High-voltage DC relay is a circuit switch with protection function, which is mainly used to control the current to DC in high-voltage environment. When the high-voltage battery module provides power for new energy vehicles, a high-voltage DC relay needs to be configured between the battery system and the motor controller to ensure the normal on-off of the electrical system: isolation is realized when the system stops running, and connection is realized when the system is running. When the vehicle is shut down or fails, the energy storage system can be safely separated from the vehicle electrical system to break the circuit. High-voltage DC relays are also widely used on the output side of DC charging piles. When the contactor is closed, it functions as a connection between the charging pile and the car; when it is disconnected, it isolates the charging pile from the external connection to play a safety protection role.

According to data from Shangpu Consulting Group, the global sales of new energy vehicles in 2023 are expected to reach 25 million, a year-on-year increase of 25%, of which the Chinese market accounts for about 40%, and the sales volume reaches 10 million, a year-on-year increase of 30%. The rapid growth of new energy vehicles has driven the demand for high-voltage DC relays. According to the calculation that each new energy vehicle needs to be equipped with 5 high-voltage DC relays at a unit price of 100 yuan, the global high-voltage DC relay market size in 2023 is about 12.5 billion yuan (RMB), of which the Chinese market size is about 5 billion yuan (RMB).

At the same time, with the introduction of national support policies and subsidy policies for the construction of new energy vehicle charging facilities, the charging pile market is also showing a trend of rapid growth. According to data from Shangpu Consulting Group, the number of global charging piles in 2023 is expected to reach 6 million, a year-on-year increase of 20%, of which the Chinese market accounts for about 60%, and the number of charging piles reaches 3.6 million, a year-on-year increase of 25%. According to the calculation that each charging pile needs to be equipped with 3 high-voltage DC relays at a unit price of 100 yuan, the market size of high-voltage DC relays in the global charging pile field in 2023 is about 1.8 billion yuan (RMB), of which the market size in China is about 1.08 billion yuan (RMB).

On the whole, the total global market size of high-voltage DC relays in 2023 is expected to reach 14.3 billion yuan (RMB), a year-on-year increase of 23%. Among them, the Chinese market size is expected to reach 6.08 billion yuan (RMB), a year-on-year increase of 28%, accounting for the global market share. 42%.

From the competitive landscape, the global high-voltage DC relay market presents oligopoly characteristics, the domestic market presents a super-strong pattern. At present, professional manufacturers with large quantities of supply in the high-voltage DC contactor market can be divided into three categories: the first category is specialized foreign relay manufacturers represented by Tyco Electronics, Panasonic and GIGAVAC; The second category is specialized domestic relay manufacturers represented by Hongfa, Shanghai Xiai and Guoli. The third category is downstream vehicle manufacturers represented by BYD. In terms of global market share, Panasonic and Hongfa are the top two, accounting for 60% of the market share; in terms of domestic market share, Hongfa shares account for about 40% of the market share, and the rest of the market share is occupied by BYD, Panasonic, Shanghai Xiai, Guoli shares and other manufacturers.

From the perspective of technological development, high-voltage DC relays can be divided into ceramic vacuum, ceramic inflation, epoxy inflation, performance and stability of ceramic vacuum> ceramic inflation> epoxy inflation, cost and process difficulty order is the opposite. Compared with epoxy resin plastic, ceramic shell has higher structural strength and better insulation and sealing performance, so it is suitable for high-voltage and high-current scenarios. However, the vacuum inside the contactor can make the contact opening distance very small, the arc is easier to extinguish when it is turned off, and the safety of pressure resistance and current carrying capacity is further improved. New energy car owner circuit voltage high current, high safety requirements, ceramic vacuum high-voltage contactor is more suitable for its use scenario. At present, domestic and foreign mainstream manufacturers are ceramic vacuum contactors as the main products, the future with the high-voltage trend of new energy vehicles, the performance requirements of high-voltage DC relays are higher, is expected to bring higher industrial added value.

From the perspective of industry risks, the main risks faced by the high-voltage DC relay industry are as follows: First, policy and institutional risks. The new energy vehicle and charging pile industries are greatly affected by national policies, such as subsidy policies, environmental protection standards, and charging facilities. Construction, etc., if there are adverse changes in policies or poor implementation, it may affect the growth of downstream demand; the second is product technology risks, as one of the core components of new energy vehicles and charging piles, high-voltage DC relays have higher requirements for product quality and technical level. If the product has quality problems or the technology lags behind competitors, it may lead to customer loss or market share decline; third It is the risk of intensified industry competition. With the rapid development of the new energy vehicle and charging pile market, more and more companies have been attracted to enter the high-voltage DC relay industry, if enterprises can not maintain technological innovation and product advantages, they may face the risk of price war or market share erosion.

From the perspective of investment recommendations, Champu Consulting believes that the high-voltage DC relay industry has good investment prospects and development potential. It is suggested that investors should consider choosing investment objects from the following aspects: first, the customer resources and market position of enterprises in the field of new energy vehicles and charging piles, and give priority to enterprises with stable cooperative relations with well-known vehicle manufacturers or charging pile operators; second, enterprises in the technical level and quality control ability and level of high-voltage DC relay products, giving priority to enterprises with high-end products such as ceramic vacuum contactors; the third is the technological innovation capability and R & D investment of enterprises in the high-voltage DC relay industry, giving priority to enterprises with continuous R & D investment and technological innovation achievements; fourth, the profitability and growth of enterprises in the high-voltage DC relay industry, giving priority to enterprises with higher gross profit margin and net interest rate, as well as rapid revenue growth and net profit growth.