Fast charging technology is expected to help the rapid growth of on-board power supply industry chain

2.1 Vehicle power supply

Batteries, electronic controls and motors are the three core components of new energy vehicles. New energy vehicles refer to vehicles that use new power systems and rely entirely or mainly on new energy sources. Compared with traditional cars, new energy vehicles have three core components: 1) "battery" assembly refers to the battery and battery management system; 2) "motor" assembly refers to the motor and motor controller; 3) high-voltage "electric control "Assembly, including on-board DC/DC converter, on-board charger, electric air conditioner, PTC, high-voltage power distribution box and other high-voltage components.

Vehicle power supplies mainly include vehicle DC/DC converters, vehicle chargers and vehicle power integration products. The on-board power supply is an important part of the new energy vehicle to achieve internal energy conversion. It plays a major role in the electronic control system and plays a role in coordinating the normal, safe and effective operation of various systems, including on-board DC/DC converters and on-board chargers. and vehicle power integrated products. Taking pure electric vehicles as an example, when the car is being charged, the AC power of the grid is first converted into DC power suitable for the power battery through the on-board charger for charging. purpose of operation.

The global and domestic new energy vehicle markets are huge. With the gradual advancement of electrification, networking, intelligence and sharing of vehicles, the technology of new energy vehicles is fully developed, and global consumer demand is showing an accelerated upward trend. According to Deloitte Consulting, global sales of new energy vehicles increased from 2.1 million in 2018 to 3.26 million in 2020, a CAGR of 24.6%. We expect global sales to reach 21 million in 2025. Under the influence of multiple factors such as new energy vehicle technology progress, policy support, and official subsidies, China's new energy vehicle production and sales are expected to achieve rapid growth. According to data from the China Automobile Association, China's new energy vehicle production will increase from 84,000 in 2014 to 2021. 3.545 million units in 2014, CAGR70.68%; sales volume increased from 75,000 units in 2014 to 3.521 million units in 2021, CAGR73.3%; at the same time, the penetration rate of new energy vehicles in China increased from 1.4% in 2015 to 2021 13.4% in 2019, the penetration rate is growing fast, there is still a lot of room for improvement, and the future development potential is great.

Vehicle power supply is closely related to the development of new energy vehicle industry. The on-board power supply is mainly used in new energy vehicles. It is an important component for realizing internal energy conversion in new energy vehicles. The demand is closely related to the sales of new energy vehicles. In recent years, under the support of the "new four modernizations" + policies of automobiles, the sales of new energy vehicles in my country have risen. As shown in Figures 18 and 19 above, the scale of my country's vehicle power supply market has also increased from 5.44 billion yuan in 2017 to 246.5 billion yuan in 2021. 100 million yuan, CAGR45.9%. With the continuous expansion of the new energy vehicle market, it is expected to reach 70 billion yuan in 2025 according to the "In-depth Research on the Status Quo of China's Vehicle Power Supply Industry and Investment Trend Forecast Report (2022-2029)". From the perspective of the proportion of vehicle power supply products in my country, in 2021, vehicle power supply integrated products accounted for 50% (market size of about 12.325 billion yuan), vehicle chargers accounted for 35.7% (market size of about 8.8 billion yuan), vehicle power supply integration Products accounted for 14.3% (the market size is about 3.525 billion yuan). the

2.2 Charging pile power module

Charging piles are energy supply facilities to maintain the operation of electric vehicles, and DC charging piles are the main development direction. As an important infrastructure for electric vehicles, charging piles can charge electric vehicles in various scenarios such as public buildings, shopping malls, residential parking lots, and charging stations according to different voltage levels. According to the charging type classification, charging piles can be divided into AC charging piles and DC charging piles. Among them, the AC charging pile outputs single-phase/three-phase AC power, which is converted into DC power by the on-board charger to charge the car. It has the characteristics of low power and long charging time, so private household parking spaces are used more; in comparison, DC charging The pile outputs direct current to charge the battery, with high power and fast charging speed, suitable for scenes requiring high charging efficiency such as public buildings, shopping malls, and public parking lots. With the accelerated development of fast charging, DC charging piles will become the main development direction of fast charging in public places.

