硬质合金及刀具系列二：从德国玛帕看刀具行业“隐形赢家”如何获益于新能源汽车行业发展

Investment Rating - The report rates the industry as "Positive" [4] Core Insights - The report highlights the significant impact of the development of new energy vehicles (NEVs) on the demand for cutting tools, particularly in the automotive sector, which has traditionally been the largest consumer of tungsten and hard alloy materials [18][19] - MAPAL, a leading manufacturer of non-standard cutting tools, has successfully navigated its growth through a focus on innovation and specialization, particularly in the automotive industry [14][15] - The shift towards NEVs has led to a decline in the consumption of tungsten per vehicle, with a reported decrease of 23% for plug-in hybrid vehicles and 65% for pure electric vehicles compared to traditional fuel vehicles [49] Summary by Sections Section 1: Focus and Innovation - MAPAL has achieved significant growth in non-standard cutting tools through a four-phase development strategy, emphasizing innovation and specialization in precision tools for the automotive industry [14][15] Section 2: Impact of NEVs on Tool Demand - The automotive industry is experiencing a notable decline in tungsten consumption, dropping from 25.84% in 2017 to 18.44% in 2024 due to the rise of NEVs [23][24] - NEVs have simpler structures compared to traditional vehicles, resulting in a significant reduction in the number of cutting parts and overall machining workload, with machining time for pure electric vehicles reduced by 74% [31][30] - The increasing use of lightweight materials such as aluminum and magnesium alloys in NEVs is further impacting the demand for traditional hard alloy tools [47][40] Section 3: MAPAL's Solutions for NEVs - MAPAL has developed comprehensive machining solutions tailored for NEVs, including specialized non-standard tools that enable continuous processing without tool changes [50][52] - The company offers a range of solutions based on the complexity and volume of parts, ensuring high efficiency and quality in the machining process [55][56] Section 4: Opportunities in Non-Standard PCD Tools - The report emphasizes the growing market for non-standard polycrystalline diamond (PCD) tools in the NEV sector, projecting a potential growth of 1.9 to 2.7 times in the next five years [35][36] - PCD tools are particularly suited for the lightweight materials used in NEVs, providing superior machining performance and material compatibility [34][33]