Copper Tube Information

Company dynamics

alloy 260 brass tube

author:MF manufacturerstime:2022-03-16 20:38:51

(Reporter/author:Tianfeng Securities)

1. Boway Alloy:High-end copper alloy leader,Products cover many fields

1.1. Thirty years of forging ahead,Become a leader in high-end copper alloys

Thirty years of hard work,Eventually become a domestic high-end copper alloy faucet。company since 1993 Year since its establishment,Focus on copper alloy collar area,In the early stage of development, to operate low-end copper alloy rods、wire-based,And the layout of research and development of high-end products。2011 Year on the Shanghai Stock Exchange After listing,The company's R&D strength continues to improve,R&D results are continuously transferred to production,Successfully realized the transition to high-end copper alloy sheet and strip type。2015 Through the acquisition of the German company Berkenhof,Company introduction“German”management system,Expansion of precision filament business, Further enriching the diversity of new materials business。2016 Through the acquisition of Ningbo Connaught Company,Enter the new energy industry, formed so far“Mainly new materials+New energy supplemented”business structure。The company has been honed for thirty years,Always stand in technology cutting edge,Oriented to market demand,With excellent R&D strength,Break through the monopoly of foreign companies in the field of new materials,filled The blank of many high-end copper alloy series materials in China,Become the leader of my country's high-end copper alloy industry。

1.1.1. Complete product types of new materials,Keep up with downstream application changes

A wide range of new material products,High-end application field。The company is committed to developing high performance、High quality alloy material,2015 The company's plate and strip production capacity is gradually released,In the same year, it entered the field of precision filaments through mergers and acquisitions;2019 Year of the company's acquisition of Bo Degaoke 100%Equity to further expand the diversification of precision filament products,Complete the diversified layout of the new material business structure。 At present, the company has the most complete range of special alloy grades.、product type(Great、String、Tape and Precision Filament)most complete、Special alloy products one of the largest companies,Company product coverage 17 alloy series,overtake 100 alloy grade,Can be used for downstream automotive power son、semiconductor chip、5G communication waiting 30 Provide specialized products and services in various industries。

New energy business is deeply cultivated in European and American markets,Global leader in photovoltaic modules。The company's new energy business is based on solar cells、component research send、Production and sales, as well as the construction and operation of photovoltaic power plants,Products include polysilicon、Monocrystalline silicon cells、Modules and Photovoltaics power station。The company completes new energy business through the model of global division of labor and cooperation,Procurement of raw materials such as silicon wafers in China,pay Completed production by Vietnam factory,And then sold to European and American markets。2019 year,Breakthrough in battery efficiency developed by the company 22.3%,pre count 20 The power of the modules mass-produced by the end of the year exceeds 400 watt,Ensure that the conversion efficiency of the company's photovoltaic products is always in the global technical the first tier of。

(alloy 260 brass tube)alloy 260 brass tube

1.1.2. R & D formula department technology core,There are also barriers to the process

(alloy 260 brass tube)The design of the alloy composition is to obtain the high strength of the material、High lead、The first step to high performance。The design of the alloy composition includes both adding kind of element,Also includes the amount of each element,It is necessary to obtain the optimal alloy material through repeated experiments。boway Alloy has gained a lot of experience through years of accumulation,Significant advantages in research and development,The company currently produces C70250 Conduction reaches 40% IACS,Yield strength up to 700 Mpa。The company's current research and development is in pursuit of high strength and high conductivity at the same time,force Seek to maintain the excellent bending and stress relaxation resistance of the product。

There are also technical barriers in the production process of high-strength and high-conductivity copper alloys。The core of production technology is reflected in two aspects:One is as How to transfer the research and development results of new materials to production,Involves alloying in the production process、Microstructure、Process technology such as heat treatment, The second is how to realize the scale of new material products、Standardized production。Boway Alloys through the company's in-house process software for curing,Ensuring process technology is effectively implemented;by increasing production efficiency、Improve product performance、reduce health production cost,To enhance product market competitiveness and profitability。

