Weichai Power is a supplier of general-purpose powertrains for the heavy truck and construction machinery industries. The company provides integrated power solutions for downstream OEMs, including engines and gearboxes. The scarcity of upstream core component resources in the heavy truck industry and the excess production capacity in the downstream vehicle industry have caused the industry's profits to concentrate on upstream component companies. In the past few years, Weichai Power has become the biggest beneficiary of the high-speed growth of the heavy truck industry.
Compared with traditional automobiles, the biggest change for new energy vehicles such as hybrids and pure electric vehicles is the transition from a simple gas/diesel engine drive to a complex hybrid electric/electric hybrid drive system. High-power motors and motor control systems have become the driving force. Chengzhong's core components;
However, new energy vehicles have not changed the business environment of the commercial vehicle industry. In particular, many bus companies will still produce hybrid buses in an “assembling†manner. We believe that in the new energy automotive industry, core component companies similar to Weichai Power that provide integrated power solutions for downstream OEMs will also appear, and the national plan to promote “Ten Cities and Thousands†will become a The rapid development opportunities of these enterprises, and the search for “weaking power†in the new energy automotive industry are the main purpose of our third special report. Our views include:
Compared with the complicated and complicated power battery industry (uncertain technical path disputes and unclear competitive landscape), our judgment on the motor-driven industry must be clearly defined. This is mainly reflected in the clear development trend of the technology path and relatively simple competition pattern.
At present, the majority of hybrid electric vehicles and pure electric vehicle motors in the world are dominated by permanent magnet motors. At home, AC asynchronous motors, permanent magnets, and switched reluctance are concurrently used. However, permanent magnet motors have high efficiency, small size, and control. The advantages of a relatively simple system are obvious, and it will become the mainstream of automotive drive motors.
The barriers to entry for motors and control systems are mainly embodied in the design of motors and the development of control systems. We believe that companies with integrated R&D advantages in motors and control systems and complete solutions for power systems will obtain excess returns.
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