Industry data review
The installed capacity of the system has doubled year-on-year, and the supporting of high-power system has become the general trend. In January, the installed capacity of fuel cell system was 11.3mw, with a year-on-year increase of 114%. Most of the shipments were medium power (30-70kw) and high power (above 70kw) systems; From January to December 2021, the cumulative installed capacity of fuel cell system was 172.9mw, an increase of 118.6% year-on-year in 2020, and the cumulative value reached a new high over the years.
Winter Olympic orders helped 70% growth of vehicle sales, and policy subsidies promoted the continuous high proportion of large vehicles. In January, the sales volume of fuel cell vehicles was 140, with a year-on-year increase of 70.7%, including 86 large buses, of which large buses and heavy trucks accounted for 61% / 11% respectively. The total proportion of large buses and heavy trucks gradually increased, which was related to the inclination of subsidy policies to heavy load and high power, and the trend was consistent with that of 2021.
Central enterprises entered the bureau to promote the system volume, and the installed capacity of its system peaked for the first time. In January, the installed capacity of State Power Investment Corporation, Dongfang Electric Corporation Limited(600875) and reshaping technology reached 5.6mw/1.3mw/1.3mw respectively, accounting for 50% / 12% / 12% respectively; In 2021, the cumulative installed capacity of Beijing Sinohytec Co.Ltd(688339) , Haizhuo power and Shanghai jening reached 54.5mw/26.1mw/16.2mw respectively, accounting for 32% / 15% / 9% respectively.
The Winter Olympics orders catalysed that Yutong Bus Co.Ltd(600066) first-time vehicle sales accounted for more than half. In January, the sales volume of Yutong Bus Co.Ltd(600066) , Chengdu bus and Jinlong combined vehicle ranked the top three, reaching 70 / 20 / 15 vehicles respectively, accounting for 50% / 14% / 11% respectively; In 2021, the sales volume of BAIC Foton, Nanjing Jinlong and Feichi reached 434 / 373 / 159 vehicles respectively, accounting for 24% / 20% / 9% respectively.
Production and marketing of demonstration Urban Agglomeration: in January, Beijing demonstration urban agglomeration landed the most (81 vehicles), followed by 16 vehicles in Shanghai demonstration urban agglomeration; In January 2022, Beijing demonstration city cluster landed the most, mainly benefiting from the continuation of orders for the Beijing Winter Olympics.
Global vehicle production and sales: 1) Japan: in the whole year of 2021 (the data in January has not been released yet), the global cumulative sales volume of Toyota FCV in Japan was 5918, far exceeding the 1770 in 2020, a new high over the years; 2) South Korea: in January 2022, the cumulative global sales volume of Hyundai FCV was 368, with a year-on-year increase of 56%; Among them, the local sales volume was 319, with a year-on-year increase of 125%; 3) United States: in January 2022, the cumulative sales volume of FCVs in the United States and China was 184, with a year-on-year increase of 39%; Among them, the FCV sales volume of Toyota in Japan accounts for nearly 73% in the United States. The sales volume of fuel cell vehicles in major countries in the world increased significantly year-on-year.
Investment advice
2022 will be the first year of the explosion of hydrogen energy and fuel cell industry. We suggest paying attention to the hydrogen production link with large market space and obvious performance growth, and first promote Jiangxi Jovo Energy Co.Ltd(605090) with geographical location and resource advantages; Secondly, it is suggested to pay attention to relevant companies in Guangdong with strong policies, such as Shanxi Meijin Energy Co.Ltd(000723) , Shenzhen Center Power Tech.Co.Ltd(002733) .
Risk tips
The policy is not as expected; The construction of hydrogenation station is not as expected; Hydrogen cost reduction was less than expected.
