On December 3, the Ministry of Industry and Information Technology of China issued an announcement to openly solicit opinions on the "New Energy Vehicle Industry Development Plan." It is worth noting that the "Comment Draft" first mentions the commercial use of fuel cells. Recently, policies in the fuel cell industry have emerged frequently. In the secondary market, related sectors are gaining momentum. Xiong Yun, CEO of Xiongtao Fuel Cell Co., Ltd., a subsidiary of Shenzhen Xiongtao Stock (002733), told reporters that the development of domestic hydrogen fuel cells exceeded expectations, and companies around the world are accelerating their deployment. The fuel cell will start the first year.
Favorable policies
For the commercial use of fuel cells mentioned in the Opinion Draft, analysts believe that the introduction of policies indicates that the feasibility of fuel cells has passed the stage of technical demonstration and is moving towards commercialization.
In fact, as early as 2006, China wrote hydrogen energy and fuel cells into the "Outline of the National Medium- and Long-Term Scientific and Technological Development Plan (2006-2020)." National Energy and Revolutionary Action Plans (2016-2030) and other national plans have clearly defined the strategic position of the hydrogen energy and fuel cell industries. The 2019 government work report states that it is necessary to "promote the construction of facilities such as charging and hydrogenation." Wan Gang, vice chairman of the National Committee of the Chinese People's Political Consultative Conference, recently stated in public that pure electric vehicles and fuel cell vehicles have their own advantages. The market demand for long-distance buses, two-shift rental, urban logistics, and long-distance transportation with a large surface area should be focused on industrialization in a timely manner. Expand to fuel cell vehicles, encourage key enterprises and places with conditions to carry out regional commercial operation demonstrations, and achieve full coverage of automotive product spectrum.
The support of the policy has boosted the confidence of the industry's development, and the planning and layout of hydrogen fuel cells in all regions has been accelerated. In the past two years, in order to seize the commanding heights of the hydrogen energy industry, more than 20 provinces and cities have issued hydrogen energy industry development planning and support policies to accelerate the deployment of the hydrogen energy industry. Some cities have made arrangements in terms of specific scales. For example, Zhangjiagang City mentioned in its development plan that by 2020, the output value of the city's hydrogen energy industry chain will exceed 10 billion yuan, and by 2025, the city's hydrogen energy industry chain will strive to reach 500 100 million yuan. By 2035, the output value of the hydrogen energy industry chain will exceed 100 billion yuan, and policy guidance will be strengthened to create an “Oriental Hydrogen Port”.
Other cities have made specific plans in terms of subsidies, such as the “Shenzhen 2018 Financial Support Policy for the Promotion and Application of New Energy Vehicles”. The subsidy standards for fuel cell vehicles are 200,000 yuan / car for fuel cell passenger cars, 300,000 yuan for fuel cell light passenger cars and trucks, and 500,000 yuan for fuel cell large and medium-sized passenger cars and medium and heavy trucks. In terms of subsidies for hydrogen fuel cell vehicles, Shanxi Province will give provincial financial subsidies at a 1: 1 ratio of central financial subsidies, and provide appropriate subsidies for hydrogen refueling stations and hydrogen fueling.
At present, China has initially formed major hydrogen energy industrial clusters such as the Yangtze River Delta, the Pearl River Delta, and Beijing-Tianjin-Hebei.
Listed companies smell "hydrogen" and dance
On December 4th, Xiongtao Hydropower held a production ceremony for a fully automated and intelligent hydrogen fuel cell stack production line (referred to as "Xiongtao Hydropower Reactor Production Line"). It is reported that the battery stack production line released by Xiongtao Hydrogen is "the first fully automatic, nationally produced battery stack production line". Zhang Huanong, Chairman of Xiongtao Co., Ltd., said that the Xiongtao Hydrogen Reactor Production Line was put into operation, which laid a solid foundation for the company to further explore and develop the hydrogen fuel industry.
