Hydrogenation infrastructure is the central link of hydrogen energy utilization and development. The commercialization of fuel cell vehicles urgently needs the support of hydrogenation stations. At present, the insufficient coverage of hydrogenation stations is still one of the restrictive factors restricting the development of hydrogen fuel cell vehicles. At present, major central enterprises are also planning the construction of hydrogenation stations. Sinopec (600028. SH) has planned to build 1000 hydrogenation stations during the 14th Five Year Plan period. According to Guosen Securities Co.Ltd(002736) analyst statistics, by 2025, the cumulative new investment in China's hydrogen stations will increase by about 9.5 billion yuan, and the five-year CAGR of the number of hydrogen stations from 2020 to 2025 is 51%.
Industrial development has entered the fast lane, Houpu Clean Energy Co.Ltd(300471) (300471. SZ), China Energy Engineering Corporation Limited(601868) (601866. SH), Fujian Snowman Co.Ltd(002639) (002639. SZ), Guofu hydrogen energy, Zhangjiagang Furui Special Equipment Co.Ltd(300228) (300228. SZ) and other listed companies have arranged the hydrogenation station equipment industry. According to the person in charge of Houpu Clean Energy Co.Ltd(300471) company, the key components of a number of hydrogen filling equipment independently developed by the company have broken the international monopoly and currently have the capacity of batch delivery of hydrogen refueling stations.
the construction of hydrogenation station has developed rapidly, but the industrial chain has not formed a closed loop
According to the white paper on China's hydrogen energy and fuel cell, the number of hydrogen refueling stations in China will reach 1500 in 2035 and more than 10000 in 2050.
Guosen Securities Co.Ltd(002736) according to analysts, 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 and Hubei, the number of hydrogen refueling stations will be 420 / 597 / 927 in 2022 / 2023 / 2025, and the five-year CAGR from 2020 to 2025 will be 51%. According to the current construction cost of the hydrogenation station of about 15 million yuan and the reduction rate of the construction cost of the hydrogenation station in the future of 1 million yuan per year, the cumulative new investment in the construction of the hydrogenation station from 2021 to 2025 will increase by about 9.5 billion yuan, with an average annual investment of 1.7-2 billion yuan.
Chai Maorong, chief of hydrogen energy technology of State Power Investment Corporation, introduced that the construction cost of hydrogenation station is expensive, and the cost of building a hydrogenation station currently needs 15-20 million yuan. The main reason is that the materials used for hydrogen cylinders, such as high-strength carbon fiber, sealant and cylinder valve group, basically rely on foreign countries, resulting in high costs.
According to the relevant person in charge of liquid air thick general, there is almost no commercial operation mode of liquid hydrogen at present. China's hydrogen is mainly high-pressure gas hydrogen rather than liquid hydrogen. After arriving at the hydrogenation station, it is boosted and injected into the high-pressure tank of the hydrogenation station, and then cooled and injected into large commercial vehicles. The hydrogenation time is long and the process is complicated. The filling equipment, hydrogenation gun, metering pump, pressure hose and sensor of the hydrogenation station are completely imported. The construction cost, operation cost and maintenance cost of hydrogenation station are very high. After the expensive hydrogenation station is completed, the subsequent operation pressure is obvious.
According to the investigation of the financial Associated Press, there are nearly 200 hydrogen refueling stations in China. Theoretically, one hydrogen refueling station can serve 80 hydrogen energy vehicles, and 200 hydrogen refueling stations should be able to support the operation of 10000-12000 hydrogen energy vehicles. However, the actual situation is that at present, the stock of hydrogen energy vehicles in China is only about 1500, and the whole industrial chain has not formed an effective cycle.
Wang Lei, chief analyst of new energy for power equipment at Guosheng Securities Research Institute, introduced that since hydrogen fueled passenger vehicles have not been popularized, the existing hydrogenation objects are mainly commercial customers such as buses, buses and logistics vehicles. Based on this situation, almost all stations built and 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, China lacks relevant standards for the approval and construction of hydrogenation stations.
hydrogenation station equipment enterprises or welcome the harvest season
The rapid growth of hydrogenation station construction directly promotes the strong demand for equipment. Some companies frankly say that orders, revenue and profits are likely to double.
According to the relevant person in charge of Houpu Clean Energy Co.Ltd(300471) , the company has full orders. At present, the daily filling capacity of the hydrogenation station built by the company is generally 500kg to 1000kg. At present, the construction cost of the hydrogenation station with a daily filling capacity of 1000kg is about 12 million yuan, and the price fluctuates with different equipment configurations. Including the construction of hydrogenation station, hydrogenation machine, control system, hydrogenation core parts, etc., it has gradually formed the whole industrial chain from design to component R & D, production, complete equipment integration, hydrogenation station installation, commissioning and after-sales service in the field of hydrogenation station, and has the ability of quantitative delivery of hydrogenation station.
