The wind knows the grass, when hydrogen energy meets the Winter Olympics

Wind data shows that the hydrogen energy index will increase by 44.94% in 2021.

According to the "White Paper on China's Hydrogen Energy and Fuel Cell Industry" released by the China Hydrogen Energy Alliance, it is estimated that in 2050, the domestic hydrogen energy output value will exceed 10 trillion yuan.

What business opportunities will be unleashed when the hydrogen industry comes from behind the scenes in front of the Winter Olympics? This is one of the topics that the majority of investors care about.

It should be known that the biggest cultural label of the Winter Olympics is - "carbon neutrality", "low carbon", "green Olympics", etc., such as low-carbon venues using the most advanced carbon dioxide transcritical direct cold ice technology, carbon emissions tend to zero, power resources using green power, in the low-carbon transportation system, the Beijing Winter Olympics also took hydrogen energy as a clean energy vehicle group, undertook the main transportation tasks between venues, and actively promoted the demonstration application of hydrogen fuel vehicles in line with the relevant model catalog.

01 Winter Olympics into hydrogen fuel vehicle display stage

According to the data released by the Beijing Winter Olympic Organizing Committee, the winter Olympics demonstrated the operation of more than 1,000 hydrogen energy vehicles and equipped with more than 30 hydrogen refueling stations, which is the world's largest fuel cell vehicle demonstration.

As a result, hydrogen fuel cell vehicles have become a beautiful landscape in the green Winter Olympics, Foton Motor, BAIC Group, Toyota Motor, Geely, Yutong Bus and other car companies have taken this opportunity to show their muscles and actively invest their hydrogen fuel cell vehicles in the Beijing Winter Olympics.

The hydrogen fuel cell models demonstrated by the Winter Olympics include buses, cars, special vehicles, etc., and the models are relatively extensive.

In terms of buses, Foton Motor provided 515 hydrogen fuel buses, accounting for 80% of the hydrogen fuel buses that provided support for the Winter Olympics, setting a record for the largest scale and the largest number of models in the history of hydrogen fuel bus service international sports events;

Toyota supplied 107 hydrogen-fueled minibuses and 140 second-generation MIRAI cars;

Yutong provided 185 hydrogen fuel buses (100 in Beijing and 85 in Zhangjiakou) to serve the entire competition area of Beijing, Yanqing and Zhangjiakou;

Geely Interstellar provided 80 hydrogen-fueled city buses.

From 3 hydrogen fuel cell buses at the 2008 Beijing Olympic Games, to 196 hydrogen fuel cell vehicles at the 2010 Shanghai World Expo, to thousands of hydrogen fuel cell vehicle demonstration operations at the 2022 Beijing Winter Olympics, after more than ten years of development, mainland hydrogen energy and fuel cell vehicles have entered a stage of growth from the ground.

The 2022 Winter Olympics is the world's largest demonstration of fuel cell vehicles, fully demonstrating the advantages of hydrogen energy. Although hydrogen energy is still facing problems such as high cost, difficult technology breakthrough, and backward hydrogen storage-transportation hydrogen-hydrogenation infrastructure, it is undeniable that hydrogen energy, as the most clean and environmentally friendly important route, has great potential, and with the development of the hydrogen energy industry, hydrogen energy applications will also enter thousands of households.

02 Hydrogen Fuel Cell Concept Stock

In addition to the traditional hydrogen fuel vehicle concept stocks such as Toyota, BAIC, Foton, Geely, and Yutong, which deserve attention, the middle and upper reaches of the hydrogen energy industry, such as hydrogen fuel cell concept stocks, hydrogen production, and hydrogen-using equipment, are also worthy of attention.

"Hydrogen fuel cell brother" Yihuatong (688339. SH) was established in 2012, the main business for fuel cell system research and development and industrialization, while selling fuel cell components, such as on-board hydrogen systems, in 2016 products began mass production, the main customers for a variety of commercial vehicles, including buses, city buses and logistics vehicles, in 2016 landed on the New Third Board, in 2020 landed on the Science and Technology Innovation Board, becoming the domestic "first hydrogen fuel cell stock".

Yihuatong pointed out in the prospectus that by the end of 2020, the number of fuel cell system manufacturers in China will exceed 100. However, the market competition is relatively concentrated, and the total market share of the top five fuel cell system suppliers in 2020 in terms of the total sales power output of fuel cell systems will reach 93.2%.

