1 Energy saving and emission reduction + endurance anxiety promotes the lightweight process
Under the trend of energy saving and emission reduction + electrification, lightweight is an important trend
Policy promotion, energy conservation and emission reduction standards have been continuously improved. “Energy saving and emission reduction” has become the main theme of my country’s economic development. The automotive sector is the focus of promoting energy conservation and emission reduction. In 2020, the “Technical Route 2.0 for Energy-Saving and New Energy Vehicles” revised and compiled by experts from the whole industry organized by the Society of Automotive Engineers of China was released, and made specific requirements for the fuel consumption of new passenger cars. Fuel consumption needs to reach 4.6, 3.2, 2.0L/100km, and energy conservation and emission reduction standards continue to be upgraded.
The penetration rate of new energy continues to increase, and mileage anxiety has become the core concern of consumers. Under the dual boost of policy + market, the penetration rate of domestic new energy vehicles has increased rapidly, from 2.7% in January 2020 to 20% in November 2021. With the continuous expansion of the share of new energy vehicles, related issues also become increasingly prominent. In 2021, the “China Automobile Dealers Association” will publish an article “How to Crack New Energy Vehicle Mileage Anxiety? ”, mentioning that according to the survey results of the association’s interview on the experience of new energy vehicle owners, the most concerned issue for users when purchasing is “battery endurance”, accounting for 31.8%, and mileage anxiety has become the core of consumers buying new energy vehicles Pay attention to content.
The quality of the three-electric system of new energy vehicles has increased, and the demand for cruising range has brought about the demand for lightweight. Compared with the fuel vehicle, the new energy vehicle reduces the engine and gearbox, but adds a three-electrical (motor, electronic control, battery) system. The energy density of the battery power system is lower than that of the fuel system, so the quality of the new energy vehicle is high. on traditional fuel vehicles. The requirement of new energy vehicles for cruising range has increased the demand for lightweight vehicles.
Lightweight helps save energy and reduce emissions, and aluminum alloy materials are the best cost-effective. For every 10% reduction in vehicle weight, up to 5-10% of fuel can be saved. For every 100kg reduction in curb weight, fuel consumption per 100 kilometers can be reduced by 0.3-0.6L, and CO2 emissions can be reduced by 8.5g/km. Therefore, lightweighting has become a priority in the field of energy conservation and emission reduction. Focus on developing technology. At the same time, among different lightweight materials, compared with various metal alloys and carbon fibers, aluminum alloys have advantages in performance, density and price, and are the most cost-effective lightweight materials.
2 The increase in the amount of aluminum alloys promotes the increase in the demand for structural parts
The technical threshold of aluminum alloy body structure is relatively high, and there are fewer players. Compared with small parts, three-electric systems and lightweight chassis systems, the product structure of body structural parts is relatively thin, with an average wall thickness of only 2.5~3mm, and the parts are large and easily deformed. The strength requirements for parts are also very high, so there is a high technical threshold. At present, only the front beam, left and right door frames, shock towers, tail cover boxes, longitudinal beams and other parts can be produced by die-casting process. Other body structures are mostly made of high-strength steel materials through stamping, bending, welding, etc., so there are relatively few suppliers entering the field of body structure die casting. (Report source: Future Think Tank)
The use of aluminum alloys for body-in-white has become a trend, and the demand for structural parts has increased significantly. With the increasing demand for lightweight, the demand for aluminum alloy body-in-white has migrated from luxury vehicles to mid-end vehicles, and the demand for aluminum alloy structural parts has increased significantly. In addition to the die-casting process, stamping, welding, riveting, etc. are also aluminum alloy body-in-white manufacturing processes.
High pressure + fast filling, high pressure die casting has extremely high production efficiency. High pressure casting is a casting method in which molten non-ferrous alloy liquid is poured into a pressure chamber, filling the cavity of a steel mold at high speed, and solidifying the alloy liquid under pressure to form a casting. It is suitable for manufacturing parts with large volume, complex structure, high surface quality requirements and fast batch manufacturing. The clamping force of the die casting machine is generally above 1200T. The metal solution fills the mold at high speed under high pressure, and the production efficiency is high.
