The new investment scale of hydrogen refueling station in 5 years is nearly 9.5 billion! Which company benefits the most?

Hydrogenation infrastructure is the central link of hydrogen energy utilization and development, the commercialization of fuel cell vehicles urgently needs hydrogen refueling station support, the current insufficient coverage of hydrogen refueling station is still one of the restrictive factors restricting the development of hydrogen fuel cell vehicles. At present, major central enterprises are also laying out the construction of hydrogen refueling stations, and Sinopec (SH:600028) has planned to build 1,000 hydrogen refueling stations during the "14th Five-Year Plan" period. According to the statistics of Analysts of Guosen Securities, by 2025, the cumulative new investment in Hydrogen Refueling Stations in China will increase by about 9.5 billion yuan, and the five-year CAGR compound growth rate of the number of hydrogen refueling stations in 2020-2025 will be 51%.

Industrial development has entered the fast lane, And many listed companies such as Houpu (SZ:300471), China Energy Construction (SH:601868), Snowman (SZ:002639), Guofu Hydrogen, and Furui Special Equipment (SZ:300228) have laid out the hydrogen refueling station equipment industry. The person in charge of Houpu Co., Ltd. revealed that the key components of a number of hydrogen refueling equipment independently developed by the company have broken the international monopoly and currently have the ability to deliver hydrogen refueling stations in batches.

The construction of hydrogen refueling stations has developed rapidly, but the industrial chain has not formed a closed loop

According to the "China Hydrogen Energy and Fuel Cell White Paper", the number of hydrogen refueling stations in China will reach 1500 in 2035 and more than 10,000 in 2050.

According to analysts from Guosen Securities, according to the clear planning of ten provinces and municipalities directly under the central government such as Shanghai, Beijing, Guangdong, Shanxi, Shandong, Jiangsu, Hebei, Henan, Sichuan, Hubei and other ten provinces and municipalities directly under the Central Government, the number of hydrogen refueling stations in 2022/2023/2025 is 420/597/927, and the five-year CAGR compound growth rate of 2020-2025 is 51%. According to the current construction cost of hydrogen refueling station is about 15 million yuan, and the future reduction in the construction cost of hydrogen refueling station is 1 million yuan per year, the cumulative new investment in the construction of hydrogen refueling station in 2021-2025 will increase by about 9.5 billion yuan, with an average annual average of 1.7-22 billion yuan.

Chai Maorong, chief of hydrogen energy technology of Guodian Investment, introduced that the construction cost of hydrogen refueling stations is expensive, and the cost of building a hydrogen refueling station is currently 15-20 million yuan. The main reason is that materials for hydrogen cylinders, such as high-strength carbon fiber, sealants, cylinder valve groups, etc., are basically dependent on foreign countries, resulting in high costs.

According to the relevant person in charge of Air Liquid Houpu, the current commercial operation mode of liquid hydrogen is almost non-existent, domestic hydrogen is mainly high-pressure gas hydrogen instead of liquid hydrogen, after the hydrogen refueling station is boosted into the high-pressure tank of the hydrogen refueling station, and then cooled and refueled to large commercial vehicles, the hydrogenation time is long, and the process is cumbersome. The filling equipment, hydrogen refueling guns, metering pumps, pressure-resistant hoses and sensors of the hydrogen refueling station are completely dependent on imports. The construction cost, operating cost and maintenance cost of the hydrogen refueling station are very high. After the completion of the expensive hydrogen refueling station, the follow-up operation pressure is obvious.

According to the financial associated press reporter research, at present, China's hydrogen refueling station nearly 200, in theory, 1 hydrogen refueling station can serve 80 hydrogen vehicles, 200 hydrogen refueling stations should be able to support 10000-12000 hydrogen vehicle operation, and the actual situation is that the current stock of hydrogen energy vehicles in China is only about 1500, and the entire industrial chain has not yet formed an effective cycle.

Wang Lei, chief analyst of new energy for power equipment at Guosheng Securities Research Institute, said that since hydrogen fuel passenger cars have not yet been popularized, the existing hydrogen refueling objects are mainly commercial customers such as buses, buses, and logistics vehicles. Based on this situation, almost all the stations under construction in China refer to the hydrogenation pressure of 35 MPa, and there are not many 70 MPa facilities for passenger cars. At present, there is a lack of relevant standards for the approval and construction of hydrogen refueling stations in China.

Hydrogen refueling station equipment enterprises or usher in the harvest season

The rapid growth of hydrogen refueling station construction directly promotes the strong demand for equipment, and some companies bluntly state that orders, revenue, and profits are likely to achieve double growth.

