Torch Electronics (603678) Tracking Report: Localization of aero engine is imperative, and the development prospects of special ceramic materials are good

Torch Electronics (603678) Tracking Report: Localization of aero engine is imperative, and the development prospects of special ceramic materials are good

Ceramic-based composite material CMC has a clear development direction as a hot-end structural material for engines in the future, and has a tendency to replace some types of nickel-based superalloys widely used at this stage.

The special ceramic material produced by the company can be used to prepare CMC as a reinforcing fiber, and the company’s industrialization ability in special ceramic materials has been strengthened to obtain first-mover advantages. In the future, it is expected to benefit from the accelerated development of the domestic aviation engine industry and the localization rate of upstream key materials.Promotion.

It is necessary and urgent for the domestic aviation engine industry to realize autonomous controllability.

The aero-engine industry is an important guarantee for national security and the strength of the country. We believe that, whether in the military or civilian fields, if long-term dependence on foreign engine products is long-term, the development of related industries may be constrained.

At the same time, the specimen semiconductor industry, after being blocked by technology, is making many breakthroughs under the trend of autonomous controllability.

Therefore, we believe that the localization of the above-mentioned aero engine is necessary and urgent, and it is also expected to enter a rapid development stage under the requirements of autonomous controllability.

Ceramic matrix composite material CMC, as a substitute for high temperature alloys in existing engine materials, has a bright future.

Ceramic-based composite material CMC is a continuous high-temperature alloy in terms of high temperature resistance, oxidation resistance, strength and stiffness, density, and corrosion resistance. Its development direction as a hot-end structural material for engines in the future is obvious, and it is widely used at this stage for some models of nickel-based high temperature.合金有替代趋势,而且目前已在GE、P&W、R-R等多款先进航空发动机上得到应用。We estimate that the 淡水桑拿网 demand for CMC in the domestic aviation, aerospace, and nuclear energy fields will be about $ 10 billion per year in five years, and the corresponding demand for reinforcing fiber materials will be about $ 3 billion per year.

The company’s special ceramic material industrialization ability is outstanding, and it is expected to increase 200 million net profit after full production.

The special ceramic material produced by the company can be used as the reinforcing fiber and ceramic matrix to prepare CMC.

The company has laid out special ceramic materials and PCS (which can be used as ceramic substrates and raw materials for the preparation of reinforcing fibers) for 6 years. The expansion has continued to grow. The subsidiary Liya New Materials has formed a capacity of 10 tons per year.

The number of domestic special ceramic 深圳桑拿洗浴网 material manufacturers is relatively small, the company’s product performance is stable, industrialization capabilities are replaced, and some products have first-mover advantages.

Special ceramics has strong downstream demand and foreign embargoes. Under the background of domestic substitution, the company’s industry segmentation and competitive advantages are prominent, and it is expected to fully seize the domestic market.

We estimate that the company is expected to increase its net profit by approximately 200 million a year after the current production capacity is fully produced and sold. Special Ceramics Materials will bring a breakthrough marginal increase to the company’s performance, which is the main driving force for the company’s medium and long-term growth.

The business sector of the capacitor business has benefited from the upward economic boom, with a growth rate of over 20% expected.

In terms of self-production, the company’s leaders in the field of military MLCCs have consolidated and consolidated. The downstream demand is better than the overlapping military information construction and domestic substitution acceleration. Traditional self-produced ceramic capacitors help maintain a 30% growth rate. Pulse capacitors, pulsesNew business volumes such as power multilayer ceramic capacitors are gradually released, and are expected to contribute hundreds of millions of dollars in revenue by 2020; the subsidiary Guangzhou Tianji monolithic ceramic capacitors and small-volume thin dielectric layer ceramic capacitors that are intended to issue convertible bonds for industrializationAnd other new product development potential.
In terms of agency, the company has a solid relationship with the original factory and continues to expand its product line. Driven by downstream demand in consumer electronics, automotive electronics, security and other fields, as well as tight inventory recently, rising prices, the business development trend is improving.

Risk factors: MLCC prices rise sharply, new product orders, market development is less than expected, etc.