Market demand + policy support drives the rapid development of China's charging pile market. Since 2021, the demand for new energy vehicles in my country has surged, and the sales and ownership of electric vehicles have both increased. The rapid development of the new energy vehicle industry has driven the demand for charging piles to increase, and the support and subsidies of my country's "new infrastructure" and "steady growth" policies have been superimposed , It is expected to drive new energy charging piles to maintain a high growth rate. According to the data of the China Electric Vehicle Charging Infrastructure Promotion Alliance, the market size of charging piles in my country will increase from 7.2 billion yuan in 2017 to 41.87 billion yuan in 2021, with a CAGR of 42.2%. the

In 2025, the market size of charging piles is expected to reach 210 billion yuan, and the 4-year CAGR of 50% is expected to grow rapidly. According to data from the Charging Alliance, the sales of new energy vehicles will explode in 2021, and the vehicle-to-pile ratio will rise to 3:1, which is still far behind the National Energy Administration's goal of reaching a vehicle-to-pile ratio of 2:1 in 2030. 1) According to the data of the charging alliance, the charging pile market in my country will be about 220 billion yuan in 2025. 2) We calculate in the following way: If the number of domestic new energy vehicles in 2025 predicted by iiMedia Consulting is 26.72 million, and the target vehicle-to-pile ratio is 2:1, the corresponding charging piles are 13.36 million, assuming 35% of them The value of a single DC pile is 38,000 yuan, and the value of a single AC pile is 4,000 yuan. The charging pile market is expected to reach 212.6 billion yuan in 2025. the

Combining the above charging alliance data and our calculation data, the estimated data is 212.6 billion yuan, compared with 41.87 billion yuan in 2021, with a 4-year CAGR of 50%, which reflects that the increase in the number of new energy vehicles in my country will force the development of charging infrastructure and the charging pile market Hope to maintain high growth.

The charging module is the core of the charging pile. Charging pile components mainly include charging modules, APF active filters, battery maintenance equipment, monitoring equipment and other equipment and materials for enhanced performance installation. Among them, as a power supply directly mounted on the printed circuit board, the power module can provide power supply for ASIC, DSP, microprocessor, memory, FPGA and other digital or analog loads, and is the core of the charging pile. The performance directly determines the output capability of the charging pile. From the perspective of the cost composition of charging piles, the cost of charging modules accounted for 50% of the cost in 2018, which is the component with the highest value in charging piles; APF active filtering, battery maintenance equipment and monitoring equipment accounted for 15%, 10% and 10% respectively ; Other equipment and materials accounted for 15%. the

Under the demand of "fast charging", the charging module is developing towards high power. Charging module, also known as "power module", is the core product with high technical barriers in charging piles. The technology of new energy vehicles continues to advance, and the electrical platform of electric vehicles is developing towards high voltage. The power density and charging rate of batteries of the same size are rapidly increasing to support the application of high-power fast charging of electric vehicles. Charging piles are in the transition period from AC charging (slow charging) to DC charging (fast charging). The continuous improvement of the power level of charging modules can meet the growing demand for fast charging of consumers. At present, my country's charging module has gone through three generations of development, from the first generation of 7.5kW to the second generation of 15/20kW, and is now in the transition period from the second generation to the third generation of 30/40kW. Domestic manufacturers Infineon, Yonglian, Enterprises such as Youyou Green Energy and Dianwang Quick Charge have already been able to mass-produce and use 40kW charging modules, and high-power charging modules have become the mainstream of the market.

The degree of standardization of charging modules will be further improved. There are many power supply manufacturers in my country, and there is no uniform production standard for charging modules in the industry. There are differences in the dimensions and installation interfaces of charging modules from different manufacturers or charging modules of different specifications from the same manufacturer. However, the size and interface incompatibility of the charging module will lead to an increase in the cost of charging pile replacement and a decline in economic benefits. At present, State Grid has launched three unified standards for charging modules: unified module dimensions, unified module installation interface and unified module communication protocol. This standard has largely solved the problem of poor product compatibility and is beneficial to further improve the standardization of charging modules. It also provides reference standards for domestic manufacturers to design and produce power modules.

Liquid-cooled charging piles have significant advantages. The traditional heat dissipation method of the charging module is air cooling, that is, heat exchange is performed through the air, and the cooling effect is passively realized, which can better meet the heat dissipation requirements of the 20-30Kw charging module. Although air cooling has better economic benefits, it has a high failure rate in harsh environments, and the heat dissipation function is weak under long-term high-heat operation. Compared with air-cooled heat dissipation, the liquid-cooled charging module under the full isolation protection technology is refrigerated by the compressor, relies on the circulating fluid to take away the heat, and uses the condenser to cool the circulating fluid to achieve the current temperature. It has high protection and low temperature. Noise (air-cooled heat dissipation noise is greater than or equal to 60 decibels, and liquid-cooled heat dissipation noise is controlled within 35 decibels), good heat resistance and easy maintenance, which meet the heat dissipation requirements of 70Kw and above charging modules under the fast charging demand. At present, although the cost of liquid-cooled charging modules is high, the price of liquid-cooled charging piles is higher than that of air-cooled charging piles at the same power, but the number of maintenance and repairs in the later period is less, which reduces operation and maintenance costs to a certain extent. It is expected to become the mainstream heat dissipation method for charging modules in the future . the