(alloy 260 brass tube)1.1.3. Strong product pricing power,“Production based on sales”Guaranteed profit stability

In terms of pricing model,New material business take“Lock in raw material costs+Processing fee”price setting policy,Ensure profits ahead of time stability。As the raw materials of the new materials business involve copper、Zinc、Metals such as nickel are more expensive,And the company's core technology in the process of alloying,Therefore, in order to ensure fairness,The company adopts“raw materials+Processing fee”pricing mechanism,in advance Lock in the cost of raw materials to reduce risks due to raw material price fluctuations,so as to ensure the stability of profitability。at the same time, As the company is a leader in non-ferrous alloy materials with international competitiveness,Strong mastery in pricing power Mobility。

In terms of production mode,The company implements“Production based on sales”production mode。The company will forecast production and operation based on quarterly sales plan,And continue to track customer acquisition orders;after receiving the order,convening plan、Production、Technology、Quality Assurance, etc. Department reviews orders;After the review is correct, SAP Create a sales order in the system,Submitted after financial approval Production Plan。2016-2020 The annual production and sales rate of new material products remains at 100%about。

alloy 260 brass tube(alloy 260 brass tube)

1.2. Equity incentives show confidence in development,Business layout in many places around the world

Employee stock ownership shows confidence in the company's development,Subsidiaries operate all over the world。deadline 2021Q3 reporting period,Company No. A major shareholder is Pauway Group Co., Ltd.,holding company 29.41%shares,The actual controller is Chairman Xie Shicai;top ten Shareholders include a number of institutional investors,Stable ownership structure。Company in 2020 Annual release of employee stock ownership plan,Demonstrate Follow the confidence of company development,21Q3 Employee's accumulation 1.69%Company Share。Company existing subsidiary 39 Family,include Ningbo Bobi Hengshi Belt Co., Ltd.、Beckenhof Co., Ltd.、Cornet International Trade Co., Ltd.、Bowe Branch Co., Ltd., etc.,All over China、Vietnam、Germany、America、Canada。

1.3. Performance ushered in new growth cycle,Continuous R & D assurance core competitionStrive

(alloy 260 brass tube)Business income welcomes high growth cycle,Net profit is tired of new energy business short-term。2016-2020 Year with high-end strip Gradual production of capacity,Addition of superfarable fine wire business sectors,Company performance steadily。Operating income 2016 Year 42.43 100 million yuan to grow 2020 Year 75.89 Billion,CAGR for 12.33%;21Q1-3 Benefit from the downstream semiconduction Body chip、The rapid development of new energy vehicles and industrial networking and other industries,Company operating income growth year-on-year 30.95%,Reach arrive 73.75 100 million。Net profit 2016 Year 1.83 100 million yuan to grow 2020 Year 4.29 Billion,CAGR for 18.58%; 21Q1-3 Since new energy business continues to be sea freight、Raw material price increase、The impact of external factors such as tariffs lead to net profit Decline 25.65%。

2022 Different factors,New energy business is expected to be lost。2016-2020 The company's photovoltaic component revenue is more Stable and in profit status,2021 year Q1-3 The new energy business is trapped in shipping and raw material costs. Loss。The company has formed a battery+Assembly+Triangular integrated business model,New energy business integrated competitive line Industry leader,exist 2022 The foregoing unfavorable factor is gradually weakened,The plate is expected to be lost。

Gross profit margin with product structure optimization。With the company R & D patent continuous industrialization,Product sales structure is gradually high Evolution,Company overall gross profit margin 2016 Year 12.76%Grow to 2020 Year 17.06%;21Q1-3 Due to new Material business Vietnamese factory is affected by epidemic 2 Month,The company is used in the increase in the exhibition of epidemic prevention and control.,same Raw materials such as silicon base for new energy services have risen sharply,Crospecting the company's profitable space,Leading to the overall gross profit margin14.66%。 Net interest rate,2016-2020 Company net interest rate remains 5%-6%Sustaining,21Q1-3 Due to the epidemic、Original Reasons for the increase in material 3.56%。

