While the new energy vehicle market shows great vitality, the development of new things also brings many new problems. New energy vehicles are prone to fire and explosions. Data show that in 2021, the number of new energy vehicles in my country will reach 7.84 million, and 3,000 fire accidents have occurred nationwide.
According to the statistics of the Fire and Rescue Bureau of the Ministry of Emergency Management, in the first quarter of 2022, 19,000 fires of various types of vehicles were reported, of which 640 were new energy vehicles, a year-on-year increase of 32%, which means that on average, more than 7 new vehicles will occur every day. Energy vehicles spontaneously combust.
What is an automotive thermal management system? What is the prospect of its application in new energy vehicles?
[New energy vehicles need more thermal management]
The automotive thermal management industry integrates the knowledge of thermal, mechanics, electrical and other disciplines, involving forging, welding, assembly and other processes, and there are high technical barriers. Its essence is to control the temperature through heat transfer and form a reasonable temperature field.
Compared with the thermal management system of traditional automobiles, the thermal management system of new energy vehicles is more complex, and it also has higher requirements in terms of system efficiency and temperature control accuracy.
The thermal management system of a traditional automobile basically revolves around its power system, mainly including the engine cooling system and the air conditioning system that mainly uses the waste heat and power of the engine for heating/cooling. Compared with the traditional automobile thermal management system, the thermal management system of the new energy vehicle is separated from the traditional “three electricity” and has no engine waste heat to use, so it needs to rely on PTC and heat pump. The temperature control accuracy of management puts forward higher requirements. Therefore, the fundamental changes in the power system of new energy vehicles, especially pure electric vehicles, are reshaping the architecture of automotive thermal management systems.
Chang Aluminium Co., Ltd. is deeply engaged in automotive thermal management technology
Changlu’s products are widely used in household/commercial air conditioning systems, automotive heat exchange systems, various basic materials for new energy vehicle power batteries, cooling systems, new energy vehicle power batteries, construction, interior decoration and other fields.
The Precision Machinery Manufacturing Division mainly provides thin-walled precision high-frequency welded pipes for automobiles, precision stamping parts, new energy battery shells (blade batteries), cores for various heat exchangers for passenger cars, and various heat exchangers for commercial vehicle construction machinery. Exchangers and other products are widely used in internal combustion engine radiators, new energy vehicle batteries, automotive heat exchange systems, air conditioning systems, construction, heavy commercial vehicles, light commercial vehicles, agricultural machinery markets, international markets, etc.
As a cathode current collector, battery aluminum foil is developing into a fast-growing emerging field in the industrial chain, with broad prospects, benefiting from the acceleration of the electrification process of new energy vehicles around the world. Zhongtai Securities recently estimated that the global battery output from 2021 to 2025 will be 426, 603, 790, 997, and 1270GWh, respectively. According to the calculation of 400 tons of aluminum foil per GWh, the demand for battery aluminum foil will reach 508,000 tons in 2025, with a compound growth rate. more than 30%.
The progress of R&D projects in the annual report
The battery network learned that at present, the annual production capacity of Changlu Power battery foil is about 6,000 tons. Customers in the direction of new energy power batteries include BYD, Guoxuan Hi-Tech, and Honeycomb Energy. It is worth noting that a few days ago, BYD’s 8 billion yuan 15GWh power battery project landed in Fuzhou, Jiangxi Province, and the production capacity of two phases of power battery projects in Yancheng is expected to be 30GWh; Volkswagen China officially controls Guoxuan Hi-Tech and introduces 7.3 billion overweight power batteries and ternary materials. ; Honeycomb Energy raised the planned production capacity of power batteries in 2025 to 600GWh on its second battery day.
With the rapid development of the power battery industry, the contradiction between the supply and demand of battery aluminum foil has become increasingly prominent, and the supply obviously cannot keep up with the growth of demand. Changlu expects that the supply of power battery foil will continue to be tight in the next three years, especially the supply of high-quality power battery foil will be Stay tense.
Chang Aluminum Co., Ltd.: BYD “blade battery” battery shell + honeycomb energy “short knife battery” battery shell
1. BYD “Blade Battery” battery case:
After more than 100 days and nights, Xinheyuan successfully independently developed the first domestic production line of new power battery case for new energy vehicles. In April 2021, the company’s production line was officially launched. In that year, Xinheyuan undertook the production task of BYD’s “blade battery” battery shell worth 200 million yuan. The company’s sales rose from more than 300 million yuan in 2020 to more than 500 million yuan in 2021. , a technological innovation brought 200 million yuan in sales to the company.