The technical difficulty of liquid-cooled charging piles lies in the sealing of cables and coolant. The most commonly used air cooling method is the cooling fan, that is, the air inlet and outlet of the charging pile box are designed as louvers, and the fan installed at the air outlet exhausts the heat generated by the power module. The power supply manufacturer is responsible for integrating the separate air cooling device and power supply. module. Different from the air-cooled charging pile, the liquid-cooled charging pile is a circulation channel specially injected with coolant between the cable and the charging pile, and the cooling fluid is driven by the power pump to circulate and take away the heat generated by the charging module. It is small in size and difficult to seal high. At the same time, since charging piles are easily affected by factors such as extreme weather and harsh environments, liquid-cooled cables need to undergo tests such as high temperature resistance, corrosion resistance, blast resistance, low temperature resistance, and weather resistance during the manufacturing process.

2.3 Charging pile connector

The connector is a bridge for the transmission and exchange of electric current and signals in electronic equipment. A connector, also known as a circuit connector, refers to a device that connects two conductors on a circuit so that current or a signal can flow from one conductor to another. It usually consists of contacts, insulators, housings, and accessories. Among them, the accessories, as an important part of the connector, can protect the wire and the contact body from damage, fix the cable and improve the electromagnetic shielding performance. Connectors are mainly used in the fields of communications, automobiles, consumer electronics, rail transit, aerospace and military. Connectors in different application fields need to meet basic mechanical properties, electrical properties and environmental performance. At the same time, due to different application scenarios, there are differences in the focus of connector functions and technical levels.

The automotive industry is an important application field for connectors, mainly used in charging and vehicle systems. In recent years, as the penetration rate of new energy vehicles continues to increase, the degree of electronic and intelligent vehicles has gradually increased, and the demand for connectors, which are necessary for automobile manufacturing, has risen. According to Bishop&Associates data, in 2021, the communication and automotive industries, as the main downstream application fields of connectors, accounted for 23.47% and 21.86% respectively; consumer electronics and industry accounted for 13.13% and 12.8% respectively; transportation and defense accounted for 6.96% respectively and 5.99%; other fields accounted for 15.8%. As a mid-to-high-end connector product, automotive connectors mainly cover circular connectors, radio frequency connectors, FCP connectors, I/O connectors, etc., and are widely used in power systems, body systems, information control systems, security systems and In the field of automotive equipment and other fields, the quality and performance requirements of connector products have been further improved.

High voltage connectors are widely used in charging piles. According to different transmission media, connectors can be divided into low/high voltage connectors that transmit electrical signals and high-speed connectors that transmit data signals. Low-voltage connectors are usually used in BMS, air-conditioning systems, lights and other fields of traditional fuel vehicles; high-voltage connectors can provide 60V-380V and higher voltage level transmission and 10A-300A and higher according to different scenarios and needs. The current level transmission ensures the reliable connection of products under high current and high voltage. It is currently widely used in electric vehicles and charging piles. Specific application products include AC charging ports, car chargers, high-voltage power distribution boxes, air conditioners, and batteries. and DC/DC, etc.; high-speed connectors mainly include FAKRA RF connectors, Mini-FAKRA connectors, HSD connectors and Ethernet connectors, which are mainly used in functions that require high-frequency and high-speed processing, such as cameras, sensors, GPS, Bluetooth , WiFi, infotainment systems, navigation and driver assistance systems, etc.

High-voltage connectors have high requirements for volume, electrical performance and reliability. Different from traditional fuel vehicles, new energy vehicles have a large increase in the number of electric drive units and electrical equipment, and the complexity of internal power currents and information currents has increased. Compared with medium and low-voltage connectors, in the field of high-current and high-voltage electric drive systems, high-voltage connectors have strict requirements on material selection and process, and their own volume, electrical performance and reliability also have high requirements. In addition, automotive connectors need to carefully control product quality, and relevant suppliers must also obtain IATF16949 quality system certification. At present, in the context of the increasing concentration of charging piles in my country, large-scale development has become a trend, and the continuous improvement of the quality of charging pile connectors is the premise and foundation for the rapid development of the charging pile industry. the

The demand for new energy vehicles + fast charging drives the growth of the domestic automotive high-voltage connector market. Low-voltage connectors are mainly used in traditional fuel vehicles, and the value is maintained at about 1,000 yuan/set; the high-voltage connectors used from the inside of the charging pile to the external charging gun interface and the battery terminal line have greatly improved in technology, and the drive of high-performance connector products And the charging power becomes larger, the value increases to 1000-3000 yuan/set, and the value of high-voltage connector bicycles increases significantly. At the same time, with the increase in demand for new energy vehicles, manufacturers are accelerating the deployment of charging pile connector products, and the increase in automotive high-voltage connectors is obvious, and the market size will continue to expand. According to the data, the market size of high-voltage connectors for new energy vehicles in my country is expected to increase from 8.01 billion yuan in 2021 to 15 billion yuan in 2026, with a CAGR of 13%, and the scale of high-voltage connectors for charging piles is expected to increase accordingly.

