Under the background of double carbon strategy, hydrogen energy will usher in an accelerated development period: after China’s carbon peak in 2030, in order to meet the requirements of carbon neutralization in 2060, it is expected to reduce about 300 million tons of carbon dioxide per year. Therefore, in addition to energy-saving transformation of units, photovoltaic wind power, CCUs and other means, replacing traditional fossil energy with low-carbon energy and carbon-free hydrogen in the energy field has become one of the options to promote the dual carbon strategy. Hydrogen energy is an emerging industry involving chemical industry, logistics, fuel cell, mechanical equipment and automobile. This report mainly analyzes the current situation and development trend of the industry, and combs the relevant listed companies from the three links of hydrogen production, storage and transportation, filling / application, so as to provide institutional investors with reference.
The United States, Europe, Japan and South Korea are the leading countries / regions in the global hydrogen energy industry. These countries have an earlier layout, mature industry development and leading technology level. There are international gas giants led by air chemical industry, French liquid air and Linde. The hydrogen energy layout of the above international giants is widely distributed in many countries, The layout in China has accelerated in recent years. Our country’s hydrogen energy industry has just started and needs to be benchmarked with international giants to accelerate its catch-up and surpass. Since the outline of the national medium and long term science and technology development plan (2006-2020) proposed “hydrogen energy and fuel pool technology” as one of the future energy technology development directions in 2006, China has issued a number of policies related to hydrogen energy, At present, the policy system, standards and norms are gradually forming and improving. At present, the market base of hydrogen energy is small, and the growth space of hydrogen energy will be very huge in the future, superimposed with policy promotion and other factors. The prediction of China’s hydrogen energy consumption by foreign institutions is basically in the range of 60 million tons – 160 million tons (2050).
The subdivided chemical industry will benefit from the three links of hydrogen production, storage and transportation, filling / application: in terms of hydrogen production, the chemical by-product hydrogen is the most suitable hydrogen source at the current stage. In the long run, low cost and low carbon emission are the basic requirements for hydrogen production. Electrolytic water from renewable energy is the ultimate route for hydrogen production. At present, China has also begun to layout, The reduction of hydrogen production cost is conducive to the expansion of hydrogen energy industry; In terms of hydrogen storage and transportation, high-pressure storage tank and long pipe truck transportation are mainly used at present. It is expected that high-pressure and low-temperature storage and multiple transportation modes will coexist in the future; In terms of filling and application, there are many investors in the hydrogenation station, and the industry is developing rapidly. With its hydrogen production storage and transportation system and the existing gas station resource layout, the hydrogenation station is expected to become the largest player.
Investment suggestions: with the help of policies, the hydrogen energy industry has ushered in a period of rapid development. We suggest paying attention to the industrial chain links with high technical barriers, industrialization / imminent industrialization and listed companies with clear main business, Specifically, we suggest to grasp the following main investment lines: 1) chemical by-product hydrogen companies with advantages in hydrogen production cost ( Befar Group Co.Ltd(601678) , Zhejiang Satellite Petrochemical Co.Ltd(002648) , Oriental Energy Co.Ltd(002221) , Kingfa Sci.& Tech.Co.Ltd(600143) , HuaSu Co., Ltd., Chengzhi Co.Ltd(000990) , juzhengyuan) or renewable energy electrolytic water hydrogen production with development prospects ( China Petroleum & Chemical Corporation(600028) , Ningxia Baofeng Energy Group Co.Ltd(600989) ). In addition, hydrogen purification technology and consumables are expected to benefit ( Haohua Chemical Science & Technology Corp.Ltd(600378) , Luoyang Jalon Micro-Nano New Materials Co.Ltd(688357) ) ）； 2) The storage and transportation link focuses on two barrels of oil integrating hydrogen energy, independent gas companies ( Suzhou Jinhong Gas Co.Ltd(688106) , Hunan Kaimeite Gases Co.Ltd(002549) ) and natural gas companies ( Enn Natural Gas Co.Ltd(600803) ) distributing hydrogen energy. In addition, the demand for fiber-reinforced high-pressure storage tanks is expected to grow rapidly. It is suggested that carbon fiber and aramid related enterprises ( Weihai Guangwei Composites Co.Ltd(300699) , Yantai Tayho Advanced Materials Co.Ltd(002254) , Sinochem International Corporation(600500) ）； 3) There are many investors in the hydrogenation station, In the future, it is expected that large energy enterprises will become the largest players in the industry ( China Petroleum & Chemical Corporation(600028) , Petrochina Company Limited(601857) ) by virtue of the resources of their gas stations. In addition, it is recommended to pay attention to the enterprises Distributing Regional hydrogenation business ( Oriental Energy Co.Ltd(002221) , Hongda Xingye Co.Ltd(002002) and Jiangsu Huachang Chemical Co.Ltd(002274) ) and the construction technology of hydrogenation stations ( Enn Natural Gas Co.Ltd(600803) ); 4) accelerate the localization of proton exchange membrane, the core material of fuel cell (Dongyue Group, Sichuan Em Technology Co.Ltd(601208) , Haohua Chemical Science & Technology Corp.Ltd(600378) , Zhejiang Juhua Co.Ltd(600160) ), the domestic special sealant is under technical development, and it is suggested to pay attention to the relevant enterprises laying out proton exchange membrane and sealant.
Risk warning: market demand risk; Technology development is less than expected; Lower cost than expected; The project construction progress is less than expected; Safety risk.
