A new approach to manufacture metal/polymer macro-composite components is presented, in which the injected polymer melt from the injection machine forces the sheet metal blank to deform according to the contour of the mould and the space between the formed sheet blank acts as the moulding cavity of the polymer melt. As the melt cools down, it adheres to the surface of the formed sheet blank. The mechanism of adhesion bonding between the polymer and the surface of the formed sheet blank is discussed briefly. The deformation characteristics and evolution of plastic strains of the sheet blank during the manufacturing process, the distribution of plastic strains and thickness of the formed sheet blank, and the effects of drawing-in of the flange on these have been analysed by the finite element method and experiment. According to deformation characteristics, the formed sheet blank can be divided into five regions. It is shown that deep drawing is the dominating process when the pressure increases from 0 to about 30 MPa; after this stage, stretch forming of the sheet blank that has already been in the mould cavity is the dominating process and two highly strained zones with severe thickness reduction are developed.