Hollow motor shaft is the future development trend
The motor shaft is hollow, the heat dissipation performance is good, and the weight of the motor can be reduced. In the past, the motor shaft was mostly solid, but because the stress of the motor shaft was often concentrated on the surface of the shaft during use, the stress on the core was relatively small. According to the bending and torsion resistance characteristics of material mechanics, the inside of the motor shaft was properly hollowed out. Only a small outer diameter needs to be added to the outside, and the hollow shaft can meet the same performance and function as the solid shaft, but the weight can be greatly reduced. At the same time, due to the hollowing of the motor shaft, the cooling oil can enter the inside of the motor shaft, increasing the heat dissipation area and improving the heat dissipation efficiency. Under the current trend of 800V high-voltage fast charging, the hollow motor shaft has a greater advantage. The current production methods of the hollow motor shaft mainly include three methods: hollowing out of the solid shaft, welding, and integral molding, among which the welding type and the integral molding type are widely used in production. The welded hollow shaft mainly realizes the stepped inner hole of the shaft through extrusion molding, and then is machined butt welded. Through extrusion molding, the shape change of the inner hole with the product structure and strength requirements is retained as much as possible. The basic wall thickness of general products can be designed below 5mm. Welding equipment generally adopts butt friction welding or laser welding. If butt friction welding is used, the position of the butt joint generally has a welding bulge of about 3mm. Using laser welding, the welding depth is generally 3.5-4.5mm, and the welding strength can be guaranteed to be greater than 80% of the base material. Some suppliers can even achieve more than 90% of the base material strength by adopting strict process control methods. After the hollow shaft is welded, it is necessary to conduct ultrasonic or X-ray inspection on the structure of the welded area and the quality of the weld to ensure product consistency. Welded hollow shaft The one-piece hollow shaft is mainly directly forged on the blank through external equipment, so that the inner shaft directly realizes the stepped inner hole. At present, radial forging and rotary forging are mainly used, and the equipment is mainly imported. The radial forging is typical of the equipment of FELLS company, and the rotary forging is typical of the equipment of GFM company. For radial forging, generally more than 4 symmetrical hammerheads are hammered at a high frequency of more than 240 times per minute to realize the micro-deformation of the blank and directly form the hollow tube blank. Rotary forging is to arrange a plurality of hammerheads evenly in the circumferential direction of the blank. The hammerheads rotate around the axis while performing radial high-frequency forging on the workpiece, so that the cross-sectional size of the blank is reduced and axially extended to obtain the workpiece. Compared with the traditional solid shaft, the manufacturing cost of the integrated hollow shaft will increase by about 20%, but the weight of the motor shaft will generally decrease by 30-35%. One-piece hollow shaft Market structure of motor shaft industry
The motor shaft is mainly made by the electric drive manufacturer or purchased from a third-party manufacturer. The current market structure of the industry is relatively scattered, with many small and medium-sized manufacturers, and the share of medium and high-end motor shafts is mostly controlled by the foreign capital market. At the level of listed companies, Landai Technology, Precision Forging Technology, Iron Flow Co., Ltd., Guangyang Co., Ltd., and Shuanghuan Transmission all have layouts in the motor shaft industry. According to the announcement disclosed by the listed company, Landai Technology plans to raise 373 million yuan in the non-public fixed increase in 2022 for the "new energy vehicle high-precision transmission gear and motor shaft manufacturing project" to supply high-quality products such as Nidec and Graber. Customers; Precision Forging Technology plans to raise and invest 500,000 pieces of motor shaft production capacity in the convertible bonds in 2022, and has already been designated by a well-known domestic vehicle company, and the forecasted order volume can cover the current planned production capacity; Increase the production capacity of 600,000 pieces of motor shafts raised and invested. Production of domestic motor shaft manufacturers Motor shaft industry recommended target
Precision forging technology: deeply cultivate precision forging gears, and expand the motor shaft business horizontally. The company is a leading supplier of precision forged gears in China, mainly foreign-funded and joint venture high-quality customers, the main products are bevel gears and combined teeth, and are actively expanding new products such as differential gear assembly, main reduction gear, motor shaft and lightweight. We believe that the company’s advantages in expanding the motor shaft business will be more obvious. The first is that the production of motor shafts has something in common with the company’s forging process; the second is that the power transmission path of new energy vehicles is the motor (motor shaft) → main reduction gear → differential Gear assembly → wheels, the company has already led the industry in the differential gear assembly business, and will have more advantages in integrating the main reduction gear and even the motor shaft. At present, the company already has a production capacity of 611,000 motor shafts. It is estimated that 500,000 motor shafts will be newly built in the convertible bond project in 2022, and this production capacity has been nominated by a well-known domestic vehicle company and has a prototype development plan. The forecast order can cover