alloy 260 brass tube

Digital construction investment,R & D investment has increased steadily。2016-2020 Company is an open new market、and Buy restructuring expand new business,Complete digital construction has conducted a lot of previous investment,Leading sales costs、Management cost rate Improve,Further, there is a certain impact on the company's performance.,We expect the future as the company's digital construction is gradually deep The cost of the income will be gradually improved。In terms of research and development,The company continues to invest to ensure the core competitiveness。close Over the years, R & D investment has increased steadily,21Q1-3 R & D investment 2.14 Billion,Year-on-year growth 52.86%Historical high。(Source:Future wisk)

2. Car electricity&Intelligent double-wheel drive,Inject multi-dimensional growth power for the industry

Car electricity&Intelligent rapid development,New requirements for the performance of components。Benefit from the new energy vehicle Output growth,Car connector、Charging pile、IGBT、Market space of components such as battery packs and high voltage harness Expansion,And high-end copper alloy is one of the most important upstream raw materials in the above components.,So new energy car&steam The growth of car electronics has become the primary power of promoting high-end copper alloy industries。according to IEA predict,2025 Global new energy Source car sales will reach 1142.95 Ten thousand vehicles,2030 The global new energy car sales is expected to increase 2242.51 Ten thousand vehicles。

2.1. Car connector:high speed、High voltage connector market growth,Copper alloy is significantly improved

Cars are the most important downstream fields of connectors,Intelligent&Electric double-wheel drive high speed、High voltage connector market growth。 The connector is the middle link of the manufacturing industry chain,Can be widely used in numerous fields,according to Bishop & Associates number According to the display,Cars is the most important downstream application,2020 A year-on-year ratio 22.6%。Under the car intelligent driving opportunity, Multi-sensor、Domain centralized trend drive high-speed connector requirements;Fast shipping at the same time,High pressure driver The amount of connector is significantly improved。

The upstream metal materials represented by copper alloy will have a significant increase。The upstream industry of the connector product is mainly manufacturing Packed auxiliary materials required;in,Metal material is mainly used to make connector terminals,To avoid electronic signal transmission Obstruction or attenuation during the input,(Taiwan, China)Connector manufacturers use brass or phosphor bronze as raw materials to make copper Gold plate,Plastic is generally used in making connector products,And many more LCP、PA9T Raw material,Electroplated material Choice,Gold-plated、Tin plating is more commonly used,Next is nickel plating and silver plating。According to the research data of China Taiwan Institute of Technology,Upstream The proportion of the total production cost of the Chinese Taiwan connector manufacturer is approximately 49.6%,Titanium copper、LCP Contour The raw material is mainly from the United States、Japan and other imports,And other copper and other raw materials are sufficient。Alternative trend in China Background,Bowei alloy will benefit。

alloy 260 brass tube

Connector market transfer,my country has gradually become a connector market center。According to Zhizheng consulting data,my country Upper market size 2016 Year 165 Billion dollars increased to 2020 Year 249 One hundred million U.S. dollars,CAGR for 8.59%,Higher than In the same period of the global market CAGR(7.72%),and 2020 my country's connector market has reached the global market rules 32.2%,First column first。Connector market,Companies that help upstream copper alloy and other industries expand business,Form a good Good customer relationship。

(alloy 260 brass tube)2.2. Charging pile interface:Supporting equipment industry expansion,Promote the growth of copper alloy interface

Subsidy policy and supporting demand,Push the charging trap industry to expand,Further, promoting the growth of copper alloy interface needs。In electricity EMU highlights,The market has increased significantly on the needs of supporting piles.;Superimplicate countries for charging pile construction subsidy policy Actively promote,The charging pile industry expands rapidly。according to IEA Based on the latest policies(Stated Policies Scenario) And sustainable development programs(Sustainable Development Scenario)Two situations,arrive 2025 year,Global charging pile It is expected that the maintenance will reach 4580/6500 Ten thousand;arrive 2030 year,Global charging pile is expected to be reached 12090/21520 Ten thousand。