Relevant people of Fujian Snowman Co.Ltd(002639) company said that in recent years, the company's compressor business has achieved a significant increase in orders. In terms of technical reserves of hydrogen energy industry chain, it has the upstream "water electrolysis hydrogen production + hydrogenation station + hydrogen liquefaction" and the downstream "fuel cell stack + air compressor + hydrogen circulation pump", which can provide air compressor and hydrogen circulation pump, the core components of hydrogen fuel cell engine, for vehicle and engine enterprises developing new energy vehicles all over the world. At present, the company has provided hydrogen fuel cell engines for Jinlong, Jinlv and other vehicle enterprises, and provided 21 enterprises such as Yutong Bus Co.Ltd(600066) , Dongfeng Automobile Co.Ltd(600006) with air compressors that can match the core components of hydrogen fuel vehicles.
A relevant person from the sales department said that the company currently has high-pressure hydrogen valve products for external sales, and is developing liquid hydrogen gas supply system and supporting valves for hydrogen fuel cell vehicles; Based on the heavy truck market, the company gives full play to the industry experience and market resources accumulated in the heavy truck field for many years, and increases R & D investment in innovative directions such as natural gas high-pressure direct injection technology and liquid hydrogen technology for fuel cell heavy truck.
It is worth mentioning that, following the continuous profitability of Guangdong Zhangkeng Oil hydrogen joint construction station, Sinopec also realized the profitability of Hejiao Oil hydrogen joint construction station. In December 2020, Guangdong Zhangkeng Oil hydrogen Co Construction Station achieved a profit of 960000 yuan, which is the first oil hydrogen mixing station in China to realize the profit of hydrogenation commercialization.
Yi Baolian, academician of the Chinese Academy of engineering, believes that the relatively high construction cost of hydrogen refueling station is one of the difficult problems to be solved in the industrialization of hydrogen energy. At present, the cost of each hydrogenation station is as high as 12 million yuan to 15 million yuan, and the hydrogenation cost is 60-80 yuan / kg, which can only be reduced to less than 30 yuan / kg to compete with fuel vehicles. Therefore, in order to realize the commercialization of non subsidized fuel cell, we must greatly reduce the cost of fuel cell engine and hydrogen, and reduce the construction cost of hydrogenation station.
Sorting of related company targets:
Zhangjiagang Furui Special Equipment Co.Ltd(300228) (equipment): the company focuses on the on-board high-pressure hydrogen supply system and hydrogenation station equipment, and has developed multiple hydrogen energy businesses including hydrogen preparation, hydrogenation station construction and FCV hydrogen supply system research and development.
Houpu Clean Energy Co.Ltd(300471) (equipment): the company is the first solution supplier of box type hydrogenation station in China. Its main products include CNG gas station equipment, complete sets of LNG gas station equipment and special equipment, and CNG / LNG information integrated supervision system.
Fujian Snowman Co.Ltd(002639) (equipment): the company said on the interactive platform that the core products of the hydrogen energy product chain are divided into four plates, namely liquid hydrogen equipment, fuel cell integration system, fuel cell core parts (air supply system and hydrogen circulation system), hydrogenation station equipment, etc. at present, the company's hydrogen energy related products have not been commercialized and large-scale, and the revenue scale accounts for a relatively small proportion.
Yantai Ishikawa Sealing Technology Co.Ltd(301020) (equipment): the company is developing compressors, diaphragm pumps and relevant parts on hydrogen fuel cells in the hydrogen industry chain by stages.
Anhui Quanchai Engine Co.Ltd(600218) (equipment): the company established Anhui Yuanjun Hydrogen Energy Research Institute Co., Ltd. in November 2017 to engage in the R & D, production and sales of fuel cells, power system integration and core components of fuel cells.
Landocean Energy Services Co.Ltd(300157) (equipment): Jinzhou xinjinhua Machinery Manufacturing Co., Ltd., a subsidiary of the company, has the R & D, design, manufacturing and maintenance capabilities of compressors, expanders and pressure vessels in the hydrogen energy industry chain. The subsidiary Sichuan Chuanyou engineering survey and Design Co., Ltd. has the ability of hydrogen energy design, planning and construction on the basis of many years of experience in engineering design and operation in the field of natural gas.
Sinopec Oilfield Equipment Corporation(000852) (equipment): at present, the company has established a special R & D team, the relevant R & D funds have been implemented, and the R & D direction focuses on the key equipment for hydrogen production and hydrogenation.
(Financial Associated Press)