It is understood that the current pain points of hydrogen fuel cells are mainly expensive, especially the electric stack, which accounts for more than 60% of the cost of hydrogen fuel cells. Xiong Yun told reporters that Xiongtao started investing in the hydrogen energy industry in 2014, but did not master the core technology in the early stage, which led the company to purchase foreign companies' electric reactors, which made Xiongtao's hydrogen fuel cell cost higher. . The commissioning of Xiongtao Hydrogen Reactor's production line means that the company has mastered the core technology of hydrogen fuel cell stack. Compared with the previous purchase price, the company's cost of using the stack can be reduced by half. With continued investment in the future, the cost of using the stack will reach about one-third of the previous purchase price. At present, Xiongtao has the first domestic hydrogen fuel cell stack automatic production line. All data are recordable and traceable. The independently developed first-generation hydrogen fuel cell stack has a single group rated power of 180W and the entire stack rated power covers 18 -36KW, with an estimated annual production capacity of 5,000 units.
In addition to Xiongtao, according to statistics, there are currently 62 listed companies involved in the hydrogen energy industry. In the upstream hydrogen production sector, 13 listed companies participated. Among them, Cryogenics (300540) focuses on hydrogen liquefaction and is already in mass production; Huachang Chemical (002274) focuses on chemical hydrogen production; China Shenhua (601088) enters the field of coal hydrogen production; Ice Wheel Environment (000811) focuses on hydrogen production Equipment. In the midstream of the industry, 16 listed companies participate in the fuel cell vehicle system business, and 4 listed companies including Xinrui Technology (300745) are mainly engaged in DCDC business. Six companies including Xiongtao and China Power (600482) participated in the reactor business. In terms of the vehicle business downstream of the industry, there are 20 listed companies participating in the fuel cell vehicle business, of which Zhongtong Bus (000957) is the company that has achieved the largest number of mass-produced vehicles among mainstream bus companies.
The National Securities Research Report pointed out that fuel cells are the prelude to a truly trillion-dollar industry, and there will be more and more new listed companies with layout, performance and space.
Secondary market segment is active
Hydrogen energy refers to the energy released by hydrogen during physical and chemical changes. Fuel cells are an important application for hydrogen energy. With the promotion and application of hydrogen energy and fuel cells in new energy transportation, industry and distributed energy supply, especially under the background of the state's gradual decline in subsidies for new energy vehicles, hydrogen energy and fuel cells may become capital The market is a hot topic.
Statistics show that 12 A-share companies involved in fuel cells have 12 companies whose stock price has increased by more than 50% during the year. Among them, Meijin Energy (000723), Xiongtao Shares, Quanchai Power (600218) and Sinosteel Tianyuan ( 002057) and other four companies rose over 100% during the year. Analysts generally said that under the environment of strong policy support, the fuel cell commercialization has accelerated, and some listed companies have contributed fuel cell performance, driving the sector's profit to continue to rise, and the annual report performance expectations are expected to highlight the leading mid-term allocation value and the performance of the market outlook. Worthy of attention.
Recently, the profitability of listed companies in the fuel cell sector has continued to rise. Statistics show that of the 62 listed companies in the fuel cell industry, 33 companies have achieved a year-on-year increase in net profit attributable to shareholders of the parent company, accounting for more than 50%. Among them, the net profit attributable to shareholders of the parent company such as Antai Technology (000969), Shouhang Energy Saving (002665), Xiongtao Share, Snowman Share (002639) during the reporting period doubled year-on-year.
In terms of the annual report performance forecast, as of now, 14 companies have taken the lead in disclosing the full-year performance forecast for 2019, and there are 7 companies that have achieved good results. Yeti, Hanlan (002498), Xiongtao and other companies are expected to increase their performance by more than 50% year-on-year. The performances of Shouhang Energy Saving and Ocean Electric (002249) are expected to turn around.
The future of the hydrogen energy industry is expected
As for the security issues that are generally worrying about the outside world, Xiong Yun told reporters that the public is relatively new to this "new energy" and that their concerns about security are completely understandable. But in fact, hydrogen is a safer gas than natural gas, its diffusion rate is 3.8 times that of natural gas, but the leakage energy is only about 40% of natural gas; hydrogen has the largest buoyancy and diffusivity, and the leaked hydrogen will be very The rapid rise and rapid diffusion in all directions makes it difficult to achieve the concentration required for the explosion.
Cheng Qianjiang, director of the Battery Research Institute of Wuqing Electric Intelligent Energy Research Institute, told reporters that the current top-level plan to mention hydrogen fuel cells is because of the current "several shortcomings" of lithium batteries. But hydrogen fuel cells also have their own shortcomings, such as safety issues, inconvenient transportation and storage, and high prices. All these problems need to be overcome by academics and the industry.