2.3. Domestic manufacturers have broken overseas high-end copper monopoly,Complete high-strength high copper industrialization

my country's copper production and consumption is the first world。Overall yield and import quantitative, including various common copper materials Calculate,GM's domestic satisfaction is reached 96%。Advanced copper alloy materials and components in national security、Major project and Economic construction is important,However, various high-performance copper alloy materials are seriously dependent on imports.,Such as new high-strength high-spirited copper Alloy strip、Superfine material、Ultra-thin strip, etc.。

(alloy 260 brass tube)Domestic companies represented by Bowei alloy breaks foreign manufacturers in high-strength high-spirited copper alloy fields,Research and development Key materials in the new energy vehicle。Domestic companies realize key alloy industrialization in automotive connectors,Completed domestic Cu-Fe-P Main market share occupation。At present, Ningbo Xingye Shengtai Group Co., Ltd.、China Aluminum Luoyang Copper Co., Ltd.、 Ningbo Bobi Alloy Materials Co., Ltd.、Ningxia Oriental Tony Co., Ltd. C70250 Alloy strip Industrialization, C70250 Excellent material for electric car connector。The comprehensive performance of the copper alloy is better,Cost-effective。guide Electricity reached 40IACS%,Yield strength can be reached 700Mpa,Perfect responding to the needs of the vehicle connector。

alloy 260 brass tube

Catch up with beauty、day、German results,Domestic company is achieved Cu-Cr-Zr Alloy industrialization。In recent years,America、Japan And German companies have achieved technical breakthroughs in this area,The specific results have been developed in succession Cu-Cr-X Alloy Lead frame strip,Such as KME Group C18160、Willand Group C18080、Mitsubishi Starns Co., Ltd. C18141 Wait,Tensile strength 540~630 MPa,Conductivity is 79%~84% IACS(International annealing copper standard)。country Inner Cu-Cr-Zr Systematic research on the composition optimization of the alloy and organizational structure regulation ,Ningbo Boyi Gold Material Co., Ltd., etc. to achieve independent intellectual property rights Cu-Cr-Zr Alloy strip industrialization。(Source:Future wisk)

3. Semiconductor lead frame:IGBT High boost,Domesticization is in the future

The lead frame is an important material in the semiconductor seal testing industry.。In the integrated circuit,The lead frame plays a support and fixing chip、 Protect internal components、Important effects of transmitting electrical signals and distributing components from outside,Is key components of integrated circuits。Follow Integrated circuit continues to miniaturize、Lightweight、Multi-functionalization and intelligent development,Conducting of lead frame materials、guide Electricity、strength、Hardness and other performance put forward higher requirements。

Semiconductor industry grows rapidly,Lead frame industry scale expansion。From the demand side,In recent years, my country's semiconductor industry has come Continuous development,Growth of the demand for the lead frame,Market scale 2015 Year 114.4 100 million steps to improve 2020 Year 172.6 Billion。In the future, as the semiconductor industry enters the intensive construction period.,Domestic companies in national policies and markets Increase research and development,my country is expected to speed up the integrated circuit localization,Gradually achieve from low-end high-end replacement, Reduce the situation of foreign dependence,The market prospects of the lead frame and high-end copper alloy materials are broader。

IGBT It is expected to be the greatest driving force for driving lead frame and copper alloy material industry.。New energy application driver IGBT quick Quick growth,IGBT Widely used in the car、Photovoltaic\wind power\Industrial control\Appliance\Railroad field。

alloy 260 brass tube

Only for new energy vehicles,IGBT Can be applied to multiple components,Is a core device that determines the performance of electric vehicle performance one。The core three-power system with new energy vehicles(Battery、Motor、Electric control)Take advantage of:Inverter as a power system Key components,The mainly used semiconductor chip is IGBT。Inverter is similar to the engine of the fuel vehicle,Management system EMS,Decided driving behavior;As an inverter core electronic device IGBT,Important like computer CPU。 according to Kearney Data Display,In the new energy vehicle power system,Inverter IGBT Value volume ratio 52%。along with New energy car putting volume,Car grade IGBT Collaborative growth。

