Hydrogen energy is included in the report for the first time, fuel cell stocks become a new main line

Hydrogen energy was included in the government work report for the first time, making this industry the focus of everyone's attention. Industry insiders believe that hydrogen fuel cells have the characteristics of zero emissions and zero pollution and are the ultimate new energy power solution. The development of fuel cells will set off a new round of energy revolution, and the hydrogen fuel cell market will reach trillions in the future. With the support of policies, hydrogen energy may usher in an industrial explosion in the future.

Hydrogen energy was included in the government work report for the first time

On March 15, the State Council Information Office held a briefing to interpret 83 revisions to the government work report. One of them attracted market attention - "Promote the construction of charging, hydrogenation and other facilities." This is the first time that hydrogen energy has been included in a government work report. The industry believes that the revision of the government work report marks the government’s emphasis on the use of hydrogen energy.

Hydrogen energy was included in the government work report for the first time, making this industry the focus of everyone's attention. It is reported that hydrogen energy is a kind of secondary energy. It is produced by using other energy sources through certain methods. Unlike coal, oil and natural gas, which can be mined directly from the ground and rely almost entirely on fossil fuels, hydrogen energy is regarded as The clean energy with the greatest development potential in the 21st century.

“Hydrogen energy has unique advantages in renewable energy storage.” Industry insiders pointed out that compared with energy storage methods such as pumped hydro storage, compressed air, and secondary batteries, hydrogen energy storage has geographical environment. It has notable features such as few restrictions, wide scale adaptability, low investment cost, and environmental friendliness. Hydrogen fuel cells have the characteristics of zero emissions and zero pollution. They are considered to be an ideal technology for clean and environmental protection in the future and the ultimate new energy power solution. The development of fuel cells will set off an energy revolution. Hydrogen will replace part of oil and become an important part of the energy system. In the future, the hydrogen fuel cell market will reach the trillions level.

Recently, the Guyuan Wind Power Hydrogen Production Comprehensive Utilization Demonstration Project, China’s first wind power hydrogen production industrial application project, has made new progress. According to news released by the project party, the entire structural structure and building decoration of the project have been completed. All hydrogen production equipment has been installed and 95% of the hydrogen production system pipelines have been completed. The next step will be to debug the equipment.

According to data, the Guyuan Wind Power Hydrogen Production Project in Hebei Province is a key project in Hebei Province, with a total investment of 2.03 billion yuan. The project is invested by Hebei Jiantou New Energy Co., Ltd. and conducts technical cooperation with German McPhy, Encon and other companies. Cooperate to introduce advanced German wind power hydrogen production technology and equipment to build a 200-megawatt capacity wind farm, a 10-megawatt water electrolysis hydrogen production system, and a hydrogen comprehensive utilization system in Guyuan County.

In terms of fuel cells, my country has established the "863 Plan Electric Vehicle Major Special Project" since 2001, defining a three-vertical and three-horizontal strategy, with pure electric, hybrid electric and fuel cell vehicles as the three verticals. The three horizontal elements are multi-energy powertrain control, drive motor and power battery. As the fuel cell industry matures, support is gradually increasing. In November 2016, the “Thirteenth Five-Year Plan for Strategic Emerging Industries Development Plan” proposed to systematically promote the research and development and industrialization of fuel cell vehicles.

The "Blue Book on Infrastructure Development of China's Hydrogen Energy Industry" further outlines China's hydrogen energy development roadmap: By 2020, China will have 10,000 fuel cell vehicles and 100 hydrogen refueling stations. The total output value will reach 300 billion yuan; by 2030, the number of fuel cell vehicles will reach 2 million, the number of hydrogen refueling stations will reach 1,000, and the industrial output value will exceed one trillion yuan.

Essence Securities analyst Deng Yongkang mentioned in his report that during the two sessions, many representatives repeatedly mentioned proposals and suggestions for developing the hydrogen fuel cell industry, which mainly included improving strategic status, increasing investment in technology research and development, and subsidies. Policies and improved infrastructure implementation, etc., the market attention is unprecedentedly high.

