Hisense appliances get Tesla orders?Home appliance companies collectively devote themselves to heat management, and "one more strong" to build a track pattern

21st Century Business Herald reporter Zhao Yunfan Shanghai report

In recent years, such a sentence has become popular in the investment circle- "the end of almost all manufacturing is new energy." For traditional white electricity companies, the extension of the hot management field of new energy vehicles, or one of the most logical industrial transformation paths.

On July 11, according to media reports, the Japanese company controlled by the Japan Sandian Holdings Co., Ltd. (hereinafter referred to as "Japan Sandian") under the control of Hisense Home Appliances (000921.SZ) US companies, recently received two Tesla's two electric compressor project orders. It is also locked for 5 years, and the total number of orders is expected to be more than 100 million US dollars per year after the amount is available. However, because the two parties signed a confidentiality agreement, Hisense did not disclose it.

The 21st Century Economic Herald reporter tried to verify the news from Hisense, including its order authenticity and its application scenarios. The relevant person in Hisense responded to the reporter: "Due to the requirements of cooperation, we do not propagate this matter."

Although it did not respond to the market hotspot, the hype of Hisense Home Appliances still came up. In the past two trading days, Hisense Home Appliances has risen by 9.56%, breaking through a new high since February.

Harvest Tesla orders?

Data show that Japan's Sandian main automotive air -conditioning compressor and automotive air -conditioning system assembly. According to the information disclosed by Hisense Home Appliances last year, Japan's three tram -carrying air -conditioning compressors ranked second in 2019, and the new generation of electric compressor, comprehensive thermal management system and automotive air -conditioning products developed by them were applied to new energy vehicles. Essence

In June last year, Japan's Sanyo, which was close to debt, completed the control of Hisense Home Appliances. The SPV company established in Japan obtained 83.6 million shares of Sanyo -to -increase shares in Japan. Coupled with the 35.3 billion yen debt of the Japanese Sandian ADR exemption, the total consideration is the total right to vote in Hisense home appliances, and Hisense Home Appliances has since become the controlling shareholder of Japan's San Power.

Regarding the acquisition, Hisense Home Appliances said that it will use Japan's San Power as the core company to expand the automotive air -conditioning compressor and automotive air -conditioning industry, realize the company's industrial expansion, and share resources through technology, supply chain, talent and manufacturing to enhance The profitability of Sandian Holdings.

According to the data, Japan's three tram -carrying air -conditioning compressors in 2019 have global sales of 14.24 million units. The main customers include Volkswagen, Dalem, Ford, GM, Chrysler, Honda, Nissan, Suzuki and other traditional car companies. In China, the company's participation in Huayu (600741.SH) invested in the establishment of Huayu Sandian, which is SAIC, GAC and Great Wall's supply compartment air -conditioning products.

The reporter noticed that when Hisense Home Appliances recently responded to the interaction of the Shenzhen Stock Exchange, it did not respond directly to Tesla's order rumors. Earlier, it only revealed that Japan's Sandian "customers include well -known domestic and foreign car companies."

Public information shows that the main suppliers of the current Tesla Model S, Model 3 and Model Y models are the main suppliers of the thermal pipe electrococcilities of cars in South Korea and Japan. Both are tram heat management assembly suppliers.

In this regard, a person in the automotive industry told reporters that because emerging vehicle manufacturers such as Tesla have begun to bypass a large number of Tier 1 assembly module manufacturers and directly do some Tier 2 component companies, similar to Hisense to provide Tesla directly to provide Tesla The situation of thermal management parts is relatively common.

For Japan's Sandi -or Hisense Home Appliances, if you really get Tesla orders, it is undoubtedly a milestone for the company.

Home Appliance Capital collectively aimed at the thermal management market

In addition to Hisense Home Appliances, there are not a few thermal management capes who turn around by traditional home appliance giants.

Among them, Midea Group (000333) entered the electric vehicle thermal management track with Midea Midea, which was established in 2018, including the acquisition of listed companies in 2020. Among them, Weiling Auto mainly develops and sells electric compressors, while Hekangxin Energy mainly focuses on the collection of waste heat collection in the field of thermal management.

