The rapid popularization of new energy vehicles, especially the pure electric vehicle market, has also driven a number of related core component manufacturers to become bigger and stronger. For example, taking the on-board charger OBC and the integrated power supply industry as examples, several companies such as Weimax and Foot Technology are sprinting for IPOs.
At present, products in the field of vehicle power supply are mainly divided into three types: one is a single-function (vehicle charger) product , which functions to convert household single-phase AC power (220V) or industrial three-phase AC power through the control signal of the battery management system (BMS) (380V) is converted into a DC voltage that can be used by the power battery to charge the power battery of the new energy vehicle.
The second is the two-in-one product , which mainly includes integrated products of on-board charger (OBC) and DC/DC converter, integrated product of DC/DC converter and power distribution unit (PDU), and has two single-function products. Functional features, through product integration design, can reduce occupied space to a certain extent, simplify vehicle wiring design, reduce costs, and improve vehicle development efficiency and quality.
The third type is a three-in-one product, which is mainly a module integration product such as an on-board charger (OBC), a DC/DC converter, and a power distribution unit (PDU). It has the functional characteristics of three single-function products, and through product integration The design can reduce the occupied space to a certain extent, simplify the wiring design of the whole vehicle, and reduce the cost.
According to the monitoring data of Gaogong Intelligent Vehicle Research Institute , the threshold for the top ten suppliers in the Chinese market (excluding import and export) in the delivery of passenger car chargers (including all-in-one integrated product solutions) in 2022 has been raised to 100,000 sets/year.
According to the data, Fudi Power (subsidiary of BYD), Weimax, and Inbolt rank the top three in the pre-installation share of on-board charger suppliers in 2022. Except for BYD and Tesla, the rest are third-party independent suppliers, which shows that outsourcing is still the mainstream trend in the OBC market.
In terms of technical solutions, 800V vehicle integrated power supply products have become a new mainstream trend in the market. For example, Weimax's 800V vehicle integrated power supply products have won fixed-point cooperation with customers such as Xiaopeng Motors, Lixiang Motors, and Lantu Motors. Among them, the Xiaopeng G9 model has been launched in the third quarter of 2022. It is the first 800V high-voltage power supply in China. platform for new energy vehicle models.
At the same time, bidirectional on-board power supply is also one of the trends. This solution can not only meet the needs of consumers in various application scenarios of electric vehicles, but also realize two-way flow of power and reduce energy waste. Therefore, the market acceptance of bidirectional on-board power supply has increased. Market penetration continues to increase.
In the context of the continuous growth of the new energy vehicle market, some listed companies of vehicle power supply systems are also accelerating the pace of production expansion. In the current situation where the gross profit margin of the industry's overall products is only in the range of 10-25%, it is undoubtedly the only way out to grab share through scale + technology upgrade.
For example, Xinrui Technology issued an additional announcement this year, planning to raise 1.392 billion yuan to invest in new energy vehicle power supply automation production line upgrades, new energy vehicle power supply intelligent production and construction projects (Phase II), and other projects. It is expected to add 289,200 units/ Sets of on-board power supply integration products, 7.39 sets/sets of on-board chargers and other production capacity.
According to the 2022 semi-annual report data, the gross profit margin of Xinrui Technology's on-board chargers fell to 16.87%, and the gross profit margin of on-board power supply integration products was only 5.16%, a year-on-year decrease of 6.63 percentage points. The company said that in the future, it needs to continue to introduce more competitive products, and maintain a relatively stable gross profit margin of products in a way of leading technology and economies of scale.
In addition, Weimax, which is sprinting for an IPO, will account for 79.49%, 80.75%, 87.79%, and 92.43% of the revenue of vehicle power supplies from 2018 to the first half of 2022, and the gross profit margins will be 26.42%, 28.35%, and 21.67% respectively. %, 20.32%, while the revenue share of this product is gradually increasing, the gross profit margin is showing a downward trend as a whole.
At the same time, some manufacturers are undergoing major adjustments to their product lines.
For example, according to the prospectus issued by Fute Technology, the gross profit margin of single-function OBC products in the first half of 2022 will be a negative 2.10%. , At the same time, due to factors such as inventory management level, the company sells at a lower gross profit margin.
And greater pressure comes from the influx of suppliers.
Take Inovance Technology, a local electrified parts supplier that entered the new energy vehicle track late, as an example. According to the 2022 semi-annual report data, the company’s revenue from electric drive and power system products increased by 89.34% year-on-year to 2.192 billion yuan. Among them, in terms of vehicle power supply products, the company is in the scale climbing stage.
Chongqing Meida, a holding subsidiary of DEREN Electronics, jointly invested and established a joint venture company with Forsun New Energy and Forsun Innovation in October last year to engage in the development, production and sales of new energy vehicle charging and distribution products. Among them, FAW Group has become the main potential customer, and currently the OBC of this brand model is mainly supplied by Delta.
At present, besides Gaohe and Porsche, the company's fixed-point customers have also established cooperative relations with many well-known domestic and foreign auto brand manufacturers such as BMW and Spotlight (a joint venture between Great Wall and BMW). At the same time, according to public information disclosure, the company is also one of the first manufacturers in the world to develop and mass-produce high-power on-board chargers with a 22kW 800V platform.
In addition, traditional foreign suppliers are also developing new market space.
For example, Valeo also launched the fourth-generation OBC on-board charger platform, which is also suitable for 800V, with powers of 11kW and 22kW respectively, and provides other functions such as two-way charging. At the same time, layout design, connectors and software can be customized. The technology is compatible with national standards and requirements, 1-phase or 3-phase, and can integrate DC/DC converters and PDU power distribution units.
As a major supplier of electrification components in the world, the company also provides a complete 800V product portfolio, including eAxle electric drives, eMotor motors, Inverter inverters, OBC on-board chargers and DC/DC converters, etc.
Another competitive company is Vitesco Technologies, which will be listed independently after being split from Continental in 2021. According to public information, from the second half of 2021 to the first half of 2022, the company has already won 10 billion euros in the electrification business Large-scale orders, including the main products: battery management system, all-in-one on-board charger, high-voltage inverter and electric axle drive system.
According to Gaogong Intelligent Vehicle Research Institute, as the electrification process enters a critical quality improvement cycle, technological upgrading is also accelerating. For mainstream markets such as all-in-one car chargers and 800V, it will drive a new round of replacement of the supplier market structure.