Zhitong Finance and Economics learned that the research report released by Huatai ** said that the fuse is an overcurrent protection device and is widely used in industry, new energy, aerospace and other fields. In the field of new energy vehicles, under the general direction of 800V high-voltage fast charging upgrade, fuses are expected to usher in both volume and price, and the bank is optimistic about the growth of the fuse market. From the perspective of market competition, domestic enterprises have accelerated the completion of localization, while in the global market, the market share of domestic brands is still low.
The main points of Huatai ** are as follows:
For short-circuit current protection devices, product reliability and consistency are particularly important
The fuse is an overcurrent protection device used for circuit safety, and can provide the most effective large-scale short-circuit current protection than other overcurrent protection devices. From the structural point of view, the fuse is mainly composed of melt, arc extinguishing medium, M-effect point, insulating tube shell, contact terminal and indicator. From the classification point of view, according to the power strength and application scenarios, fuses can be divided into electronic fuses and power fuses. From the perspective of production process, the production process of fuse involves key steps such as feeding, processing, inspection and packaging. From the cost point of view, direct materials account for a relatively large proportion of the cost of the fuse, more than 70%. From the perspective of industry barriers, there are barriers to qualification certification, market entry, R&D talents, and production scale for fuses.
The new energy market has a broad space, and high-voltage upgrades bring value increases
As the core protection device of the circuit system, the fuse has a wide range of applications. The downstream markets for electronic fuses include electronics, automotive low-voltage circuits, household appliances, and othersThe downstream markets of power fuses include traditional power generation, transmission and distribution, industrial power supply, industrial control, photovoltaic, wind power, nuclear power, energy storage, communications, new energy vehicles, rail transit, aerospace, ships, etc. In the new energy vehicle market, we believe that the high voltage fuse performance requirements are upgraded, and new products such as excitation fuses and intelligent fuses appear under the high performance requirements, and we expect the global market size to reach 3.1 billion yuan in 25 years. In the wind and solar storage market, we expect the global market size to reach 2.8 billion yuan in 25 years.
There is a lot of room for improvement in overseas penetration, and we are optimistic about domestic brands going overseas
Because it is an electrical safety device, the safe and reliable quality needs to be confirmed by large quantities and long-term applications, and enterprises with a large number of large quantities and long-term good safety protection history can gradually form a brand effect, and after more than 100 years of development, the fuse industry has become an oligopoly competitive market. Among them, the mid-to-high-end fuse market competitors are mainly international well-known brand manufacturers and a few domestic leading enterprises. The international brand enterprises in the global fuse industry are mainly Littelfuse, Eaton (Bussmann), Mersen, PEC, Schurter, and the main domestic enterprises are Haoli Technology and Zhongrong Electric. From the perspective of industry position and market share, domestic enterprises have a low market share in the world, and we are optimistic about the rapid increase in the global market share of domestic enterprises under the wave of going overseas.
Risk Warning:
Risk of policy changes in the new energy industry;The risk of intensifying competition in the fuse industry;Overseas market expansion is less than expected risk;The companies mentioned in the industry chain do not represent research coverage or investment recommendations for the company.