It has many advantages and is suitable for the manufacture of auto parts. The advantages of high pressure die casting include: 1) high pressure molding, high product density, high product strength and surface hardness, but low product elongation; 2) product surface finish is good; 3) can produce thin-walled parts, aluminum die casting The thinnest wall thickness can reach 0.5mm, which is suitable for body structural parts.
3 Equipment/materials/processes jointly promote the emergence of integrated die casting
Die casting size/weight increases, requiring larger tonnage die casting machines. For the die-casting process of auto parts of different sizes, die-casting machines of different tonnages are required for realization. According to the data disclosed by various companies, from the small aluminum alloy shell (upper limit 1600T) to the body structure (shock absorber/longitudinal beam/A/B pillar, etc.) (upper limit 4400T), the clamping force of the required press is constant. Lifting, the general high pressure die casting machine is between 1000-4400T. If a larger volume of products needs to be cast, a larger tonnage die-casting machine is required.
Equipment companies have launched ultra-large tonnage die-casting machines to provide technical support for the die-casting of large-sized body structural parts. In 2017, Idra (a subsidiary of LK) released the world’s first 5500T die casting machine; in November 2019, LK Group took the lead in releasing the world’s first super-large tonnage press with a clamping force of 6000T; in March 2021, Eide Pull announced that it has won the world’s first 8000T die casting machine order; in April 2021, LK Group released the world’s first 9000T die casting machine. In addition, Haitian, Yizumi and other die-casting machine companies have launched die-casting machine products above 7000T, and major die-casting machine manufacturers have prepared equipment reserves for die-casting technology upgrades.
4 Tesla leads, car companies + supply chain follow up
Product simplification + safety improvement + efficiency improvement + cost reduction + controllable precision pushes Tesla to try integrated die-casting technology
Tesla has introduced integrated die-casting technology to simplify the structure of the Model Y chassis. In September 2020, on Tesla’s “Battery Day”, Musk introduced that the Model Y product will use an integrated die-casting rear bottom plate assembly. This technology replaces the traditional body manufacturing stamping + welding method, and the clamping force is 6000T through a mold The large-scale die-casting machine of the company has streamlined more than 70 parts of the entire rear floor into one integrated molding, and it is planned to replace the lower body assembly of 370 parts with 2-3 large-scale die-casting parts.
The new technology effectively reduces weight and improves vehicle safety. According to Tesla’s disclosure, the Model Y’s body weighs 66 kilograms after integrated die casting, which is 10-20 kilograms lighter than the same part of the smaller Model 3. At the same time, the integrated parts can better withstand the impact force in the event of a collision. The skeleton safety of the body.
The sales volume climbed rapidly, bringing the demand for production efficiency improvement. As a global leader in new energy vehicles, Tesla’s sales volume is rapidly increasing. According to our forecast, global sales are expected to reach 4.5 million vehicles in 2025, and CAGR will reach 46% in 2021-2025. Because the construction progress of the global factory is not as good as expected, the rapid growth in sales has brought the demand for production efficiency improvement.
Effectively improve production tact time + reduce costs. The new integrated die-casting technology has reduced the number of connection points of Tesla’s body-in-white from 700-800 to 50, and the manufacturing time of parts has been greatly shortened from hours to tens of minutes. Compared with the traditional “stamping + welding” process of car body manufacturing, integrated die-casting has the advantages of light weight, reduced number of parts and welding process steps, personnel and land saving, etc., which can greatly save the cost of car manufacturing.
The precision of the manufacturing process is controllable, and the maintenance cost of the body size is extremely low. For the traditional stamping and welding process of body-in-white, a car consists of 500+ parts, and the whole car has a total of 4000-6000 welding points. The accumulation of part size errors requires a lot of time to debug (three wheels, 6 months), integrated die-casting Because the manufacturing process is extremely simple and the manufacturing precision is controllable, the time and cost of vehicle dimension debugging are greatly reduced.
The California factory is the first to pilot, and the world’s four largest super factories are fully deployed. In August 2020, Tesla’s “Fremont” factory in California took the lead in installing a 6000T super die-casting machine owned by Idra to manufacture the rear floor of the Model Y model through an integrated die-casting process. The rear bottom plate is selected because: 1) The 6000T die-casting machine can only guarantee the die-casting of parts of this volume; 2) This position is the position of the traditional car fuel tank, and the probability of collision damage is small. After the successful trial production, Tesla purchased 13 sets of 6000T super die-casting machines from LK Group, and comprehensively deployed integrated die-casting equipment in 4 super factories around the world. At present, the Shanghai factory has completed the installation and commissioning of 3 sets of equipment.