The flourishing development of new energy vehicles IGBT The industry expands quickly,In turn brings new growth for the lead frame industry。Because Car grade IGBT High technical difficulty,Production verification process is more complex,Local manufacturers need continuous research and development investment,carry Lifting itself can enjoy IGBT Lead frame industry dividend。

Lead framework domestic alternative space。From the supply side,The current lead frame market is still mainly mainly、Han and European sea Outer faucet,New light、Sumitomo、Three wells、International manufacturers of Fengshan occupy the global lead frame market 60%Share。2019 The domestic market share of the year is only 40%,The proportion of proportion in the global market is lower,Current domestic manufacturer Supply can't meet the country、Demand in the inside and outside market,Domestic alternatives still have vast space。

Generally,Integrity is greater than 600MPa、hardness HV more than the 130、Conductance(IACS)more than the 80%,Can be considered More ideal lead frame material。At present, domestic manufacturers are working to solve the problem of localization of high-end copper alloy materials.。exist Cu-Fe-P Tie(Copper iron phosphorus)and Cu-Ni-Si Tie(Copper nickel silicon)middle,Bowli alloy in China、Ningbo Xingye and other manufacturers Achieved C19400、C70250 Graded mass production capacity,High end Cu-Cr-Zr Tie(Chromium zircon)aspect,Boyi Gold has boway 18150/ 18160/19010/19005 Model product,Excellent resistance to relaxation,high The localization of the copper alloy material is being broken one by one.。

alloy 260 brass tube

4. Growth logic:Mastering core technology,Continuous advancement of expansion projects

4.1. Technical advantages+“Gerd”manage+Digital manufacturing construction core competitiveness

(alloy 260 brass tube)Thirty years of precipitation,The company has become one of the leaders of the high-end copper alloy material industry.。In the development process,company Relying on its own R & D team,Well-known universities at home and abroad、Research institutions work continuously improve technical capabilities;In-depth Learn“German”High standard management capabilities,Enhance production capacity;Depth development digital platform,Digital transformation, Further increase production management efficiency。therefore,We believe that the company's core competitiveness includes:Technical advantages+“Gerd” manage+Digital manufacturing capabilities。

(alloy 260 brass tube)R & D team strength,Master a number of core technologies。The company's technical core advantage is reflected in alloying、Microstructure Three aspects of special equipment independent research and development,And lead the industry development。Cut off 2021H1 Report period,Cumulative application Please invent patent 268 item,Authorized invention patent 137 item;After the research results, it is used in the field of high-end.。Participate in the formulation 21 National standard,9 Item industry standard,And successively undertake more than ten national projects。

(alloy 260 brass tube)Production management“German spirit、German technology、German standards and German management”。2015 Company wholly-owned acquisition 131 Annual history、German Beckenhof Co., Ltd.,Product development、In-depth study in the field of production and manufacturing National system,Systematize、Rigorously、Standardized German enterprise management,Provide customers with higher quality products。

Promote digital construction,Optimize integrated corporate value chain。The company's digital construction passed the implementation of digital marketing、number Manufacturing、Digital R & D and Digital Supply Chain Somatic Circle 4 major projects。Take digitized research and development as an example,male Division is guided by customer needs,Establish development from demand to product development、test、Digital simulation imitation of application verification Real platform,Utilize in special alloy 20 Multi-year large number of R & D data to train simulation simulation systems,reduce Development costs,Shorten research and development cycle,Provide value for customers。

alloy 260 brass tube

4.2. Profitability leads to the industry,Production release performance will usher in spring

4.2.1. The gross profit margin is much higher than the company

R & D high investment is the source of the company maintains high marble rate。The company always mains the product mainly positioned in the high-end alloy,and Non-traditional copper demand market,Through the continuous cultivation of high-end copper alloy materials,In recent years, the sales of hair interest rates have been stable. First,Far super better than the company's profitability。

