碳化硅陶瓷渣浆泵：开启行业弯道超车新引擎

Investment Rating - The report rates the mechanical equipment industry as "Positive" with a date of November 22, 2024 [1]. Core Viewpoints - Silicon carbide ceramic slurry pumps are expected to provide significant opportunities for domestic slurry pump companies to accelerate their development [1][20]. - The market for slurry pumps is currently dominated by metal and rubber materials, with a fragmented market structure where the leading company, Weir Group, holds approximately 40% market share [1][10]. - The production of silicon carbide slurry pumps involves three main processes: preparation of silicon carbide powder, sintering of silicon carbide structural components, and assembly of the slurry pump [1][21]. - Key challenges include the sintering of silicon carbide components, which can lead to micro-cracks affecting product yield and quality stability, and the assembly process, particularly the bonding of silicon carbide with metal materials [1][21][35]. Summary by Sections Silicon Carbide Ceramic Slurry Pumps: Opportunities for Acceleration - Silicon carbide ceramic slurry pumps are anticipated to help the industry achieve rapid advancements, with their excellent wear resistance and acid-base resistance properties [1][20]. - The current challenges in the industry include the high initial purchase cost and the slow market penetration of silicon carbide ceramic slurry pumps [2][39]. Challenges in Production - Challenge 1: Sintering of Silicon Carbide Structural Components - Sintering can produce micro-cracks, impacting the stability and quality of the final product. Solutions include optimizing the sintering process and the design of impellers to reduce internal stress [1][21][30]. - Challenge 2: Assembly of Silicon Carbide Slurry Pumps - The main difficulty lies in the bonding of silicon carbide and metal materials. Solutions include using resin-silicon carbide bonding layers and composite materials [1][35][37]. Investment Recommendations - The report suggests focusing on companies like Naipu Mining Machinery, as the penetration rate of silicon carbide ceramic slurry pumps is expected to gradually increase, potentially replacing traditional metal slurry pumps [1][20][39].