金属非金属新材料——高功率密度时代到来,哪些新材料最受益

（以下内容从天风证券《金属非金属新材料——高功率密度时代到来,哪些新材料最受益》研报附件原文摘录）
　　China Advanced Materials 金属非金属新材料——高功率密度时代到来，哪些新材料最受益 As the market pursues higher energy density in the new era, which new materials should investors focus on? 投资要点/Investment Thesis 投资要点/Investment Thesis 为什么要实现高功率密度？ 功率转换器件既要小型化、又要大功率、还要低损耗的进步路径是高功率密度的内因。高功率密度，是追求电源系统内部功率转换器小型化的同时，还要实现高效的大功率输出。随着新兴终端应用领域（如光伏、新能源汽车）对功率输出和空间占比要求的不断提升，电子电力产业高频高功率密度的发展趋势不断确立。 Why is high power density necessary? Power conversion devices’ higher and higher energy density requirements are being driven by the quest for smallness, high power and low loss. The miniaturization of power converters is progressing along with high power output efficacy. As power output and space ratio factors continue to influence emerging end-use applications (solar driven and other new energy vehicles), the trend of high-frequency, high-power density would continue to propel the electronic power industry. 如何实现高功率密度？ 从主动+被动元件的角度出发，实现高功率密度有2种方案：（1）开关高频化，减少电容电感体积；（2）增大电容电感容量，匹配高功率应用场景。 从电感看，开关高频化带来高损耗的解决方案是高电阻软磁材料，同时，电路功率提升要求高饱和磁通密度（Bs值）的软磁材料以适配更大电流。 从电容看，高性能纳米级镍粉作为MLCC发展的关键材料，推动MLCC匹配高电容和小型化趋势，市场前景广阔。 从封装看，开关高频化引起的发热问题要求电子封装技术、尤其是散热性能不断提升，推动电子陶瓷封装成为封装技术的重要发展方向。 How to achieve high power density? Both active and passive components have two ways to achieve high power density: (1) achieve higher frequency switching by reducing capacitor and inductor volumes; and (2) increase capacitor and inductor capacities to match high-power application scenarios. Induction: in high frequency switching, one way to deal with the high induction loss is to use high-resistance soft magnetic materials. Greater circuit power requires soft magnetic materials with higher saturation magnetic flux density (i.e. Bs value) to handle higher currents. Capacitance: nano-scale high-performance nickel, a key material in multi-layer ceramic capacitors (MLCC), is a good choice as it provides both high capacitance and miniaturization. Packaging: as higher frequency switching generates more heat, electronic packaging technology upgrades are constantly required, especially in the area of heat dissipation. We see electronic ceramic packaging as a key driver of packaging technology developments. 高功率密度趋势下，哪些细分赛道新材料公司持续受益？ 从电感角度延伸，高性能软磁材料成为未来发展方向，其种类多、终端应用场景各不相同，例如：合金软磁粉芯站稳光伏新能源汽车高景气赛道；羰基铁粉软磁是汽车电子市场的优秀选择；非晶合金材料是“双碳”目标下推动配电变压器提效节能、降低空载损耗的卓越材料；纳米晶合金已在无线充电模块和新能源汽车电机领域实现规模化应用。 Which new material market segments will benefit from rising power density? The future of induction lies in high-performance soft magnetic materials, which come in multiple types and end-user application scenarios. They include soft magnetic powder core alloys for the high-profit solar energy vehicle market, where soft magnetic carbonyl iron powder is an excellent choice for automotive electronics. Amorphous alloy materials offer efficiency and energy saving for distribution transformers while reducing no-load losses, great for China’s dual-carbon goals. Nanocrystalline alloys have achieved large-scale deployment the wireless charging modules and new energy vehicle motors. 从电容角度延伸，高性能纳米级镍粉是MLCC高容小型化发展的关键材料。 从封装角度延伸，高端电子陶瓷封装是推动光通信、无线通信发展不可或缺的重要技术。 高功率密度趋势下，细分赛道中具有强α的头部公司，将充分受益下游景气度传导和国产化替代浪潮，持续看好其未来高成长性。 In capacitance, high-performance nano-scale nickel powder is a key material in the pursuit of MLCC high capacity and miniaturization. In packaging, high-end electronic ceramic packaging is an indispensable technology to drive optical communications and wireless communications developments. Thus, we believe the high power density trend imbues leading companies of each industry segment with strong alpha to benefit from downstream growth and Chinese substitution. We are optimistic about their strong growth prospects. 投资建议/Recomendation 标的推荐：铂科新材、博迁新材 建议关注：悦安新材、东睦股份、云路股份、中瓷电子 Recommendations · POCO Holding (300811 CH, BUY; initiation) · Jiangsu Boqian New Materials (605376 CH, BUY) Other companies (not rated) · Jiangxi Yuean Advanced Materials (688786 CH) · NBTM New Materials Group (600114 CH) · Qingdao Yunlu Advanced Materials Technology (688190 CH) · Hebei Sinopack Electronic Technology (003031 CH) 风险提示：下游市场需求不及预期、上游原材料价格波动、公司扩产不及预期。 Risks: less-than-expected downstream market demand; fluctuating prices of upstream raw materials; and slower-than-expected production expansion. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. 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