The hydrogen energy policy has entered a period of intensive introduction. The policy promotes capital investment and pushes the industry into the fast lane. As of November 2021, 29 provinces and cities including Beijing, Hebei, Sichuan, Shandong and Inner Mongolia have issued policies related to the development of hydrogen energy industry, and more than 48 cities have issued hydrogen energy policies to promote the development of hydrogen energy industry. In August 2021, the first three major hydrogen fuel cell vehicle demonstration city clusters were launched, marking that China’s hydrogen energy industrialization application has entered the acceleration period of policy support. From point to area, the development of fuel cell industry is imperative. Favorable policies attract major social capital to pay attention to hydrogen energy track and increase capital investment. According to the disclosure of SASAC, as of June 2021, more than one-third of central enterprises have laid out the hydrogen energy industry chain, and other high-end equipment manufacturing companies are also active in investment and M & A of the hydrogen energy industry chain. R & D projects have been promoted orderly, and many key technologies have entered the experimental stage. In the future, localization substitution is expected to accelerate, and cost reduction and large-scale application form an effective positive cycle.
Hydrogen energy is clean and efficient, widely used, and its ultimate energy position is unshakable. Hydrogen energy can be used in many fields, such as transportation, steelmaking, building distributed thermal electric cogeneration system, power grid energy storage assistance and so on. In the field of transportation, hydrogen fuel cell vehicles have long driving range, fast energy supplement speed, comfort and quiet, and integrate the advantages of fuel vehicles and electric vehicles. In the long run, fuel cell vehicles are expected to become an important part of the automobile market. According to the development report 2020 of China’s hydrogen energy industry issued by China electric vehicle hundred people’s Association, by 2025, The number of hydrogen energy vehicles in China is expected to increase from 7352 in 2020 to 100000, with an annual compound growth rate of 115%, and the market scale will reach 80 billion yuan.
Major countries and regions in the world started hydrogen energy strategy early, took the lead in technology, made foreign countries serve China, and accelerated China’s hydrogen energy industrialization. The United States is the first country in the world to put forward the research and application of hydrogen energy. Many companies with strong technical strength have been cultivated in the whole industrial chain. In the future, they will focus on large-scale hydrogen production to reduce costs. The EU strategy is similar to that of the United States. It plans to invest 24-42 billion euros in the construction of renewable power hydrogen production facilities by 2030. The difference lies in the investment of larger funds, It is planned to invest 220 billion-340 billion euros to improve the photovoltaic and wind power generation capacity to meet the power demand of hydrogen energy production and reduce the cost from the main cost side of hydrogen production. Japan has made concerted efforts at home and abroad to develop large-scale green hydrogen production while seeking the commercialization of the international hydrogen supply chain. China can learn from the strategic measures for hydrogen energy development of leading countries and introduce the top-level design as soon as possible, so that the industrial path has rules to follow.
Investment suggestion: Companies in all links of China’s hydrogen energy industry chain are accelerating their layout, especially in hydrogen production and hydrogenation stations, which are ready to go. Under the long-term high prospect, it is recommended to pay attention to the main equipment targets of each link. Upstream hydrogen production links: Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Lanzhou Ls Heavy Equipment Co.Ltd(603169) ; Upstream storage and transportation link: Moon Environment Technology Co.Ltd(000811) , Fujian Snowman Co.Ltd(002639) , CIMC Enrico (H), Beijing Jingcheng Machinery Electric Company Limited(600860) , Hangzhou Oxygen Plant Group Co.Ltd(002430) , Hangzhou Zhongtai Cryogenic Technology Corporation(300435) , Chengdu Shenleng Liquefaction Plant Co.Ltd(300540) , Yapp Automotive Systems Co.Ltd(603013) , Changchun Zhiyuan New Energy Equipment Co.Ltd(300985) ; upstream hydrogen filling link: Houpu Clean Energy Co.Ltd(300471) ; midstream fuel cell power system: Weichai Power Co.Ltd(000338) , Anhui Quanchai Engine Co.Ltd(600218) , Shenzhen Center Power Tech.Co.Ltd(002733) , Zhongshan Broad-Ocean Motor Co.Ltd(002249) , Jin Tong Ling Technology Group Co.Ltd(300091) .
Risk analysis: the technological progress of hydrogen production and fuel cell is less than expected; Supporting infrastructure construction lags behind; The supporting policies for hydrogen energy industry chain fluctuated.
