Summary of the Conference Call on Amorphous Motor Industry Industry Overview - **Emerging Field**: The amorphous motor industry is at a critical point of industrialization, nearing mass production [1] - **Material Revolution**: Amorphous alloys are set to replace traditional silicon steel sheets, representing a fundamental innovation in the century-old motor industry with vast application potential [1] - **Application Scenarios**: Short-term focus on electric drive systems for new energy vehicles (both range-extended and pure electric), with long-term expansion into home appliances, industrial motors, aircraft, and humanoid robots [1] Industry Progress - **Increased Attention**: The third Amorphous Motor Conference saw a rise in participants, including secondary market investors (from 1 last year to 4-5 this year), major manufacturers (GAC, BYD, NIO), silicon steel companies (concerned about replacement risks), and motor manufacturers (Bosch, Nidec, Wolong Electric) [2] - **Manufacturer Updates**: GAC Aion has implemented amorphous motors in the Haobo HL model (dual electric drive version) since May, showing a 40-60% reduction in iron loss under CLTC conditions, a 2% increase in energy efficiency, and an additional 50 km in range (saving 6-7 kWh, initial installation cost reduced by 2400-2800 yuan) [2] - **Market Penetration**: Plans to expand to A0 to C-class models with an expected penetration rate of 20-30% [2] Technical Breakthroughs and Challenges - **Performance Advantages**: Amorphous materials exhibit low iron loss and high magnetic permeability, making them suitable for high-frequency and high-speed applications, leading to significant efficiency improvements [4] - **Processing Bottlenecks**: The brittle nature of amorphous strips results in lower stamping yields (currently below that of silicon steel), but the industry remains optimistic about yield improvements with scale [4] Economic Analysis and Comparisons - **Cost Efficiency**: Each vehicle can save 2400-2800 yuan in initial installation costs (reduced battery usage), with ongoing reductions in energy consumption, making cost efficiency superior to silicon carbide replacing IGBT (amorphous reducing costs vs. silicon carbide increasing costs) [5] - **Replacement Potential**: With a 30% penetration rate in domestic amorphous transformers, the mid-term penetration rate in new energy vehicles is projected at 30% (9 million vehicles), with a single vehicle value of 1000 yuan, corresponding to a 9 billion yuan market [5] Key Company Recommendations 1. **Yunlu Co., Ltd. (Core Target)** - **Core Advantages**: Leading global producer of amorphous strips with nearly 50% market share in transformers, excellent cost control (gross/net profit margins at 20%) [5] - **Capacity Expansion**: Steady capacity expansion with a projected revenue of 450 million yuan in 2024 (up 25% year-on-year), current PE ratio around 25 times [5] - **Long-term Potential**: With a 30% penetration rate in the domestic new energy vehicle market, corresponding annual revenue could reach 9 billion yuan, assuming a 10% net profit margin leading to a profit of 900 million yuan, with Yunlu's market share at 50% resulting in a profit of 450 million yuan [5] 2. **Antai Technology** - **Industry Position**: One of the traditional three giants in amorphous strip production (alongside Yunlu and Hitachi Metals), focusing on technological breakthroughs and expansion into automotive clients [5] Market Size and Horizontal Expansion - **New Energy Vehicles**: Current demand for approximately 100,000 motors (with expected shipments of nearly 10,000 units in 2024), indicating a potential explosive growth in the industry [6] - **Horizontal Applications**: Potential applications in humanoid robots (e.g., Tesla's Optimus using amorphous axial flux motors for high power density scenarios), aircraft (eVTOLs sensitive to energy efficiency), and significant replacement potential in home appliances and industrial motors in the future [7]

Summary of Conference Call Notes Industry Overview - The conference focuses on the emerging field of **amorphous motors**, which is nearing the industrialization threshold and approaching mass production [3] - Amorphous alloys are set to replace traditional silicon steel sheets, representing a fundamental innovation in the century-old motor industry with vast application potential [3] - Short-term applications are concentrated on **new energy vehicle (NEV) electric drive systems** (both range-extended and pure electric), with long-term expansion into home appliances, industrial motors, aircraft, and humanoid robots [3] Key Company Recommendations 1. **Yunlu Co., Ltd. (Core Target)** - **Industry Positioning and Prospects**: The amorphous motor sector is at a critical juncture, with significant attention from various stakeholders including secondary market investors and major manufacturers [3] - **Industry Progress**: - Increased participation in the third Amorphous Motor Conference, with attendance rising from 1 to 4-5 secondary market investors [3] - Major manufacturers like GAC, BYD, and NIO are actively involved, with GAC Aion already implementing amorphous motors in their HL model, achieving a 40-60% reduction in iron loss and a 2% increase in energy efficiency, leading to an additional 50 km range [3] - **Technical Breakthroughs and Challenges**: - Amorphous materials exhibit low iron loss and high magnetic permeability, making them suitable for high-frequency and high-speed