Global NdFeB production is growing rapidly, with China accounting for 90% of global production.
New energy vehicle drive motors are promising. The requirements of the new energy vehicle for the electric drive system are high torque density and strong control ability, which coincides with the performance of NdFeB. The permanent magnet synchronous drive motor will still be the best choice for electric vehicles; and the amount of NdFeB bicycle is not large. The price sensitivity is low, and the future will benefit from the new energy vehicle.
The demand for automotive EPS and micro-motors is on the rise, and the penetration rate continues to increase. EPS has strong performance advantages in terms of maneuvering force, steering stability, active safety, etc. At present, the penetration rate is still around 25%, and the space is still large; the automobile micro-motor is accompanied by lightweight and intelligent car, and the usage will be systematic. Sexual improvement.
The proportion of inverter air conditioners will increase, and the increase of energy consumption standards will drive the demand for neodymium iron boron; the domestic inverter air conditioners still account for 60% of the increase in space, and the air conditioning energy standard stipulates that more than 2 air conditioners must use NdFeB;
Demand for wind power and electronics has grown steadily: wind curtailment has improved, VCM demand is stable
The price of rare earth is expected to bottom out, and the space of NdFeB gross margin is expected to improve, and enjoy the appreciation of rare earth inventory.
Advantageous enterprise strong Hengqiang: First, joint research and development with downstream enterprises, strong customer viscous, market and technical barriers continue to increase; Second, have overseas market patents, high market barriers; Third, superior financial institutions with good financial status, strong outsourcing capabilities.