The wind of the car “T†has become increasingly severe and the investment in turbochargers has continued to be hot. While domestic and foreign parts and components companies continue to add and increase investments in turbocharger related projects, the output value of China's automotive turbocharger industry will continue to expand.
â– Both domestic and foreign companies increase investment
Five days after the suspension of trading in the non-public offering of shares, Xipu (Hexi Xixia Auto Water Pump Co., Ltd.) resumed trading on the morning of September 3, 2014. West Pump Co., Ltd. announced that it plans to raise funds totaling no more than 550 million yuan, for an annual output of 1.5 million turbocharger housing projects for Nanyang Fragrance Automotive Components Co., Ltd., and 3 million auto parts components for Zhengzhou Feilong Auto Parts Co., Ltd. (Phase I) and supplementary liquidity. Among them, the turbocharger housing project is planned to invest 250 million yuan. After the project is fully put into production, it is estimated that sales revenue can reach 450 million yuan.
West Pump has always been committed to the research and development of auto engine parts market, and actively cooperates with auto vehicle manufacturers. Xipu Group believes that investing in turbocharger housing projects will enrich the company's product lines, make the production structure more rational, and increase its response to major customer needs.
In the turbocharger market, it is not just a company that owns West Pump. Hunan Tianyan, which has just recently been successfully listed, has already begun to increase investment in the R&D of gasoline engine superchargers. Although related products are still in the stage of small-scale trial assembly, Hunan Tianyan is still optimistic about the passenger car turbocharger market prospects. Honeywell and BorgWarner, two major turbocharger manufacturers, have already blossomed in the Chinese market.
On September 3, Honeywell 's new turbocharger plant in Wuhan was officially opened, which will triple Honeywell’s turbocharger capacity in China. The next day, BorgWarner also held a groundbreaking ceremony for its second turbocharger plant in Taicang City, Jiangsu Province. The factory mainly produces turbochargers for passenger cars and plans to have a capacity of 2 million by 2018. Above the table.
â– Global integration opportunities
In the automotive manufacturing sector, the joint procurement of parts and components and the global procurement of multinational companies is the most direct expression of global integration. West Pump Co., Ltd. believes that due to global integration, many foreign automobile manufacturers and auto parts giants have started production in China. The transfer of production capacity has led to the rapid development of numerous upstream and downstream cooperative companies, and the transfer of technology has also increased the production capacity of related supporting enterprises. As a result, domestic auto parts companies have gained historic development opportunities.
West pump shares also seize this opportunity. The reason why West Pump Co., Ltd. chose to invest in the turbocharger housing is based on its deep understanding of the development trend of global automotive turbochargers. On the other hand, West Pump shares hopes to use its own technology research and development, product production and sales, etc. The advantages of this aspect will occupy the rapidly developing automobile turbocharger housing market in China as soon as possible, increase the localization rate of the turbocharger housing in China, and make the automotive turbocharger housing product gradually become its new profit growth point.
At present, the main customers of Xipeng Shares include domestic customers such as Shanghai General Motors, SAIC-GM-Wuling, Shanghai Volkswagen Power, and foreign customers such as US Cummins. The turbocharger shell project invested this time is also planned. As early as May 2012, Xi Pump signed an agreement for the development and supply of turbocharger housings with Bozhou Warner Auto Parts (Ningbo) Co., Ltd. Wuzhou First Branch. The agreement shows that after the product is mass-produced, the lead time is 4 years. The 1.5 million turbocharger shell project will supply all of BorgWarner, and there is no mention in the relevant report issued by the West Pump Co., Ltd. Meanwhile, the reporter has not received a direct reply from Xipu.
It is certain that BorgWarner has become an important partner of West Pumps. The West Pump Company's 2013 annual report showed that the cooperation between the two parties was due to the relatively long test cycle of related products. The product began mass production in November of that year and achieved sales income of only 5.85 million yuan for the whole year. In the first half of this year, BorgWarner has become the fifth-largest customer of the West Pump Group, generating operating income of RMB 31.59 million for West Pump's shares, accounting for 4.02% of its total operating revenue. It is expected that this year's annual sales will reach $75 million.
â– Policy requirements for energy saving and emission reduction
Domestic and foreign parts and components companies increase investment in turbochargers in line with China's energy-saving emission reduction policy.
The state has made clear requirements for the fuel consumption of passenger vehicles, and the energy saving and emission reduction effects of turbocharging technology are relatively prominent. The use of turbocharging technology has become the most recognized technical measure to reduce the fuel consumption of internal combustion engines and reduce emissions. At the beginning of 2013, the "Opinions on Strengthening the Energy-saving and Emission-reduction of the Internal-combustion Engine Industry" issued by the General Office of the State Council clearly stated that it is necessary to speed up the promotion and application of high-efficiency pressurization systems on internal combustion engines, and to focus on the materials and manufacturing processes of gasoline turbo-superchargers for gasoline engines. By 2015, the proportion of high-efficiency pressurization technology on gasoline engines will reach more than 30%.
Compared to other automotive foundry parts, it is difficult to cast automotive turbocharger housings, and the materials have high toughness, high thermal strength, low thermal conductivity, and easy processing and hardening, which are difficult to process, while domestic production and processing capabilities are large. Fewer companies. However, under the support of relevant national industrial policies, it will certainly further promote the application of turbocharger technology and turbocharger R&D and production in China. The turbocharger housing produced by West Pump's investment project will be the main component of the turbocharger, and its market size will also be greatly improved.
In addition, as turbocharger technology is promoted to medium and low-power internal combustion engines, and the reliability of small turbocharger structures is continuously improving, the future of the internal combustion engine industry will accelerate the development of small turbocharged gasoline engines, and the market share of small turbocharged engines will be substantially increased. improve.
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