Yunlu Materials(SH:688190)2025-05-08 02:15Summary 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]