomag Technology Co.Ltd(300835) , Hengdian Group Dmegc Magnetics Co.Ltd(002056) , Poco Holding Co.Ltd(300811) , etc.
Risk tips
Risk of price fluctuation of raw materials; Downstream demand fluctuation risk; Market competition intensifies risks.
