High performance ndfeb magnet is expected to become the new energy vehicles under a draught of upstream materials.
New energy automobile spring overwhelming, lithium, cobalt assets has ushered in the upstream mammoth revaluation, this trend is still thriving.
We believe that the next for upstream assets revaluation of new energy vehicles will be high-end ndfeb magnet.
Demand side, with the domestic and foreign car companies continue to launch new energy vehicles and moderate, global new energy automobile production in 2020 is expected to more than 5 million vehicles, which will bring high-end ndfeb magnet requirements 1.
40000 tons, in 2016, the equivalent of new energy vehicles ndfeb magnet requirements based on double;
The supply side, high-end limited capacity, high technical barriers, and downstream high-end customers with high threshold and the characteristics of high viscosity;
Price, considering the rare earth's productive, prices are expected to continue to rebound to cover both environmental protection and resource cost, high-end magnets strong ability of the cost and gross margin pricing will make its benefit from the characteristics of a continuous inventory revaluation and single tons of profits.
Comprehensive above factors, once the new energy vehicles demand high tide, the industry will appear 'quantity price so is, the stronger the strong', the characteristics of the relevant leading enterprise will have great development opportunity.
In new energy car magnets demand growth, traditional stable growth industries such as cars, wind power, consumer electronics, industrial application requirements or to expect.
Traditional automobile EPS, fan in areas such as ndfeb magnet direct-drive demand will increase, permeability increased with both production factors such as steady growth, it is worth noting that the summary of application in ordinary industrial motor gradually become more industry recognition, assuming that the 2020 global output of 700000 units, industrial robot leads to 1.
More than 40000 tons of high-performance ndfeb demand.
Future with industrial electrical ndfeb permeability increases rapidly and the improvement of industrial robots popularity, high-end ndfeb requirements or will usher in rapid growth again.
High-end ndfeb magnet production capacity growth lags behind that of the downstream demand growth, domestic enterprises will continue to benefit from.
Global high-end ndfeb supply focused on domestic zhongke three-ring and magnets are sea, ningbo, Hitachi metals, of several enterprises and overseas VCA four companies, such as capacity expansion cycle requires 2 years or so, from the current companies capacity expansion plan to see annual growth of about 10%, below the demand side by an average of 13 -
The growth rate of 15%.
Future with rare earth supply contract, acquisition of domestic enterprises resources will have obvious advantages compared with foreign enterprises, considering the domestic technology level unceasing enhancement, patent restrictions continues to break through, and downstream customers quality certification through, domestic leading enterprises will really benefit from the demand for high-end ndfeb magnet.
Prices to rise to drive inventory value revaluation, high-end product cost down conduction shine.
National crackdown and strengthening environmental supervision effectiveness, to standardize rare earth market under the regulation of prices is expected to moderate continue to rise.
High-end product gross margin pricing principles, magnet industry experienced the pressure testing of rare earth prices in 2011, it is difficult to effectively replaced by low-end and cheap products, stable and downstream of the high-end customers, price to bear ability is strong, not only can cost up to the downstream conduction, and single tons gross margins will have widened;
In addition, rare earth prices continue to rebound and conducive to the company inventory for revaluation.