(alloy 260 brass tube)4.2.2. The expansion project is gradually,Product Structure Optimization Helps Profitability

Fully meet market demand,Early layout high-end capacity。The company is actively adapted to the strong development of the international economy.、New World Wheel technology revolution and industrial innovation upgrade to basic materials,Especially support and meet intelligent internet equipment、 new energy vehicles、Intelligent terminal equipment、Semiconductor lead frame, etc.、Highly high precision、High performance special Demand for future development of alloy strips,Make an expansion project layout in advance。Company expansion project Gradually advance;At the same time, as the products are gradually transition to high-end,Company profitability is expected to further improve。

5. Growth path from overseas faucet,See the future development of Bowei alloy

5.1. Willand:High-end copper alloy faucet 200 Years,M & A restructuring layout

Willland is a top company in high-end copper alloy in the world.,So far more than 200 Year's development history,Company research and development Global residence,Have multiple exclusive products,Business all over the world,Stable in the industry。Therefore Willand's growth path and business model have important reference significance for the development of Bewe alloys.。

Willand 200 The development of the year can be divided into three stages:In the first stage“Root”Germany,Company 1820 Year German established,1828 Production of copper rolled sheets in the first time,to 1987 Year-old 100 In the year,Pay attention to research and development Multi-time M & A German company,Improve the market share and popularity of Germany;The second stage is to expand global business,Company 1988 Year 2013 Year,By multiple mergers and acquisitions open the European and American and Asian markets,Implement product“head to the World”, It has initially completed global business layout;The third stage is to continuously expand global competitiveness,Company 2017 Year, Upload Americans many times to expand its competitiveness in the US market,2019 The annual acquisition of the world in Nasdaq Well-known company Global Brass&Copper,Become a global industry leader。

alloy 260 brass tube

Willand's restructuring by continuous acquisition,Layout production base,Expanding business market,Become a high-end copper alloy industry Leader。According to the development process,The company's main merger purchase incident is as follows:

1987 year,Company passed M & A Germany Langenberg Kupfer-und Messingwerke company,Strengthened it in pure Copper rolling capacity,Thus, the business layout。1988 year,Willand acquires the UK Mason & Sons Ltd., Make it capable of providing factory services in the UK market;1999 year,Company completed Austria Austria Buntmetall Company acquisition,Thus two production bases Amstetten and Enzesfeld。2008 year,Willand Shanghai Wolverine Tube company,Expanding market share of high performance pipes。

In recent years,by 2019 Annual acquisition of the United States Global Brass&Copper The company's event is most representative。Global Brass&Copper It is a special engage in copper and brass production in North America.、Distribution and processing companies,Operating product bag A series of sheets、Strip、Foil、Bar、Pipes and metal components,And the product has a certain brand influence。this Companies listed in Nasdaq,2019 Years were all wholly-owned by Wandard。

The acquisition helps Willand's two highly complementary services with copper and copper alloy strips and plates,Bar,Foil,Wire, Pipe,Combination of various products such as manufacturing components and engineering products,Help the company to further explore the US market。After the merger Companies jointly have leading manufacturing、Service and distribution network,include 90 Furniture factory and about 8000 Employee,For each Wide services,North America、Customers in Europe and Asia create value。

Willand's core business department includes the engineering product department、Crush product、Rolling product department and thermal solution department, etc.。 Among them, the main business of the crowded product includes the car、Electrical engineering、Aerospace and other fields provide bar、Pipe、 Wire, etc.,2020 Year-on-year contribution 30%;The main business of the rolling product sector is for electronics and automotive industries. Customers provide high quality strips,2020 Year-on-year contribution 40%(Rolling product department(beautiful))。

Willand's products include three major categories:Original copper materials can be provided(Such as:copper、brass、bronze、Copper alloy, etc.), Can provide metal material semi-finished products(Such as:Strip、Wire、Bar, etc.),It is also possible to provide a finished component for use. electric car、Heat exchanger、Mixed bearing, etc.。