the plan new production capacity. In 2022Q1-Q3, the operating income was 1.269 billion yuan, a year-on-year increase of 23.98%; the net profit attributable to the parent company was 174 million yuan, a year-on-year increase of 30.85%. Picture above (left): Precision Forging Technology's operating income and year-on-year growth ratePicture above (right): Precision Forging Technology's net profit attributable to the parent company and year-on-year growth rate Landai Technology: Coordinated development of dual main businesses, accelerating the deployment of new energy transmission business. The company's main business is touch display business and power transmission business. The leading products of the power transmission business are transmission assembly and gear shaft, new energy reducer assembly and new energy transmission system components, etc. Domestic first-line independent brands and international famous brand suppliers. The company strives to build automobile engine balance shaft assembly and parts, new energy reducer and new energy transmission system parts, automatic transmission assembly as the core product group. In the first half of 2022, mass production of the motor shaft production line for new energy auto parts invested and constructed by the company will come off the production line. Automobile high-precision transmission gear and motor shaft manufacturing project", to further expand the production capacity of new energy vehicle transmission parts. In 2022Q1-Q3, the operating income was 2.070 billion yuan, a year-on-year decrease of 9.01%; the net profit attributable to the parent company was 146 million yuan, a year-on-year decrease of 17.68%. Picture above (left): Landai Technology’s operating income and year-on-year growth ratePicture above (right): Landai Technology’s net profit attributable to the parent and year-on-year growth rate Tieliu shares: Consolidate the main business and enter the new track of new energy vehicle parts. The company's main business includes three major sectors: the automotive transmission system manufacturing sector, the high-precision parts manufacturing sector, and the smart service sector for the entire supply chain of commercial vehicle parts. At present, the business is expanding from traditional power vehicle parts to new energy vehicle core components. In 2021, the company raised 152 million yuan of funds through non-public offering of shares to invest in the "annual production of 600,000 sets of motor shafts and other core parts of new energy vehicles". It has been officially put into operation in June 2022 and is expected to fully reach production next year. The company has become a batch supplier of the motor shaft project of a well-known domestic new energy vehicle company's first-tier supplier. In 2022Q1-Q3, the operating income was 1.564 billion yuan, a year-on-year increase of 22.59%; the net profit attributable to the parent company was 69 million yuan, a year-on-year decrease of 54.05%. Picture above (left): Tieliu’s operating income and year-on-year growth ratePicture above (right): Tieliu’s net profit attributable to its parent and year-on-year growth rate Haoneng Co., Ltd.: Vigorously build the production capacity of motor shafts, and lay out the second growth curve. Vigorously develop the new energy auto parts industry. The company's differential system products are in a stage of rapid growth and will be one of the company's most important core businesses in the future; Has carried out cooperation and has rich and high-quality customer resources; in order to speed up the company's new energy vehicle product layout, in November 2022, the company passed the investment agreement for the "new energy vehicle key parts production base project", and plans to invest no more than 550 million yuan in construction. The production capacity of 2 million pieces of motor shafts for new energy vehicles is expected to reach production in October 2024, accelerating the growth of the second growth curve. The company's 2022Q1-Q3 achieved operating income of 1.072 billion yuan, a year-on-year increase of 0.70%; realized net profit attributable to the parent company of 166 million yuan, a year-on-year decrease of 5%. Picture above (left): Haoneng’s operating income and year-on-year growth ratePicture above (right): Haoneng’s net profit attributable to the parent company and year-on-year growth rate Wuzhou New Year: Deeply cultivating precision manufacturing technology for more than 20 years, and horizontally deploying green energy development. The company is a leading bearing manufacturer in China and one of the most powerful and potential companies in the domestic bearing industry for import substitution, with advanced precision manufacturing technology; with the rapid increase in new energy vehicles, the company is based on its entire industry chain of bearings and core technology of precision casting, Horizontally extend the industrial chain to new energy auto parts and other fields; according to the company's 2022 semi-annual report, the company is actively promoting the research and development of new energy automotive motor spindle products, and attaches great importance to its R&D and production; the company has high-quality customer resources, and the terminal supporting users are mainstream in Europe The motor shaft business is expected to become a new growth rate for the company's performance growth in industrial main engine factories and automobile complete machine brands Fiat, BMW, Japan's Toyota and domestic BYD, Weilai and other new energy automobile complete plant factories. According to the company's 2022Q1-Q3, the operating income was 2.512 billion yuan, a year-on-year increase of 42.29%; the net profit attributable to the parent was 142 million yuan, a year-on-year increase of 21%. Picture above (left): Wuzhou New Year’s operating income and year-on-year growth ratePicture above (right): Wuzhou New Year’s net profit attributable to parent and year-on-year growth rate
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