In 2020, Yihuatong sold a total of 35.0MW of fuel cell systems, ranking first in the total sales power output of fuel cell systems, with a market share of 34.8% in China's fuel cell system market.

GGII data shows that in 2021, China's fuel cell vehicle traffic insurance sales were 1894 vehicles, an increase of 27% year-on-year, and among the 44 fuel cell system companies, Yihuatong's market share was as high as 29%, which was the largest number of fuel cell system manufacturers in 2021.

In August 2020, Yihuatong, together with Toyota, FAW, GAC, Dongfeng Motor, BAIC and other car companies, jointly invested 1.67 billion yen to register and establish United Fuel Cell System Research and Development (Beijing) Co., Ltd., which conducts full-process development based on Toyota technology and jointly develops parts and fuel cell systems with major OEMs and Yihuatong. Among them, Toyota holds 65% of the shares, Yihuatong holds 15% of the shares, and FAW, GAC, Dongfeng Motor and BAIC all hold 5% of the shares.

In June 2021, Toyota and Yihuatong once again jointly invested in the establishment of Huafeng Fuel Cell Co., Ltd., with a total investment of about 8 billion yen, each holding 50% of the shares, through the production and sale of fuel cell systems, so as to popularize hydrogen fuel cell vehicles.

As of December 31, 2021, The Ehuatong Fuel Cell System has powered more than 1,800 fuel cell vehicles on the road in 16 cities across the country, with a maximum mileage of more than 200,000 kilometers per unit.

In terms of performance, Yihuatong expects to achieve operating income of 610 million yuan to 650 million yuan in 2021, an increase of 6.59% to 13.58% year-on-year.

Attributable net profit was -140 million yuan to -190 million yuan, a decrease of 117.4764 million yuan to 167.4764 million yuan compared to the same period last year.

Regarding the reasons for the decline in net profit, the company said that it is mainly in view of the fact that since 2019, the operating conditions and payment collection of the company's customers Shenlong Bus and Zhongzhi Chun'an have not shown any obvious signs of improvement, out of prudent considerations, and in order to further consolidate the company's asset quality, the proportion of bad debt losses on receivables of the above two companies has increased from 40% in 2020 to 90%, which has led to a significant increase in the company's bad debt losses in 2021.

Will Yihuatong become the Ningde era of lithium battery industry? This is the biggest point of expectation for investors.

03 Hydrogen Production Concept Stock

Hydrogen production industry is located in the upstream of the hydrogen energy industry chain, because renewable energy electrolysis hydrogen production has the characteristics of green environmental protection, flexible production and high purity, is the preferred choice of hydrogen production industry. The more mature technology for hydrogen production from renewable energy generation is the electrolysis of water to produce hydrogen.

According to the different materials of the electrolytic cell diaphragm, the electrolysis of water to hydrogen is subdivided into alkaline water electrolysis (AE), proton exchange membrane (PEM) water electrolysis, and high-temperature solid oxide water electrolysis (SOEC).

Different application scenarios for hydrogen purity requirements are different, different ways to produce hydrogen purity is different, the use of electrolyzed water to produce hydrogen, hydrogen purity is the highest, of which PEM water electrolysis hydrogen purity of up to 99.999%, with obvious excellence, but its cost is higher, suitable for the use of hydrogen is relatively small but the hydrogen purity, impurity content requirements of the industry to provide hydrogen sources, alkaline water electrolysis is suitable for ordinary industries, and proton exchange membrane water electrolysis is suitable for special industries.

In terms of cost, electricity is the first major cost of electrolyzing water to hydrogen, and electrolyzer is the second largest cost, which is also the key factor in opening up the gap in cost.

Alkaline water electrolyzer and proton exchange membrane water electrolyzer in the hydrogen system equipment cost accounted for 50%, 60%, the current alkaline electrolyzer basically achieved localization, the price of 2000 ~ 3000 yuan / kw, proton exchange membrane electrolyzer key technology and materials still need to rely on imports, the price of 7000 ~ 12000 yuan / kw.