Fuel cell commercialization begins

With the rapid development of China's economy, the automobile industry has become one of China's pillar industries. In 2007, China has become the world's third largest automobile producer and second largest automobile market.

At the same time, automobile fuel consumption has also reached 80 million tons, accounting for about 1/4 of China's total oil demand. Today, when energy supply is becoming increasingly tight, the development of new energy vehicles is urgent. Using hydrogen as a fuel for cars is undoubtedly one of the best options.

Tianfeng Securities analysts Yang Zao and Yang Xingyu pointed out that 2019 will be the first year of commercialization of fuel cell vehicles. In the future, fuel cell vehicle systems will be mainly used in the field of commercial vehicles in China. Tianfeng Securities reported that electric vehicles have initially solved the "usability" problem, and the next step is to solve the "ease of use" problem. The application of electric vehicles in the field of commercial vehicles has pain points such as high cost, inconvenient charging, and poor use experience in winter. Fuel cells are one of the most promising auxiliary solutions. The technological progress of three electric vehicles brought about by the large-scale promotion of electric vehicles has also laid a solid foundation for the promotion of fuel cell vehicles.

Essence Securities analyst Deng Yongkang said that according to Information Trends report data, global fuel cell passenger vehicle sales reached 3,260 units in 2017, a year-on-year increase of more than 40%. According to data from the China Association of Automobile Manufacturers, there are currently no fuel cell passenger vehicles on the market in China, mainly fuel cell commercial vehicles. In 2018, sales reached 1,527 units, a year-on-year increase of 20%. In the future, with the promotion and implementation of the "Ten Cities, Thousands of Vehicles" campaign, Sales scale will increase significantly in the future.

Another historic milestone in the commercialization of fuel cell vehicles is that in August 2018, Weichai Power made an equity investment of approximately US$163 million in Ballard, and will hold a 19.9% ??stake in it, becoming a major shareholder of Ballard. Ladd's largest shareholder. At the same time, Weichai announced that it will provide at least 2,000 sets of fuel cell modules for commercial vehicles by 2021. This is the largest commercial vehicle fuel cell vehicle deployment plan in the world's history.

According to Fuji Keizai’s forecast, the global fuel cell market is expected to reach 5.2 trillion yen (approximately RMB 340 billion) by 2025, of which the fuel cell vehicle market size will exceed 50%. In 2011, the fuel cell vehicle market The market is only 300 million yen. In the future, with the improvement of technology upgrades, hydrogen refueling stations and other infrastructure, and increased policy support, the global fuel cell vehicle market is expected to expand to 2.91 trillion yen (approximately RMB) by 2025. 190 billion yuan), accounting for more than half of the overall market.

Analysts pointed out that the hydrogen energy industry was included in the government work report for the first time, marking the government’s emphasis on the use of hydrogen energy. With the support of policies, as the core technology of fuel cells accelerates breakthroughs, hydrogen energy may usher in an industrial explosion in the future. Related concept stocks, such as Donghua Energy (002221), Hongda Xingye (002002), Houpu Shares (300471), Binhua Shares (601678), Snowman Shares (002639), and Dayang Electric (002249) deserve special attention.

Individual stocks are on the rise

Donghua Energy (002221)

The company revealed at the end of last year that it had built the first commercially operated hydrogen refueling station in Jiangsu. The company stated that hydrogen energy can be widely used in fuel cell vehicles, power generation, energy storage, and mixed with natural gas for industrial and residential gas use, and can replace oil and natural gas. The hydrogen energy industry has rich connotations. The company attaches great importance to the comprehensive utilization of hydrogen energy. In the next stage, it will open up the entire industry chain channel for hydrogen energy utilization, give full play to the economic benefits of hydrogen energy, and further enhance the competitive advantage of the entire LPG deep processing industry chain.

