Source: Oriental Wealth Securities

The rapid development of the new energy automobile industry has put forward higher performance requirements for the drive motor, and one of the ways for the motor to improve the effective power density is to avoid high power output loss, which puts forward higher requirements for the motor materials, processes, software, packaging and other aspects. Amorphous strip is an ideal material for motor stator core.

Amorphous strip is expected to become the main material of motor stator core. Amorphous alloy material has many advantages compared with non-oriented silicon steel. The core lies in low loss, energy saving and environmental protection.

From the perspective of the car end, the replacement of amorphous motors helps the new energy vehicle to save energy by about 15%+.

According to our industry research data, amorphous motors are smaller, lighter, and 1-2% more efficient than traditional motors, from 96% to 98%-99%.

The application of new energy vehicles has accelerated significantly. According to the data of China Metallurgical Newspaper, in 2022, there are 12 domestic enterprises to achieve small batch supply, and about 600,000 amorphous small motors are applied in fields such as drones, vacuum cleaners, and air compressors. In terms of vehicle use, BYD, NIO, Changan, GAC and other new energy vehicle companies have begun research and established relevant research departments in this field, and some car companies have launched related products. In March 2023, GAC Aean released amorphous drive motor, and its excellent performance caused widespread concern in the industry, which greatly boosted the confidence in industrial development.

Under the neutral assumption, the amorphous motor market will reach 89.69 billion yuan in 2027 and 151.2 billion yuan in the long term. In 2027, the amorphous material market will reach 41 billion yuan, and the long-term market will reach 57.54 billion yuan.

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