"Fengkou Research Report · Company" new energy vehicle iron powder+photovoltaic energy storage soft magnetic+wind power main shaft+hydrogen storage bottle. This 4 billion market value "black horse" core material production capacity is expected to achieve 2.5 times jump, and the d

New energy vehicle iron powder+photovoltaic energy storage soft magnetic+wind power main axis+hydrogen storage bottle+pumping storage water turbine's main axis, this 4 billion market value "dark horse" core product downstream boom continues to rise, it is expected to usher in demand resonance. The renovation is expected to achieve a total production capacity of 2.5 times, and it is also planned to plan 20,000 tons of soft magnetic+2.22 million new energy parts projects.

Company essence:

① Tianfeng Securities Yang Chengxiao is optimistic about the company's fabricated iron powder benefited from downstream new energy vehicles and folding screen mobile phones to rise. It is expected to usher in demand resonance. There is a jump from tons to 200,000 tons;

② Relying on existing equipment+technology+experience+raw materials sharing advantages, the company cuts into the field of soft magnetic and is currently planned for a total of 25,000 tons of capacity. Crystal nano -crystal sword points to high -performance high -frequency scenes;

③ The company also deploys key components of new energy and equipment. It is currently planned to have a total of 22,000 capacity capacity, covering key parts such as wind power main shaft, pumping storage water turbine, and hydrogen storage bottles. It is expected that the project will achieve a profit of about 600 million yuan;

④ For the time being, do not consider adding 20,000 tons of soft magnetic+2.22 million new energy parts projects, Yang Chengxiao expects the company's net profit to return to the mother from 2022-2024 is 1.22/1.65/268 million yuan, respectively, a year-on-year increase of 27.07%/34.74 %/62.96%, corresponding to PE31/23/14 times;

⑤ Risk reminder: market demand fluctuations, expected project construction, etc.

The field of atomizing iron powder covers new energy and traditional cars, communication equipment, 3C electronics and other fields. As the downstream new energy vehicles and folding screen mobile phones continue to rise, atomizing iron powder is expected to usher in demand resonance.

Tianfeng Securities Yang Chengxiao's latest dug out the domestic atomized iron powder leading new material (300930), the company focuses on high -end atomized iron powder, and its market share is the first in residential camps. Due to the confirmation of downstream prosperity, the company was immediately raised through raising investment and transformation and upgrading projects. It is expected to achieve a leap from 80,000 tons to 200,000 tons.

At the same time, relying on existing equipment+technology+experience+raw materials sharing advantages, the company actively deploy soft magnetic and new energy parts business, which is expected to open growth and valuation space:

① Planning soft magnetic capacity of 25,000 tons, iron and silicon station stabilized new energy high prosperity track, iron and silicon chromium application electronic scenarios, amorphous nanocrystal swords point to high -performance high -frequency scenes;

② Planning new energy and equipment key components a total of 22,000 capacity capacity, covering key parts such as wind power main shafts, pumping storage water turbines, and hydrogen storage bottles. It is expected that the project will achieve a profit of about 600 million yuan.

For the time being, the new energy component project of 20,000 tons of soft magnetic +22,000 new energy parts is not considered. 62.96%, corresponding to PE31/23/14 times.

Multi -point flowers in downstream, iron -based powder market space is broad

The application field of iron -based powder is very extensive. Taking powder metallurgy products as an example, as the penetration rate of traditional industries such as transportation and 3C electronics continues to increase, new technologies such as metal injection molding and 3D printing and other technologies have been upgraded. The market in the field of terminal applications is constantly opening up, and the demand for the iron -based powder market is released.

According to data from the China Steel Association Metallurgical Association, the sales volume of atomized steel powder nationwide (statistics from 6 major enterprises) in 2019 is 2590,000 tons; 2020 Chinese steel powder sales are 679 million tons, and the compound growth in 2016-2020 grows. The rate is 8.82%.

The company's main products are high -performance pure iron powder, alloy steel powder, and additive iron powder. At present, they are actively promoting the expansion and transformation projects, which is expected to achieve total 20,000 tons of total production capacity. At the same time, the company may also improve the proportion of small varieties according to market demand and achieve a better profit level.

Layout soft magnetic & new energy track, empowerment of multiplication growth

The company plans to invest 20,000 pieces of annual output+2,000 new energy equipment key components projects. It is represented by the main axis of the Dawa wind power generator, pumping storage water turbine, and hydrogen storage special pressure container forging. The project reaches the project. The production revenue is expected to achieve 1.03 billion yuan; net profit of 3.70 and 2.32 billion yuan, respectively.

① Sharing existing resources, and the cost advantage will be improved: the company intends to build the same or the same business as the original business. It can give full play to the synergy advantage, share existing equipment resources, reduce cost expenditure, and increase the total iron procurement, which is conducive to cost stability.

② Carbon neutralization and superposition cost reduction, the wind power industry high prosperity: carbon neutralization and sea wind cost reduction trends, promoting the long -term growth of the wind power industry. According to GWEC forecast of the Global Wind Energy Association, the global new wind power capacity will reach 112.2GW in 2025. The installed capacity will reach 507.72GW.

③ The demand for key components of energy storage and hydrogen storage of water pumping and hydrogen storage: According to the plan of the National Energy Administration, the total scale of pumping storage in 2030 will reach 120GW, which is 4 times that of 2020. The use of renewable energy electrolyte hydrogenation process is not carbonization, which is the best overall solution to realize large -scale transportation and storage of renewable energy in the future.

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