The composition of the PEM electrolyzer mainly includes bipolar plates and membrane electrodes, the membrane electrode is the place of electrochemical reaction in the PEM water electrolytic cell, the proton exchange membrane as the core component of the PEM electrolytic cell membrane electrode, not only conducts protons, isolates hydrogen and oxygen, but also provides support for the catalyst, and its performance directly determines the performance and service life of the electrolyzer.

The corresponding concept stocks in each link are as follows:

Hydrogen production concept stocks: Kerong Environment, Haohua Technology, *ST Jinhong, Hongda Xingye, Intercontinental Oil and Gas, Jidian Shares, Henghua Technology;

Kerong Environment announced on the evening of May 21, 2019 that the company signed a letter of intent for cooperation with Tsinghua University, which formulated hydrogen energy technology and industrial development planning for the company, and provided guidance and support for the construction of the company's hydrogen energy industry chain; the two sides cooperated to carry out hydrogen production, hydrogen fuel power generation and energy storage related technology demonstration projects in The Kerong Environment Plant in Xuzhou City, Jiangsu Province, and the research institute provided technical services;

In March 2021, Kerong Environment and Beijing Huanyu Jinghui Jingcheng Gas Co., Ltd. jointly invest in the construction of a hydrogen refueling station project tentatively named Beijing Kerong Jinghui Hydrogen Energy Industry Co., Ltd. in Doudian, Fangshan District, Beijing, which can reach a hydrogen refueling capacity of 1000KG/12h per day after completion, and can be filled with environmentally friendly hydrogen fuel for 100 buses or 200 logistics transport vehicles per day.

Haohua Technology (600378.SH) said on the interactive platform in November 2021 that the hydrogen produced by its subsidiary PSA Hydrogen Production Technology has been used in fuel cell vehicles.

Electrolyzer concept stocks: LONGi shares, Sunshine Power;

In October 2021, LONGi Hydrogen Energy's first alkaline water electrolyzer rolled off the production line in Wuxi, Jiangsu Province, marking that the company has initially possessed the ability to deliver orders, and by the end of this year, LONGi Hydrogen Energy will have a production capacity of 500MW of electrolyzed water hydrogen production equipment in Wuxi, providing a strong guarantee for mass delivery in 2022.

In March 2021, Sungrow released the first and maximum power SEP50 PEM hydrogen-making electrolyzer in China.

Proton exchange membrane concept stocks: Xiongtao shares, Great Wall Electric, Jinli Huadian, Minfeng Special Paper, Antai Technology, Dongmu shares, Dongyue Group (HK);

Xiongtao co., Ltd. invested 5.1 billion yuan, with an annual output of 500,000 square meters of hydrogen fuel cell membrane electrodes, 100,000 sets of hydrogen fuel cell engines, and 100,000 sets of hydrogen energy fuel cell stacks, the first phase of the hydrogen energy industrial park project has been put into production, and the ABP project will also start construction.

Membrane electrode concept stocks: Yueling shares, Weifu Hi-Tech, Minfeng Special Paper, Shanghai Electric, Nandu Power Supply, Tianneng shares, Dow Technology, Nebulas shares;

Wuhan Polytechnic New Energy Co., Ltd. is committed to the industrialization process of fuel cells and fuel cell electric vehicles based on the key materials and core components of proton exchange membrane fuel cells, and has a number of patented technologies, with the goal of becoming the largest professional fuel cell membrane electrode supplier in China. Yueling Shares and Minfeng Special Paper both directly or indirectly invest in them.

Catalyst Concept Stock: Guiyan Platinum;

Hydrogen fuel cell stack cost more than half, the highest cost of membrane electrode in the stack, the catalyst in the membrane electrode accounted for the highest cost, up to 35%, it can be seen that the catalyst is irreplaceable, there are only 3 suppliers in the industry, Guiyan Platinum, Wuhan Himalaya, Shanghai Tangfeng. Guiyan Platinum is the only listed company for large-scale production and supply, with scarcity and uniqueness.

Bipolar board concept stocks: Weifu Hi-Tech, Anjie Technology, Antai Technology, Tianneng Shares, Sinosteel Tianyuan, Western Materials;

Weifu Hi-Tech was surveyed by 68 institutions in January 2022 and is currently the only independent global supplier with membrane electrodes and graphite/metal bipolar plates.

This article originated from Caihua Network