Core view:
Integrated die casting enters the inflection point from 0 to 1. Integrated die casting technology is the basic and core technology for the development of body and chassis to a higher degree of integration, benefiting from integration and accelerating the high growth of industrial prosperity. Body integration: Tesla will lead the trend change, in which the rear floor has achieved mass production, the front compartment assembly test line and the CTC rear upper cover are integrated into the body. New forces and traditional OEMs accelerated their follow-up, and 2022 showed an obvious turning point of large-scale. Chassis integration: chassis integration is developing continuously, and integrated die casting has been tried out in modules; In the follow-up, battery factories, skateboard chassis companies and main engine factories will enter the game, and the landing application of speed-up technology will be further promoted under the catfish effect.
Integrated die casting is an inevitable trend driven by lightweight, cost reduction and efficiency improvement. Automobile lightweight is the general trend. The demand for cost reduction and efficiency increase further drives automobile weight reduction. Integrated die casting greatly improves quality and efficiency: on the one hand, one-time die casting of assembly parts greatly simplifies the manufacturing process and process, saves time and improves efficiency; On the other hand, the manufacturing cost of the production line is greatly reduced. Combining material cost and process cost, aluminum integrated die casting has obvious advantages. Under the current raw material price, the single vehicle material + manufacturing cost of integrated die-casting aluminum body is 10600 yuan, which is far lower than 14400 yuan of all aluminum stamping and welding body and 12000 yuan of steel aluminum hybrid welding body, which is basically close to steel welded body. In the long run, with the stability of aluminum price, the cost reduction effect of aluminum integrated die casting will be further improved.
Technological breakthroughs in equipment mould material technology have helped the implementation of super large integrated mass production. Equipment side: vigorously lead the development breakthrough of large die casting machine. Die end: wide type first mover realizes high-precision die maturity of complex components. Material end: the development of heat-free alloy materials makes the integrated die casting more reliable. Process side: integrated quality control has higher requirements and still has high technical barriers.
The market volume and price rise together, and the space is broad. Die casting manufacturers benefited from the high growth of the industry boom, and the value of single vehicle increased significantly. If the integrated casting is extended to the whole system of body and chassis, the value of single vehicle is expected to reach 21400 ~ 23600 yuan. With the continuous improvement of the application penetration of integrated body, the application of sliding sector chassis and CTC continues to accelerate. In 2025, the market scale of integrated die casting is expected to reach 40 billion yuan. The third-party die casting plant has a wide downstream supply chain and an optimized pattern of technology and cost advantages. In terms of chassis manufacturing, integrated die-casting enterprises are indispensable as basic suppliers; In terms of body manufacturing, the downstream supply chain is wide, and the market prospect can be expected under the cost advantage brought by technology and scale effect.
Integrated die casting manufacturers accelerate horse racing enclosure Guangdong Hongtu Technology (Holdings) Co.Ltd(002101) : Chinalco is the leader in die casting, with profound technical accumulation, leading the integrated die casting first. The cash flow of the main business is stable and the financial margin has improved significantly; Internal innovation and operation efficiency after management change; Integrated die casting relies on technical advantages to achieve stable supply of high quality and strong quality control, and realize customer recognition and efficient expansion Ningbo Tuopu Group Co.Ltd(601689) : lay out the body and chassis and develop into an integrated parts manufacturer of intelligent electric vehicles Wencan Group Co.Ltd(603348) : leading integrated layout Sanxiang Advanced Materials Co.Ltd(603663) : jointly Contemporary Amperex Technology Co.Limited(300750) layout the lightweight die-casting of die-casting battery and chassis.
Investment suggestion: focus on Contemporary Amperex Technology Co.Limited(300750) , which leads structural innovation. It is suggested to pay attention to the enterprises related to the integrated industrial chain Guangdong Hongtu Technology (Holdings) Co.Ltd(002101) , Ningbo Tuopu Group Co.Ltd(601689) (covered by the automobile group), Wencan Group Co.Ltd(603348) , Sanxiang Advanced Materials Co.Ltd(603663) .
Risk tip: the sales volume of new energy vehicles is lower than expected. The progress of technology upgrading is less than expected