The casting pressure has been gradually upgraded, and the processed parts and models have been continuously expanded. In addition to the rear assembly, Tesla plans to manufacture the Model Y’s front body through integrated die-casting at its Texas and Berlin plants. At the fourth quarter earnings meeting in March 2020, Tesla announced that it had ordered an 8000T die-casting machine to produce the rear assembly of the large-scale CyberTruck.
A number of car companies have followed up with integrated die casting, and the market space is broad. Because of the excellent performance of integrated die-casting technology in terms of efficiency, safety, and cost reduction, it has received strong attention from the market. According to the disclosure of LK Group, in 2022, it will deliver super die-casting machines suitable for integrated die-casting to six Chinese car companies. According to our calculations, with the increase in the penetration rate of integrated die-casting technology, the market space is expected to reach 38.9 billion yuan in 2025, and the CAGR from 2021 to 2025 will reach 205%.
The automobile supply chain followed up in a timely manner, and the new power models were determined to use integrated die casting. In May 2021, Wencan Co., Ltd. purchased 2 sets of 6000T die-casting machine equipment from Lijin Group, becoming the second company with 6000T presses besides Tesla. The company has obtained integrated die-casting orders related to NIO and Lili Automobile, and plans to purchase a 9000T die-casting machine in the future to further deepen its layout in the integrated die-casting field. In addition, die-casting companies such as Aikedi, Top, and Guangdong Hongtu have also purchased large-tonnage die-casting equipment and laid out the field of integrated die-casting. (Report source: Future Think Tank)
5 Analysis of Related Companies in Integrated Die Casting
Wencan Co., Ltd. – First-mover advantage of lightweight body structure parts
The leading domestic supplier of aluminum alloy precision die castings for automobiles, acquired Bailian from France to form a complete die casting process. Headquartered in Huizhou, the company was established in 1998 and has wholly-owned subsidiaries in Nantong/Yixing, Jiangsu and Tianjin. It was officially listed on the Shanghai Stock Exchange in April 2018. After more than 20 years of development, it has formed an enterprise group dominated by aluminum alloy die-casting parts for automotive engine systems, transmission systems, chassis systems, braking systems, body structural parts and other systems. After the company completed the acquisition of the French Bailian Group in 2020, it formed a complete process of high pressure/low pressure/heavy pressure casting.
Acquisitions drive revenue growth, and the proportion of automotive die-casting business continues to increase. The proportion of non-automotive die-casting parts decreased, and the proportion of mold business fluctuated down. In the first three quarters of 2021, the company achieved revenue of 2.965 billion yuan, a year-on-year increase of 103.60%. The main reason is that after the completion of the acquisition of the French Bailian Group, its consistent stable operation, superimposed integration and synergy effects have brought it a good performance recovery. With the policies of energy conservation and emission reduction + electrification drive, the acceleration of vehicle lightweighting, and the continuous increase in the volume of the body structural parts business, the automotive die casting business is expected to continue to expand.
The global production capacity layout has been completed, and the product category has been continuously expanded. The company is headquartered in Foshan, Guangdong, and has wholly-owned subsidiaries in Nantong, Jiangsu, Yixing, Jiangsu and Tianjin, realizing a reasonable layout in the Pearl River Delta, Yangtze River Delta and Bohai Rim. At the same time, the company’s subsidiary France Bailian has 10 production bases in Mexico, China (Wuhan, Dalian), France, Hungary and other countries. The company has now completed the layout of global production bases. The product category has also expanded from the original traditional power system die-casting products to chassis structural parts, brake parts and other categories.
Body structural parts have a first-mover advantage, and the popularity of lightweighting has driven the proportion of structural parts revenue to continue to increase. The body structure has extremely high requirements on strength, elongation, and weldability due to its support and impact resistance to the car, and the material preparation and die-casting are very difficult. The production process integrates various technical capabilities such as materials, molds and processes (die casting process and heat treatment process), and contains a lot of know-how, so the technical barriers are high. Including: 1) mold design and development; 2) high vacuum die casting process accumulation; 3) material preparation technology; 4) heat treatment process, etc. The company has been developing and improving vacuum die-casting technology for many years, and has accumulated rich technology and experience for lightweight body structural parts, and has a first-mover advantage in aluminum alloy die-casting body. With the continuous popularization of lightweight, the revenue share of body structure products continues to increase.