In November last year, Midea Group's secretary also said in the interaction: "The thermal management system of new energy has undergone tremendous changes. From the traditional crew cabin refrigeration to the cooling and heating of the crew cabin and battery, a large -scale refrigeration system Thermal ability adjustment is a topic that needs to be solved in urgent heat management. "

The Gree Electric (000651.SZ), which has been "love each other" with Midea for many years, completed its control of the Dunan Environment (002011.SZ) in April this year, and the latter set up Dun'an Automobile Hot Management Technology Co., Ltd. in 2017 , Main products electronic expansion valve, water pump and battery thermal management system. Among them, the electronic expansion valve has high accuracy of control and strong technical barriers. It is close to the "C position" on the electric vehicle thermal management track.

Home appliance companies that lay out electric vehicle thermal management earlier include Outa (002239.SZ).

On July 1 this year, the investor relationship management records disclosed by Uta showed that the company's electric vehicle air -conditioning compressor products have improved to the fourth generation in the company's internal iteration. , BYD, Changan, Chery and other host plants such as compressor suppliers. In addition, the company's annual output of 1 million NT from NTIC compressor has been under construction, and production capacity is expected to be formed in the second half of this year.

Thermal management circuit is "one super strong"

Because the temperature of the battery module has a great impact on the battery life, and the thermal management plan of electric vehicles is completely incompatible with the transmission compression mode of traditional fuel vehicles, as the value of the capital market has the value of the new energy vehicle industry chain, The thermal management track has become another focus of attention from the battery, lightweight, smart cockpit, and autonomous driving. In terms of subdivided industrial structure, tram heat management includes cold and cold air conditioners, battery thermal management and motor electrical control thermal management. High -value parts in its field mainly include electric compressors, heat pumps, electronic valves, PTC (air heater), coolant, etc.

Because the remaining thermal heating system of traditional fuel vehicles cannot be applied to electric vehicles, and battery thermal management has high temperature requirements for temperature control and battery in space distribution. New energy vehicle thermal management is becoming a high barrier, high -value subdivision industry industry Essence

According to the calculation of Guoxin Securities, benefiting from the improvement of the penetration rate of electric vehicles, the bicycle value of domestic electric compressors is about 2,000 yuan, and the order of corresponding to the domestic sales market will increase from approximately 6.2 billion in 2021 to 1825 in 2025; in addition The value of the entire heat management system is about 6,000 yuan, and the corresponding domestic salesweight will increase from 18.6 billion in 2021 to 54 billion yuan in 2025.

In terms of overseas, Guoxin Securities pointed out that the value of the corresponding overseas electrified compressor will increase from 5.2 billion to 20 billion yuan, and the scale of thermal management system will increase from 15.6 billion yuan to 60 billion yuan.

The thermal management track has also appeared in the capital market in the near future.

Among A -share listed companies, Sanhua Zhikong (002050.SZ) has an absolute advantage on domestic electronic expansion valves. According to the company, its domestic market share of electronic valves is more than 64%. The company is also a supplier of electronic valves, coolers, and electronic pumps in several Tesla models. In June of this year alone, due to the recovery of the automotive parts market, Sanhua Zhi's stock price rose 57.6%, and the market value once exceeded 100 billion yuan, which is the absolute leader of the thermal management track.

Also on the Tesla industry chain, including the silver -wheel shares (002126.SZ) for Tesla's heat exchange parts, recently chose to change the previous investment direction and use the remaining fundraising funds to supplement liquidity. In addition, the company announced that it will invest 65 million subsidiaries in Yibin, Sichuan to continue to focus on thermal management track.

In addition, Songzhi (002454.SZ), which is the Ningde Times Battery Supply Management System, has also recently won the daily limit because of the track.

On the outlet, whether the space of the thermal management track can "hold" the market expectations will continue to "heat" market expectations, it remains to be observed.

- END -