Public information shows that Donghua Energy’s main business scope covers international and domestic trade of alkane resources, terminal retail, deep processing of alkane resources and comprehensive utilization of hydrogen energy. Institutional analysis pointed out that the company changed its raised funds last year to invest in projects such as Ningbo PDH Phase III, Ningbo Cave Warehouse and Lianyungang Terminal Storage Tanks. It is expected that 7 sets of PDH and downstream deep processing projects will be completed in the next 3-5 years. It is expected that the pace of 1-2 sets of PDH projects will be put into operation every year from 19 to 21. By 2022, the company's total PDH and supporting PP production capacity is expected to reach 4.56 million tons and 3.2 million tons, further consolidating its leading position, and is optimistic about the long-term growth of the company's main business and its extended layout in the hydrogen energy and new materials industries.

In addition, Donghua Energy has acquired equity interests in many companies and is vigorously developing hydrogen energy. The company announced on March 6 that its wholly-owned subsidiary Donghua Automobile plans to transfer the 33.33% stake in Donghua Clean Energy, a subsidiary of Donghua Energy Holdings, held by Wang Shangde. The company plans to transfer 23.66% of Zhangjiagang New Materials' equity held by its wholly-owned subsidiaries Nanjing Donghua, Taicang Donghua and its holding subsidiary Ningbo New Materials. The company plans to transfer 20% of Ningbo Chemical's equity. After the above equity transfer is completed, Zhangjiagang New Materials will become a company. Ningbo Chemical became a wholly-owned subsidiary of the company.

Analysis points out that the hydrogen energy and fuel cell vehicle industries have entered the early stages of commercialization. With the support of policies, as fuel cell core technology accelerates breakthroughs, hydrogen energy industry chain companies are expected to benefit. As a leader in hydrogen energy, Donghua Energy has huge room for growth.

Houpu Shares (300471)

On November 2 last year, Houpu Shares issued an announcement stating that its wholly-owned subsidiary Sichuan Houpu Excellence Hydrogen Energy Technology Co., Ltd. and the French Air Liquide Group Air Liquide Advanced Technologies Co., Ltd., a wholly-owned subsidiary of Air Liquide, has jointly invested in the establishment of a joint venture in Chengdu to engage in the development, production and sales of hydrogen fuel cell electric vehicle refueling stations. The two parties will jointly promote the development of the hydrogen energy industry chain to promote the construction of China's hydrogen refueling infrastructure. And signed the "Joint Venture Term Sheet" at the company on November 2, 2018.

Houpu Co., Ltd. stated that under the direction of the hydrogen energy development policy, the company has established a joint venture with Air Liquide Advanced Technologies Co., Ltd. to achieve maximum resource sharing in hydrogen energy with the French Air Liquide Group. , jointly promote the hydrogen energy industry chain and promote the construction of hydrogen refueling infrastructure. This cooperation will lay a solid foundation for both parties to develop hydrogen energy business in domestic and international markets, strengthen the company's sustainable development capabilities, and promote the company's future development of hydrogen energy business.

Public information shows that Air Liquide is a global leader in technology and services in the field of industrial and medical gases. It has more than 65,000 employees worldwide, operates in more than 80 countries around the world, and serves more than 350 customers. Provide services to millions of customers and patients. The company has participated in the construction, investment and operation of more than 100 hydrogenation stations (including 70Mpa hydrogenation stations) and 8 liquid hydrogen devices around the world, and has rich refueling station equipment data and related technologies.

Industry insiders pointed out that Houpu Co., Ltd.’s main business is based on the manufacturing of high-end equipment for clean energy and corresponding energy engineering consulting, design, and construction. At present, the company has gradually formed service capabilities covering the entire industry chain in the field of hydrogenation stations, including engineering design, core component research and development, complete equipment integration, system platform integration, hydrogenation station installation and commissioning, and after-sales service, and has successfully built hydrogenation stations. It has four core advantages: design capabilities, core component development capabilities, good relationships with multiple customers, and a complete after-sales service system. The fuel cell vehicle business will be a long-term positive for the company.

Hongda Xingye (002002)

The company announced on the evening of February 18 that the company signed a "Hydrogen Energy Project Cooperation Agreement" with the "101 Institute" of the Beijing Institute of Aerospace Experimental Technology. , aiming to cooperate in hydrogen energy technology research and development, equipment development and promotion, etc., and use their respective advantages to make the hydrogen energy industry bigger and stronger.

