On Tesla battery day two years ago, Tesla put forward the concept of battery body integration, namely “integrated die-casting front bottom sector + CTC + integrated die-casting rear bottom sector”, which greatly simplifies automobile manufacturing. ① The rear bottom sector welded by 70 parts is integrally cast into one part, ② the front bottom sector and the rear bottom sector are integrally cast into the front and rear two large die castings respectively, ③ the cell is directly integrated into the chassis (CTC), which actually cancels the middle bottom sector of the vehicle body, integrates the upper cover of the battery with the lower body of the vehicle body, and then connects the front and rear two large die castings.
At present, Tesla has realized the concept of the first two stages, and the third stage is also being carried out in an orderly manner. Globally, the two major technologies of Tesla manufacturing revolution – integrated die casting and CTC have been “rapidly” practiced in China.
Integrated die casting is in full swing. Tesla achieved cost reduction and efficiency increase, rapid production expansion and profitability surpassing the global mainstream fuel vehicles with integrated die casting, which triggered the “old and new” forces to join hands with die casting manufacturers to “imitate”. We have summarized two main ways for OEMs to introduce integrated die casting: ① self-developed mode. OEMs build their own die-casting workshop in the factory, such as Tesla, and ② supplier mode, which is produced by the die-casting factory and transported to the OEMs for assembly, such as Weilai automobile and Wencan Group Co.Ltd(603348) , Huaren Yuntong and Ningbo Tuopu Group Co.Ltd(601689) , Xiaopeng and Guangdong Hongtu Technology (Holdings) Co.Ltd(002101) (only for Xiaopeng Zhaoqing factory and Wuhan factory). Integrated die-casting has greatly increased the capital and technical barriers of the die-casting industry in four aspects: equipment, mold, industry and materials. The leading die-casting companies are expected to usher in a period of performance explosion.
Byd Company Limited(002594) ctb technology has lifted China’s CTC to a new height. The traditional power battery is composed of cell, model and pack. The blade battery of Byd Company Limited(002594) and CTP battery of Contemporary Amperex Technology Co.Limited(300750) improve the energy density by eliminating the module. At the end of April 2022, Zero run released China’s first mass production CTC technology, which actually cancels the battery cover and integrates the module into the underbody (MTC, model to chassis); On May 20, Byd Company Limited(002594) released CTB (cell to body) technology, which integrates the underbody and the upper cover of the battery (more conservative than Tesla, retaining the floor beam), and arranges the blade batteries with a honeycomb like sandwich structure, so as to improve the torsional stiffness of the whole vehicle to a high level of 40000 n · M / °.
When the competition changes from “engine / gearbox, modeling design and chassis” to “power battery, intelligent cockpit and intelligent driving”, we see the hope of the rise of independent brands through the follow-up and active practice of cutting-edge technologies in China’s automobile industry chain.
Investment suggestions: 1) complete vehicle: the rising trend of independent brands is obvious. It is suggested to pay attention to Byd Company Limited(002594) , ideal car, Xiaopeng car, Weilai car, Geely car, Great Wall Motor Company Limited(601633) ; 2) Aluminum alloy die castings: the pressure on the cost side will be relieved in the short term, the turnover rate of fixed assets will usher in an inflection point in the long term, and the gross profit margin of the sector will gradually improve, driving the continuous repair of profits. It is suggested to pay attention to Wencan Group Co.Ltd(603348) , Ikd Co.Ltd(600933) , Guangdong Hongtu Technology (Holdings) Co.Ltd(002101) ; 3) Tesla industrial chain: with high growth and strong certainty, Ningbo Tuopu Group Co.Ltd(601689) , Ningbo Xusheng Auto Technology Co.Ltd(603305) , Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) , Zhejiang Yinlun Machinery Co.Ltd(002126) , etc. are expected to benefit fully; 4) Intelligent vehicle: intellectualization is gradually becoming the core element of vehicle factory competition. It is suggested to pay attention to Foryou Corporation(002906) , Huizhou Desay Sv Automotive Co.Ltd(002920) , Bethel Automotive Safety Systems Co.Ltd(603596) , Suzhou Sonavox Electronics Co.Ltd(688533) .
Risk tip: the impact of the epidemic on the production and demand of the automobile industry exceeded expectations, and the price rise of bulk commodities exceeded expectations; The progress of intellectualization and electrification is less than expected, and the rise of independent brands is less than expected
