The metal products industry: China IV emission upgrade drive catalyst Market

Market factors:

1、雾霾等空气污染问题日益突出,机动车排放是造成空气污染的第二大凶手,在巨大的环保压力下,国IV排放标准将于2015年1元1日在全国范围内开始实施,给汽车尾气处理器提供了巨大的市场,尤其是颗粒物排放标准的提高对柴油机改进提出更高要求。

1, the haze and other air pollution problems have become increasingly prominent, is the second largest killer vehicle emissions caused by air pollution, in the huge environmental pressure, China IV emission standards will be implemented in 2015 1, 1 yuan nationwide, provides a huge market for the automobile exhaust emission standard processor, especially the improvement of particle put forward higher requirements on the improvement of diesel engine.

2、催化剂的需求随着汽车产量的增加而增加,到2015年我国汽车产量达到2638万辆,增速10%,所需催化剂5239万升,增速9%,其中汽油车用量为2933万升,柴油车用量2305万升。柴油车产量较汽油车小。但单辆车的催化剂消耗量高。另外,柴油机从国III升级到国IV标准,应用SCR技术更具燃油经济性。

2, the catalyst demand increases with the increase of automobile production, to 2015, China's automobile production reached 26380000 units, growth of 10%, the catalyst is 52390000 liters, the growth rate of 9%, the amount of 29330000 liters of gasoline, diesel consumption 23050000 liters. Diesel gasoline yield is small. But the single car consumption is high. In addition, the diesel engine upgrade III from country to country IV standard, the application of SCR technology in more fuel economy.

3、目前国内尾气催化剂市场有80%被国外厂商占领,国内厂商利用稀土优势多研发以稀土为基的新型催化剂,欲以成本优势抢占市场。三家相关上市公司中均有各自清晰的发展领域,其中威孚高科专注于柴油机市场,贵研铂业的催化剂主要应用在汽油机市场,而西部材料的产品是用于催化器的载体部分。

3, the current domestic catalyst market has 80% occupied by the foreign manufacturers, domestic manufacturers to develop new advantages by using rare earth catalyst with rare earth base, want to seize the market with cost advantage. Has its own clear development field of three listing Corporation, including Weifu Gaoke focused on diesel engine market, your research platinum catalyst is mainly used in the gasoline market, while the western material products are used for carrier catalytic converter part.

投资策略:

Investment strategy:

即将实施的国IV排放标准对颗粒物的排放要求更高,对于柴油机的喷油系统和后处理系统有更大的改进空间。威孚高科专注于柴油机市场,并拥有进气系统、喷射系统和尾气净化系统的完整产业链,在国产车市场中占有率14%,并且公司业绩对国家环保政策的发布具有较高的敏感性,通过研发新技术和扩展产能来巩固自己的龙头地位,建议投资者关注。同时,也应注意到国IV排放标准执行力度小,商用车行业、尤其是柴油车行业复苏低于预期,威孚高科新增产能扩张速度低于预期等的风险。

The imminent implementation of the country IV emission standards for particulate emissions requirements are higher, there is more space for the improvement of fuel injection system of diesel engine and aftertreatment system. Weifu Gaoke focused on diesel engine market, and has an air intake system, injection system and exhaust gas purification system is a complete industrial chain, 14% share in the domestic car market, and the performance of the company to the state environmental protection policy issued has a high sensitivity, to consolidate its leading position through the development of new technology and the expansion of production capacity, investors pay attention to. At the same time, we should also pay attention to the country IV emission standards enforcement of small, commercial vehicle industry, especially diesel industry recovery than expected, Weifu Gaoke new risk is lower than expected the rate of expansion of production capacity.