applications [3] - Current processing bottlenecks due to the brittle nature of amorphous strips, but optimism exists for improved yield rates with scale [3] - **Economic Viability and Comparisons**: - Cost savings of 2400-2800 yuan per vehicle due to reduced battery usage, with a projected market size of 9 billion yuan based on a 30% penetration rate in NEVs [3] - Yunlu holds a nearly 50% market share in the transformer sector, with strong cost control reflected in gross and net margins of 20% [3] - Expected revenue of 450 million yuan in 2024, representing a 25% year-on-year increase, with a current PE ratio of approximately 25 [3] - **Long-term Potential**: - With a 30% penetration rate in the domestic NEV market, potential annual revenue could reach 9 billion yuan, translating to a profit of 450 million yuan if Yunlu captures 50% market share [3] 2. **Antai Technology** - Recognized as one of the traditional leaders in amorphous strip production, focusing on technological breakthroughs and expanding automotive client base [3] Market Size and Horizontal Expansion - Current demand for electric motors in the NEV sector is approximately **100,000 units**, with expected shipments of nearly **10,000 units** in 2024, indicating a potential demand explosion [5] - **Horizontal Applications**: - Humanoid robots, such as Tesla's Optimus, utilize amorphous axial flux motors for high power density scenarios [5] - eVTOL aircraft, which are sensitive to energy efficiency, represent a potential new market [5] - Home appliances and industrial motors have significant future replacement potential [5] - **Short-term Challenges**: Yield improvement progress, validation cycles from major manufacturers, and technological competition from silicon steel manufacturers [5] - **Long-term Trends**: The acceleration of "energy efficiency competition" in the NEV sector is expected to drive technological iterations, with amorphous materials likely to penetrate all motor applications, smoothly replacing silicon steel sheets [5] Risks and Outlook - The amorphous motor industry is on the brink of an explosion, with technological breakthroughs and endorsements from major manufacturers catalyzing the industrialization process [4] - Yunlu Co., Ltd. is identified as the top pick, with industry validation and volume growth being key tracking points, and a long-term potential for market capitalization to double or more [4]

Summary of Conference Call Industry Overview - The focus of the conference call is on the flying electric motor industry, which is characterized as a disruptive innovation with wide-ranging applications across various sectors, including electric vehicles (EVs), home appliances, drones, and humanoid robots [1][2][3]. Key Points and Arguments - The flying electric motor is seen as a material-level disruptive innovation, with significant potential for application in the EV sector and beyond [1]. - The performance of the new electric motors is expected to achieve a 50 km increase in range and an energy conversion efficiency of 98.6% [2]. - The market for materials related to these motors is projected to be substantial, with estimates suggesting a potential market size of 20 billion for materials and 40 billion for electric motors [3]. - The flying electric motor can enhance energy and mechanical conversion efficiency by 2-3%, leading to a 9-15% increase in EV range, as well as reductions in weight and noise [3][5]. - The long-term market potential for flying electric motors is estimated to reach 300 billion, with specific materials contributing around 60 billion [3]. Industry Dynamics - The flying electric motor industry is divided into three segments: flying electric materials, stator cores, and electric motors, with the automotive market being the primary application area [9]. - The penetration rate of flying electric transformers in the domestic market has increased to nearly 20%, indicating rapid growth in this segment [10]. - Major players in the flying electric materials market include Yunlu, Hitachi Metals, and Antai Technology, which collectively hold about 70% of the global market share [10][11]. Competitive Landscape - Yunlu is highlighted as a leading domestic player with significant production capacity and a strong market position, expected to generate substantial profits in the coming years [17]. - Antai Technology is recognized for its long-standing research capabilities and partnerships with major automotive manufacturers, making it a noteworthy player in the industry [19]. - The conference emphasized the importance of technological advancements and cost reductions in driving the adoption of flying electric motors across various applications [18]. Emerging Applications - The flying electric motor is anticipated to play a crucial role in the development of humanoid robots and EVs, addressing current limitations in power density and operational efficiency [20]. - The potential for these motors to revolutionize the robotics industry is acknowledged, particularly in enhancing the operational capabilities of humanoid robots [20]. Market Potential - The overall market for flying electric motors is projected to reach trillions, driven by applications in EVs, industrial motors, and emerging technologies like humanoid robots [15][21]. - The call concluded with a strong recommendation for investors to consider the significant growth opportunities presented by the flying electric motor industry, which is still in its early stages [21].