(alloy 260 brass tube)alloy 260 brass tube

The company's alloy material is excellent,in:Gao Qiang highly transfer material K55(C70250)Yield intensity 800 MPa, Conductivity 50% IACS。Besides,As a foreign partner for the automotive industry,Willand has expanded its business to Electric vehicle components,From the rotor to the wiring to the transmission system, there is a 10 hunting。Currently,Copper rotor ratio provided by the company Cast replacement products have higher rotation speed;At the same time, because the rotor rod and the short circuit ring are used to use a stronger material,Therefore, there is no hole Gap or inclusions;And because copper has excellent conductivity,Make the rotor more efficient than aluminum。Combined with a reduced thermal stress Mechanical strength,Willand copper rotor has scalability、Flexibility and cost effectiveness。

5.2. Hitachi metal:Global well-known high-performance material manufacturer,FY21 Performance adapter rebound

Hitachi Metal is a world-renowned high-performance material manufacturer,Engaged in metal products and materials,Electronic and information components and work Development of energy components、Production and sales。Company 1956 Since the establishment of the year,Expanding business tracks,formed Special steel products、Magnetic material plate、Four major business sections and wire material plates,To the car、Industrial base Infrastructure、Provides world advanced high-performance materials in electronic related fields。since 2010 Year,Company recombination Continuous development of China、South Korea and other new market layout。

The company's current type of four major business sectors,Application scenario。Special steel product segment is responsible for production and sales Advanced special steel products、Various metal rolls、Injection molding machine、Ceramic structure、Steel structure and cutting tool, etc.;magnetic Material segment is responsible for manufacturing and selling magnets、Soft magnetic materials and materials for information communication equipment and information technology equipment, etc.;White The shape product segment is responsible for manufacturing and selling vehicles、Advanced casting parts of alloy wheels and building parts;Wire material division Responsible for manufacturing and sales industrial wires、Equipment wire、Motor material and related performance products。

Revenue structure remains stable,21H1 Performance is lost。Company 2018 Year,Adjustment of special steel client Leading the demand for international markets,Semiconductor manufacturing、Industrial equipment application demand is sluggish, causing continuous performance 2 year decline,Average revenue decline 10%,And net loss super 400 Yiyuan。21H1 America、China market economy continues Sui,Benefiting from the electric vehicle market high boom to pull the automotive electronics、Magnetic material、High growth demand,Pull the company Performance is lost。

alloy 260 brass tube(alloy 260 brass tube)

R & D continues to put high,The market is warm and promoted。2016-2020 year,Company R & D investment in business income Case 1.85%about,Even in the year of performance, it remains a certain research and development investment.,Experiment with thickness; Although market demand is superimposed, the cause is superimposed.,Including the company's gross profit margin,but 21H1 When the market is warm,Company has Realize the bottom bottom。

Some copper alloy materials of the Hitachi metal have excellent product performance,Can be used for high-end areas such as semiconductors。by C194-ESH Model as an example,Yield intensity 600 MPa,Conductivity exceeds 60% IACS,Because of high strength and heat resistance,Concise Excellent plating、Etching and suppression performance,used for IC Lead frame and LED;HCL-12S High heat resistance Highly conductivity,Often used in small transistors and power transistors。

(alloy 260 brass tube)Battery-related composites have high electrical conductivity,Can be widely used in electric vehicles、Battery pack in new energy and other fields。use This material can make the performance of the battery(Higher capacity、Smaller size)Improved production efficiency。Such as:Battery nickel pack(Ni/Cu、 Ni/Cu/Ni),It is a material that is resistant to pure nickel,Equipment and processability。Supports high-performance of various batteries out、High capacity。

