Summary of this issue:
Special topic of this week: the brake pad of high-speed railway is an important part of the braking system of high-speed railway. The braking system is one of the nine key technologies of high-speed railway. The braking system accounts for about 9% of the cost of EMU trains. High speed railway braking system generally adopts electric braking, air braking and non adhesive braking for combined braking. Electric braking is the main braking, and air braking and non adhesive braking are the auxiliary braking. Air braking belongs to mechanical braking. The common structural form of air braking is disc braking, which is to use compressed air to make the brake pad hold the brake disc and generate braking force by the friction between the brake pad and the brake disc. The brake pad and brake disc form a pair of friction pairs. The brake pad is the key component to ensure the safe operation of high-speed train. Its performance directly affects the braking performance, the service life of brake disc and brake disc itself and the safe operation of the train. With the rapid development of railway trains (the rapid increase of speed), the brake pads are also undergoing continuous technical iteration. The key factor affecting the performance of brake pads is brake pad materials. The development trend of brake materials of braking system is to develop brake pad materials with excellent thermal conductivity, stable friction coefficient, high temperature and impact resistance, wear resistance and wear reduction and light quality. At present, the brake pads used by high-speed railways in major high-speed railway countries such as Japan, France, Germany and Spain are still mainly powder metallurgy brake pads. We expect that the market scale of China’s high-speed railway brake pads will increase from 3.2 billion in 2021 to 3.5 billion in 2026, maintaining a low-speed and steady growth, mainly because the stock demand accounts for a large proportion of the annual demand of high-speed railway brake pads, while the stock market is basically stable. At present, the ownership of China’s multiple unit trains has exceeded 30000, and the large ownership contributes to the main demand of the market. Technology, audit and binding cooperation bring high barriers to entry, and the high-speed rail brake industry is highly concentrated. At present, China’s high-speed rail brake pads are still dominated by foreign brands, accounting for more than 50%, of which Knorr group occupies a monopoly position. Beijing Tianyishangjia New Material Corp.Ltd(688033) has a market share of about 19% in China’s high-speed rail brake pads and more than 50% in domestic enterprises, followed by Bosun Co.Ltd(002282) , with a market share of about 0.4%. At present, 10 manufacturers have obtained the CRCC formal certification certificate of two models of “Fuxing” Chinese standard EMU (cr400af and cr400bf, with a speed of 350 km / h). The cr400 brake reflects the highest technical level, indicating that the competitiveness of local enterprises is increasing, and the localization process is expected to accelerate.
Risk factors: repeated epidemic risk, policy change risk, etc.
