中国电动汽车零部件：准备好迎接繁荣

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1、ContentsWhyreadthisreport?1Factsandfigures4Relatedresearch5Movingintothefastlane6WhattheEVboommeansforcomponentmakers17Companysection29EveEnergy(300014CH)30Sanhua(002050CH)45YingheTech(300457CH)59Faratronic(600563CH)69Putailai(603659CH)81Disclosureappendix93Disclaimer96ChinaEVcomponentmakersFa

2、ctsandfigures2%Globalplug-invehicle’ssalespenetrationin201814%Ourglobalteam’sforecastofpenetrationin2025eGrowthisdrivenbysustainedpolicypushesinChinaandEurope,andimprovingbatterytechnology41%CAGROurglobalteam’sforecastforgrowthinplug-invehiclesalesover2018-21e38%GlobalEVlithiumionbatteryreven

3、ueCAGRin2018-21e41%GlobalEVfilmcapacitorrevenueCAGRin2018-21e44%GlobalEVheatmanagementrevenueCAGRin2018-21eWeexpectaglobalEVboomtodrivegrowthforChinaEVcomponentsuppliers40-70%Chinasuppliers’shareoftheglobalEVcomponentssupplychain4yearsAveragereplacementcycleoflithiumbatteryequipment2.5xThe

4、valueoftheheatmanagementsystemonanEVisabout2.5xthatonacomparableinternalcombustionenginevehicleRelatedresearchRecommendedreading...uSpotlight:ChinaSolarEquipment–Initiatecoverage:Brighterdaysahead,20June2019uSpotlight:AsiaEVBattery–Charge!TheracetobetheLi-ionkingheatsup,14June2019uSpotlight:Ch

5、inaPowerT&DEquipment–Initiatecoverage:Timetopowerup,11April2019MovingintothefastlaneuGlobalEVdemandissettoboomuWeseeopportunitiesforselectedChinesecomponentmakersalongthesupplychainuWeinitiateonfivestocksinthesector–preferEveandFaratronicwhichhavestrongerpricingpowerReadytoaccelerateThetransit

6、iontoEVscontinuestogathermomentumChinasuppliesbetween40%and70%ofglobalEVcomponents,dependingontheproductcategory,andisexpandingitsdominancealongthesupplychain.Atthesametime,ourglobalteamexpectsglobalEVpenetrationtorisefrom2%in2018to14%in2025(seeAsia/EuropeEVBattery–WhowilltaketheLi-ion’sshare

7、,14June2019).Hence,weseeplentyofupsidepotentialforChineseEVcomponentproducers.Despitechallengesalongtheway,thetransitionfrominternalcombustionengine(ICE)vehiclestoEVscontinuestogathermomentum.Forexample,countriesaroundtheworldhaverolled