2. On this production line, the test production of Honeycomb Energy’s “short knife battery” battery case is carried out at the same time. “Compared with ‘blade’, some processes of ‘short knife’ battery shell still need technological innovation.” Gao Bo, manager of Xinheyuan Technology Department, introduced that in February this year, the company started 5 new energy vehicle new power battery shell production lines. After reaching production, it will achieve an annual output of 100 million sets of cell casings.
3. Xinheyuan Company, namely Shandong Xinheyuan Heat Transfer Technology Co., Ltd., was established in 2009 and is a wholly-owned subsidiary of Changlu.
Changed ownership of Jinan State-owned Assets, Qilu Finance 468 million acquisition + 825 million fixed increase to gain actual control
Qilu Caijin acquired 71,602,400 shares held by Changshu Aluminum Foil Factory Co., Ltd. (hereinafter referred to as “Changshu Aluminum Foil”), the controlling shareholder of Changlu Co., Ltd., accounting for 9% of the company’s total share capital. The transfer price was RMB 6.54 per share. The transfer is a premium acquisition, which is more than 36% higher than the company’s stock price of 4.79 yuan before the suspension.
While Changshu Aluminum Foil received 468 million yuan of transfer funds, it also signed the “Voting Rights Entrustment Agreement” with Qilu Caijin. The voting rights corresponding to the 84.2906 million shares of Changlu held by it (equivalent to 10.59% of the total share capital of the listed company) are entrusted to Qilu Caijin for exercise, and the entrustment period is not less than 18 months. After the completion of the above-mentioned share transfer and the entrustment of voting rights, the controlling shareholder of the company will be changed from Aluminum Foil Factory to Qilu Finance, and the actual controller will be changed from Zhang Ping to Jinan State-owned Assets Supervision and Administration Commission.
In addition, the company plans to raise a total of no more than 825 million yuan (including the original amount) from Qilu Finance, and the issue price is 3.48 yuan per share. The net proceeds after deducting issuance expenses will be used to replenish working capital and repay short-term borrowings.
After the completion of the fixed increase, Qilu Caijin directly holds 29.90% of the company’s shares, and holds 38.06% of the voting shares of the listed company.
Chang Aluminium Co., Ltd. benefits from the development of the new energy automobile industry, and its production capacity enters a period of expansion
1. In 2021, it is announced that it plans to invest in a new 30,000-ton power battery special aluminum foil project . The total construction period of the project is 24 months, and the total investment amount is expected to be about 350 million.
2. Baotou Changlu, a wholly-owned subsidiary, invested in the construction of a 100,000-ton recycled aluminum sheet, strip and foil project . It is estimated that the total investment of this project is about 220 million yuan.
From 2017 to 2020, Changlu’s revenue hovered around 4 billion all the year round, and in 2021, it achieved a leap of 6 billion in revenue. The development of new energy vehicles has brought historic development opportunities to Changlu.
Summary: Core Aspects
1. The company is an old-fashioned aluminum plate, strip, and foil processing enterprise, with a deep layout of high-speed rail materials and automotive lightweight business .
2. The company currently mainly produces automotive lightweight products covering automotive radiators, new energy power battery pack cooling modules, battery foils, casings, etc. The liquid-cooled plate materials are widely used in energy storage and heat dissipation scenarios.
3. Xinheyuan, a wholly-owned subsidiary, is one of the few companies in China that can produce “blade battery” casings. In 2021, Xinheyuan’s “blade” battery case business achieved a revenue of about 200 million yuan (China Development Network reported that the production line was started for the first time in April 21); in February 22, the company started construction of 5 new power battery cases for new energy vehicles After reaching the production capacity, it will achieve an annual output of 100 million sets of cell casings.
4. In addition toindirectly providing alloys to Ningde Times and Tesla, the new energy OE car companies that the company cooperates with include: BMW New Energy,BYD , etc.; involving vehicle lightweighting, including sound insulation and noise reduction systems.
5. The controlling shareholder of the company is Qilu Caijin Investment Group Co., Ltd., and the actual controller is Jinan State-owned Assets Supervision and Administration Commission.
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