2.4 Charging pile cable

The electric vehicle charging cable is the carrier that connects the electric vehicle and the charging pile and is used to transmit electric energy. The charging pile cable is composed of conductor, isolation layer, insulation, core wire and filling, inner sheath and sheath, etc. The basic function is to transmit power to electric vehicles, and it is equipped with a certain number of signal lines, control lines and power supply auxiliary lines. And so on to ensure that the charging process is controlled accurately and the operation is correct. At present, charging pile cables are widely used in areas such as charging stations, parking lots, hotels, communities, and garages, and portable charging cables can be placed in the car. With the development of charging technology, the charging cable not only needs to have the function of power transmission, but also transmit the status and information of the vehicle and power battery to the charging pile for real-time interaction, and control the charging action if necessary to ensure the smoothness of the charging process. safety.

The classification of charging pile cable products is diversified. According to the shape, the charging pile cable can be divided into straight and coiled. Among them, the coiled cable is easy to maintain, more durable, and shrinks in time. The current price is relatively high, and the price is expected to fall with technological progress; according to the length, the charging pile cable is mainly divided into 2-5 meters and 6-10 meters. and more than 10 meters, 2-5 meters is the mainstream length to meet the basic charging needs; according to the charging level, the charging pile cable is divided into level 1 (120V), level 2 (240V) and level 3 (300-600V). As the global demand for fast charging grows, Level 3 will become the primary choice; according to the sheath material, charging pile cables can be divided into rubber sheaths, thermoplastic elastomer sheaths and PVC sheaths. the

Charging pile cables need to have good safety, applicability, durability and strong energy-saving effect. Electric vehicles have long charging and discharging times, high current intensity, and high frequency of cable use, so their safety is of paramount importance. On the basis of ensuring excellent insulation, electric vehicle charging pile cables still need to have the characteristics of aging resistance, heat resistance, low smoke and flame retardancy, so as to minimize the risk of accidents. In addition, the charging pile cable is easily affected by external factors such as sunlight, weathering, oil pollution, humidity and freezing, and it is difficult to avoid damage such as scratching, abrasion and rolling in daily use, so it is durable and has strong corrosion resistance. Slow aging speed is the basic requirement of cable products. At the same time, high-quality charging pile cables have strong conductivity and can be used normally in different scenarios and under different current conditions; using low-resistance copper as the basic material of charging piles ensures the quality of cable products while taking into account environmental protection benefit. the

The construction of fast charging piles promotes the rapid growth of the electric vehicle charging pile cable market. Statistics from the IEA show that in recent years, the construction scale of global electric vehicle public fast charging piles has continued to expand, from 27,600 units in 2015 to 385,700 units in 2020, with a CAGR of 69.46%. The charging pile cable, as the carrier connecting the electric vehicle and the charging pile, will be released together with the fast charging pile. Compared with the slow charging pile using a three-core copper core cable, the fast charging pile uses a five-core copper core that meets the requirements of the national standard. Cables, the value of cables increases with the power of fast charging piles. Research Dive data shows that from 2020 to 2026, the global electric vehicle charging pile cable will grow at a compound annual growth rate of 31.5%. As the Chinese government continues to introduce policies to promote the construction of charging and swapping infrastructure and further promote the development of the fast charging pile industry, my country's cable market is expected to achieve rapid growth.

Formulate independent charging pile cable product standards to promote the healthy development of the industry. Compared with traditional wires and cables, the performance and use requirements of charging pile cables are higher, and the current wire and cable standards are difficult to accurately cover the charging pile cable industry. Comprehensively considering the mechanical performance requirements, electrical performance requirements, safety, durability and environmental protection requirements of charging pile cables, new low-smoke halogen-free flame-retardant materials, polyester elastomers, polyurethane materials, etc. are more suitable for charging The insulation and sheath materials of pile cables are expected to become the development direction of charging pile cable products, and the independently formulated charging cable product standards are expected to drive the sustainable and healthy development of the industry.