5.3. Mitsubishi material(Stretch):High-end copper alloy leading sheep,Industrial chain layout

Mitsubishi material is a world-renowned metal&Non-metallic material supplier,The company originated from Mitsubishi Group,At 1871 Annual entry Coal mines and mining,Since now 150 History of the year。Company 150 In the development of years,Continuously compliant social changes, Constantly strengthening while managing diversification and business structure。Current business layout involves extensive,The main business includes copper &Copper alloy、Metal mining&Smelt、metal processing、electronic Materials、cement、Aluminum material, etc.。

company 2016-2018 Continuous continuous adjustment of the business unit,Differentiated statistics of the performance statistics of each year in the report,because This only selected 2019-2021H1 Revenue composition。2019-2021H1,Metal mining&Smelting branch The creation is still ranked first,Proportion 50%;copper&Copper alloy business income accounts for total revenue ratios 15%Increasing 20%,21H1 Benefit from the downstream car electronic high bokeh,The partition revenue reached 1729 Yiyuan,According to the company 21FY Be expected to reach arrive 3591 Yiyuan,Provide main motivation for the company's performance growth。

alloy 260 brass tube(alloy 260 brass tube)

Group's copper&Copper alloy business is originally subsidiary Mitsubishi(Stretch)Main business,At 2020 Annual incorporated manage。 Mitsubishi(Stretch)At 2006 The year passed the first public acquisition(TOB)Missing subsidiary of Mitsubishi Materials;2008 year, Mr. another subsidiary with Mitsubishi Materials,Continued company named Mitsubishi(Stretch);2018 year,Mitsubishi material Established a high performance product company,Copper processing business、Electronic material business and aluminum business integration in product type, Concentrate on aspect,Pixabayed and canceled;2020 year 4 moon 1 day,Mitsubishi Material Completed to Subsidiary Mitsubishi Absorption merge,Mitsubishi stretched copper,Established Mitsubishi Material Copper&The copper alloy business unit is attributed to high performance product companies One management。

(alloy 260 brass tube)Mitsubishi material copper&The core competitiveness of the copper alloy business is the technical energy related to the development and production of oxygen copper and copper alloys. force。The main products include:Used for onboard terminals and busbars MSP series(Cu-Mg alloy)Waitage;Semifinal Body and various electronic material lead frame Cu-Fe Base alloy;Cu-Cr-Zr Matrix alloy,High-speed bullets used for new trunk lines Truck wire or resistance welding rod in head train;And lead-free(Lead-free)Brass or“Ecological brass”More environmentally friendly alternatives。 by HRSC、MZC1 Series materials as an example,Bumper strength,Good conductivity,Widely used in the car、Semiconductor High-end field。

6. Investment Analysis

Core hypothesis:

1、Car intelligent、Electricization trend is constant

2、The company's research and development results industrialization progress

3、The lower reaches of the company expands smoothly

4、Domestic high-end alloy copper industry competition pattern maintained status

5、Gross profit margin hypothesis:New material sector-2021、2022 Due to the growth of new material sections,The scale advantage is gradually Enhanced,It is expected that gross profit margins will gradually increase 20%;Squiry gradually with demand,Expect 2023 Year of the company Gross profit margin 18%;New energy sector-2021 Yearly affected by sea freight、The impact of raw material price increase is expected to be margin-9%,2022、 2023 End of unfavorable factors,It is expected that gross profit margins will gradually return to 2019-2020 Annual level。

Bowei alloy continues to deep in the high-end copper alloy,Product performance industry leading,New energy car downstream&Semiconductor High growth,Superimpose domestic alternative trend,The company's new material sector performance is expected to increase;2022 Annual influence photovoltaic group Unfavorable factor in business(shipping fee、Raw material price, etc.)Gradually resolve,Company new energy sector is expected to turn loss。

We expect Bowei alloy 2021-2023 The annual industry income is 104.12 / 135.04 / 154.35 Billion,Public Division New Energy Business New Materials in Future New Materials,Adjustment 21-23 New energy gross profit margin、New material revenue growth rate expected,Will 21-23 Net profit by net profit 3.49/5.42/7.76 100 million yuan adjusted 3.70/6.50/8.59 Billion。

(This article is for reference only,Does not mean any investment advice。Use information,See the report original text。)

(alloy 260 brass tube)Featured report source:【Future wisk】。

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