The announcement shows that Institute 101 was established in 1958. It is my country’s largest, most comprehensive and technologically advanced aerospace power ground comprehensive test research base, and the only hydrogen-oxygen engine research and test base in my country. In the long-term scientific research and application, we have mastered the large-scale preparation, storage, long-distance transportation and safe application technology of liquid hydrogen, developed corresponding equipment, realized large-scale liquid hydrogen storage and use, and formed a road, railway transportation and bureau The comprehensive liquid hydrogen transfer system combined with intra-regional pipeline transportation provides guarantee for the development and launch of hydrogen-oxygen rockets in my country. It is currently the unit with the most complete basic conditions for hydrogen-related research and testing in China.

Hongda Xingye said that the company’s cooperation with 101 Research Institute in hydrogen energy technology research and development, equipment development and promotion, etc. is of great significance in promoting the production and application development of hydrogen.

The cooperation between the two parties can bring unique and valuable skills, perspectives and business interests to each other. It will also lay a solid foundation for the company to enter the hydrogen energy field and help the company accelerate the layout of hydrogen production, hydrogen storage, hydrogen transportation and hydrogen energy applications. Complete industrial chain. Further improve the company's core competitiveness and provide a strong guarantee for the company's sustained, rapid and stable development.

This is not Hongda Industrial’s first involvement in the hydrogen energy industry. On December 18, 2018, the company announced that its wholly-owned subsidiary Wuhai Chemical plans to invest in the construction of a hydrogenation station project in order to improve the utilization efficiency of hydrogen produced by chlor-alkali plants, further improve resource and energy utilization, and improve the industrial structure. On the evening of January 31 this year, the company announced that its wholly-owned subsidiary Wuhai Chemical had received the project filing approval document from the Development and Reform Commission of Wuhai City, Inner Mongolia Autonomous Region, approving its plans for *** in Haibowan District, Hainan District, and Wuda District of Wuhai City. Build 8 hydrogen refueling stations.

Southern Huitong (000920)

Shanghai Huitong has continued to make efforts in the membrane business in recent years. Its wholly-owned subsidiary Times Wharton is the largest reverse osmosis membrane manufacturer in China. At the same time, it is one of the few manufacturers in the world that fully masters the core technology of diaphragm manufacturing and the full-process membrane module preparation process, and has large-scale production capabilities. Information revealed in the company's 2018 semi-annual report shows that the company's battery separator pilot production line is currently operating well, achieving stable production, and is actively promoting market development.

Analysts believe that battery film is expected to become a new profit point for the company in the future. Shenwan Hongyuan analyst Liu Xiaoning believes that membrane technology is the main direction of water treatment. At present, domestic nanofiltration membranes and plate ultrafiltration membranes are still mainly imported. The company expects to increase its share and increase sales by relying on cost advantages in the future.

In addition to deeply exploring the membrane application market in environmental protection, Southern Huitong has also increased research and development of energy membranes. In 2017, the company's independently developed battery separator began to enter the pilot stage; in 2018, the battery separator pilot production line ran well and achieved stable production. Southern Huitong said that the company does not rule out the possibility of further extending its technical route and broadening its product structure. Xu Qiang, an analyst at Guotai Junan, said that the independent development and production capabilities of high-performance separation membranes are still the main line of the company's growth, and battery separators are expected to become the company's new profit point in the future.

It is worth noting that the development of hydrogen fuel cell vehicles is of great significance to battery separators. It is understood that compared with lithium batteries, hydrogen fuel cells can better solve the problem of cruising range anxiety and rapid energy replenishment. However, hydrogen fuel cells also face many obstacles because key technologies are difficult to overcome, and currently the world can commercially supply hydrogen fuel cells. The only company that produces proton exchange membrane materials is DuPont of the United States. However, Southern Huitong has mastered the most important cutting-edge technology of reverse osmosis membranes, allowing the company to be at the forefront of the new blue ocean of trillions in the fuel cell market.

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(Article source: Investment Express)