Xusheng Co., Ltd.-Sandian System Supplier Layout Integrated Die Casting
The leading domestic supplier of lightweight aluminum alloy die castings for automobiles, with three major processing technologies. After more than 20 years of development, it has now formed an enterprise group dominated by aluminum alloy die-casting parts of new energy vehicle transmission system, transmission system, battery system, suspension system and other core systems, with three major processes of die-casting, forging and extrusion.
The automated production equipment is advanced, and the core team has rich industry operation experience. The company’s casting and forging factory has introduced the world’s top level continuous casting equipment and hot die forging equipment, and has established its own core technical team by hiring well-known experts at home and abroad, cultivating and introducing senior professionals.
The automobile business is the main business, and it is expected to continue to maintain a high growth rate. In the first three quarters of 2021, the company achieved revenue of 2.012 billion yuan, and the revenue in the first three quarters increased by 82.10% year-on-year. In 2014, the company signed a contract with Tesla, and the company’s revenue benefited from Tesla’s continued high volume. With Tesla’s endorsement, the company has successfully expanded new domestic and foreign customers for complete vehicles, parts and power batteries. The popularity of new energy vehicles will increase the demand for lightweight components, and the company’s revenue is expected to continue its rapid growth period.
Tesla’s three-electric system supplier, the battery box process is expected to be upgraded by integrated die-casting. In 2021H1, the revenue from Tesla accounted for 40.37% of the company’s revenue, and the main products were aluminum alloy die-casting products of the three electric systems. The current main process of the battery box in the three power system is aluminum extrusion + laser welding + friction stir welding. With the gradual maturity of the integrated die casting process led by Tesla, it is expected to upgrade to the direction of integrated die casting, thereby further improving Product quality and production efficiency.
Aikedi – small and medium aluminum die casting leader, entering the field of integrated die casting
The leading professional supplier of automotive aluminum alloy precision die castings in China. Mainly engaged in the research and development, production and sales of automotive aluminum alloy precision die castings, it was established in December 2003 and listed on the Shanghai Stock Exchange in November 2017. The main products include automotive wiper systems, automotive transmission systems, automotive steering systems, automotive engine systems, new energy vehicle three-electric systems and other aluminum alloy precision die castings that meet the needs of automotive lightweight, energy saving and environmental protection.
The aluminum die-casting industry has many sub-categories and full competition, and is a global leader in small and medium-sized aluminum alloys. According to the data of China Foundry Association, there are more than 3,000 die-casting enterprises in my country in recent years, most of which are relatively small in scale and the competition pattern is scattered. The number of die-casting enterprises in developed countries is small and large in scale. In terms of subdividing large and medium-sized aluminum die-casting parts, Aikedi adheres to the product line of aluminum alloy precision die-casting parts for small and medium-sized automobiles with strong technology, complex process and high added value. It is the global leader in small and medium-sized aluminum alloy parts leading company.
The customer resources are of high quality and stability, and strict certification standards raise the entry threshold. IKODY adopts a direct sales model, and its business covers the developed regions of the automobile industry in America/Europe/Asia. Its customers are mainly Tier 1 suppliers in the global automobile industry chain, including Valeo, Bosch, Magna, Dianchan, Nexteer et al. Due to the high safety requirements of complete vehicles and the high entry threshold for components, Bethel has been actively participating in the preliminary research and development of customer products, forming a virtuous circle of continuous improvement of the company’s research and development quality and brand trust.
Introduce large-tonnage die-casting machines and expand to large-scale structural parts + integrated die-casting business. In August 2021, the company established a new energy vehicle business unit to support the company’s new product expansion needs from the level of organizational structure. The company has a new high-tech industrial park project. According to the EIA information of the project, the company plans to purchase 45 die-casting machines. Among them, 4 sets of 4400T, 2 sets of 6100T and 2 sets of 8400T die-casting machines are included. The weight of the body structure product (rear floor) reaches 40kg, which is a big improvement compared to the existing small and medium product specifications.