According to the relevant person in charge of Houpu shares, the company is full of orders in hand, and the daily refueling volume of the hydrogen refueling station built by the company is generally 500kg to 1000kg, and the current daily refueling capacity of 1000kg is about 12 million yuan, and the equipment configuration varies at different prices. Including hydrogen refueling station construction, hydrogen refueling machine, control system, hydrogenation core components, etc., it has gradually formed in the field of hydrogen refueling station from design to component research and development, production, complete sets of equipment integration, hydrogen refueling station installation and commissioning and after-sales service, covering the entire industrial chain, and has the ability to quantitatively deliver hydrogen refueling stations.

A relevant person from Snowman Co., Ltd. said that in recent years, the company's compressor business has achieved a significant increase in orders. In the technical reserves of the hydrogen energy industry chain, it already has the upstream "water electrolysis hydrogen production + hydrogen refueling station + hydrogen liquefaction" and the downstream "fuel cell stack + air compressor + hydrogen circulation pump", which can provide the core components of hydrogen fuel cell engine air compressors and hydrogen circulation pumps for vehicles and engine enterprises that develop new energy vehicles around the world. At present, the company has equipped hydrogen fuel cell engines for Jinlong, Jinlu and other vehicle enterprises, and provided air compressors that can match the core components of hydrogen fuel vehicles to 21 enterprises such as Yutong Bus and Dongfeng Motor.

The relevant person of the sales department of Fu rui special equipment said that the company currently has high-pressure hydrogen valve products for external sales, and in the research and development of hydrogen fuel cell vehicle liquid hydrogen gas supply system and supporting valves; the company is based on the heavy truck market, giving full play to the industry experience and market resources accumulated in the field of heavy trucks for many years, and increasing investment in research and development in the direction of innovation such as natural gas high-pressure direct injection technology and liquid hydrogen technology for fuel cell heavy trucks.

It is worth mentioning that after Sinopec continued to make profits at the Guangdong Zhangkeng Oil-Hydrogen Joint Construction Station, the Hejiao Oil-Hydrogen Joint Construction Station also achieved profitability. In December 2020, Guangdong Zhangkeng Oil-Hydrogen Joint Construction Station achieved a profit of 960,000 yuan, which is the first oil-hydrogen mixing station in China to achieve hydrogenation commercialization profits.

Yi Baolian, an academician of the Chinese Academy of Engineering, believes that the construction cost of hydrogen refueling stations is relatively high, which is one of the problems that need to be overcome in the industrialization of hydrogen energy. At present, the cost of each hydrogen refueling station is as high as 12 million yuan to 15 million yuan, the hydrogen refueling cost is 60-80 yuan / kg, and only to 30 yuan / kg or less can compete with fuel vehicles, so to achieve unsubsidized fuel cell commercialization, it is necessary to significantly reduce the cost of fuel cell engines and hydrogen costs, while reducing the construction cost of hydrogen refueling stations.

Sorting out the relevant company targets:

Fu Rui Special Installation (Equipment): The company mainly focuses on the on-board high-pressure hydrogen supply system and hydrogen refueling station equipment, and has developed a multi-block hydrogen energy business including hydrogen preparation, hydrogen refueling station construction, and FCV hydrogen supply system research and development.

Houpu co., Ltd.: The company is the first box hydrogen refueling station solution supplier in China, the main products are CNG refueling station equipment, LNG refueling station complete sets of equipment and special equipment and CNG/LNG information integrated supervision system.

Snowman shares (equipment): The company said on the interactive platform that the core products of the hydrogen energy product chain are divided into four major plates, namely liquid hydrogen equipment, fuel cell integrated systems, fuel cell core components (air supply system and hydrogen circulation system), hydrogen refueling station equipment, etc. At present, the company's hydrogen energy-related products have not yet achieved commercialization and scale, and the revenue scale is relatively small.

Sealing Technology (Equipment): The company is carrying out the development of compressors, diaphragm pumps and related components on hydrogen fuel cells in the hydrogen industry chain in stages as planned.

Quanchai Power (Equipment): The company established Anhui Yuanjun Hydrogen Energy Research Institute Co., Ltd. in November 2017, engaged in the research and development, production and sales of fuel cells, power system integration and core components of fuel cells.

Hengtai Aipu (equipment): Jinzhou Xinjinhua Machinery Manufacturing Co., Ltd., a subsidiary of the company, has the research and development, design, manufacturing and maintenance capabilities of compressors, expanders and pressure vessels in the hydrogen energy industry chain. Sichuan Sichuan Oil Engineering Survey and Design Co., Ltd., a subsidiary, has the ability to design, plan and construct hydrogen energy on the basis of many years of experience in engineering design and operation in the field of natural gas.

Petrochemical machinery (equipment): At present, the company has set up a special R & D team, the relevant R & D funds have been implemented, and the research and development direction focuses on hydrogen production and hydrogenation of key equipment.