Hydrogen energy is an ideal energy in the 21st century. As a renewable secondary energy, hydrogen energy has rich sources, high mass energy density, calorific value of 143mj / kg, friendly use process and no carbon emission. It is advertised as an ideal energy in the 21st century and promoted to the national strategic height by many countries. It will also become an important way to achieve China’s double carbon goal. According to the white paper on China’s hydrogen energy and fuel cell industry, the proportion of hydrogen energy in China’s energy system will increase to 10% by 2050, and the industrial scale will reach more than 10 trillion yuan, with broad development space in the future. China’s hydrogen production has an industrial foundation with continuous policy support. Development plans and subsidy policies from the central to local governments have been issued one after another. Five demonstration urban agglomerations have been approved to land, and the industry may enter the fast lane of development.
Hydrogen production: hydrogen production from renewable energy will be the mainstream of future development. According to the carbon emission intensity in the production process, hydrogen is divided into grey hydrogen, blue hydrogen and green hydrogen. At present, the scale of hydrogen production in China is limited, and the proportion of grey hydrogen is high. After the installation of CCS technology, the carbon emission can be reduced by more than 90%, but the key technology needs to be broken through, and the green hydrogen technology also needs to be developed. Hydrogen production from fossil fuels mainly includes hydrogen production from coal and natural gas. The hydrogen production technology is mature and the cost of hydrogen production is low, but the carbon emission is high. Combined with CCS technology, the cost increases significantly, and the cost of hydrogen production from coal rises to 12-24 yuan / kg. Industrial by-product hydrogen mainly includes coke oven gas, Shanghai Chlor-Alkali Chemical Co.Ltd(600618) , light hydrocarbon utilization, synthetic ammonia to methanol and other industrial by-product hydrogen. Among them, the cost of hydrogen production from coke oven gas is the lowest, and the comprehensive cost is 9.13-14.63 yuan / kg. Hydrogen production from electrolyzed water mainly includes alkaline electrolyzed water, proton exchange membrane electrolyzed water and solid oxide electrolyzed water. At present, alkaline electrolyzed water is more economical (the price of electricity is 0.3 yuan / kWh, and the corresponding cost of hydrogen production is about 21.6 yuan / kg). Proton exchange membrane electrolyzed water will be the mainstream direction in the future, with higher overall efficiency and faster dynamic response speed. It can be combined with renewable energy such as wind power photovoltaic, However, due to the breakthrough of proton exchange membrane, catalyst and other technologies in China, the cost is still high (the electricity price is 0.3 yuan / kWh, and the corresponding hydrogen production cost is about 31.7 yuan / kg).
Storage and transportation plus: hydrogen storage and transportation is difficult, which is the key link restricting the application of hydrogen energy. In terms of storage, due to the low density and easy leakage of hydrogen, as well as the problems of hydrogen embrittlement and hydrogen corrosion, there are extremely high requirements for storage containers and great difficulties in storage and transportation. At present, the mainstream hydrogen storage technologies include high-pressure gaseous hydrogen storage, low-temperature liquefied hydrogen storage, etc. High pressure gaseous hydrogen storage is the most common way. It mainly uses high-pressure compression to store hydrogen in various types of hydrogen storage bottles, but the hydrogen storage density is low. In the future, it still needs to develop in the direction of lightweight, high pressure, low cost and stable quality. Low temperature liquefied hydrogen storage requires that the hydrogen be liquefied and stored in an insulated container. The hydrogen storage density is high, but the liquefaction energy consumption is high and the application range is small. In terms of transportation, China generally adopts high-pressure gaseous long tube trailer for transportation, which has low compression energy consumption, but low transportation density and is economical in a certain range; The hydrogen transmission and transportation scope of hydrogen pipeline network is large, and the hydrogen transmission cost decreases with the increase of transportation capacity, but the initial construction investment cost is high. In terms of hydrogen stations, the construction and development of China’s hydrogen stations started relatively late, the technology is relatively imperfect, and the core equipment still depends on imports, resulting in high construction costs of hydrogen stations. With the vigorous promotion of the central and local governments, the construction demand of China’s hydrogen stations has surged, and its construction process is following Sinopec The entry of central energy enterprises such as PetroChina continued to accelerate.
Related subject matter: the production and supply of hydrogen energy mainly involves production, storage, filling and hydrogenation station. At present, the participants in hydrogen production are mainly coke, chemical enterprises and petrochemical giants. Green hydrogen has a small scale. It is recommended to pay attention to Shanxi Meijin Energy Co.Ltd(000723) , Hongda Xingye Co.Ltd(002002) , Jiangsu Huachang Chemical Co.Ltd(002274) , Jinneng Science&Technology Co.Ltd(603113) , China Xuyang group, Oriental Energy Co.Ltd(002221) , satellite chemistry, Befar Group Co.Ltd(601678) , Hubei Heyuan Gas Co.Ltd(002971) and other companies with by-product hydrogen capacity; Ningxia Baofeng Energy Group Co.Ltd(600989) , China Petroleum & Chemical Corporation(600028) and other companies taking the lead in the layout of green hydrogen business; And Dongyue Group and other companies with equipment layout related to electrolytic water hydrogen production. Various entities are involved in the operation of hydrogen refueling station. It is suggested to pay attention to companies with large construction scale at present and planned construction scale in the future, such as Shanxi Meijin Energy Co.Ltd(000723) , Fujian Snowman Co.Ltd(002639) , Shenzhen Center Power Tech.Co.Ltd(002733) , Hongda Xingye Co.Ltd(002002) , China Petroleum & Chemical Corporation(600028) , Petrochina Company Limited(601857) . For hydrogenation equipment, China’s technical reserves are relatively insufficient. It is suggested to pay attention to the targets with technical reserves or domestic substitution capacity, such as Houpu Clean Energy Co.Ltd(300471) , Fujian Snowman Co.Ltd(002639) , Zhangjiagang Furui Special Equipment Co.Ltd(300228) , Chengdu Shenleng Liquefaction Plant Co.Ltd(300540) , etc. As for hydrogen storage, China mainly focuses on high-pressure hydrogen storage bottles, and the technology is still catching up with foreign countries. It is suggested to pay attention to Beijing Jingcheng Machinery Electric Company Limited(600860) , Yapp Automotive Systems Co.Ltd(603013) , CIMC Enrico, Sinoma Science & Technology Co.Ltd(002080) , Hangzhou Oxygen Plant Group Co.Ltd(002430) , Zhejiang Kaier New Materials Co.Ltd(300234) .
Risk tips: (1) the speed of technological breakthrough is lower than the expected risk. (2) Risk of decline in policy subsidies. (3) The public materials used in the research report may have the risk of information lag or untimely update.
