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 February, the installed capacity of fuel cell system was 11.5mw, with a year-on-year increase of 127%. Most of the shipments were high-power (above 70kw) systems, accounting for 83.4%; From January to February 2022, the cumulative installed capacity of fuel cell system was 22.7mw, with a year-on-year increase of 120.7%, and the cumulative value reached a new high over the years.
The launch of the demonstration city cluster helped the sales of complete vehicles increase by more than 40% year-on-year, and policy subsidies promoted the continuous high proportion of large vehicles. In February, the sales volume of complete fuel cell vehicles was 115, with a year-on-year increase of 42%. Large buses and heavy trucks accounted for 61% / 12% respectively. The total proportion of large buses and heavy trucks gradually increased, which is related to the inclination of subsidy policies to heavy load and high power, and the trend is consistent with the whole year of 2021.
The government orders help the system increase in volume, and the installed capacity of Beijing Sinohytec Co.Ltd(688339) system reached the peak for the first time this year. In February, Beijing Sinohytec Co.Ltd(688339) , Wuhan Zhongyu and Shanghai remodeled the top three, with installed capacity reaching 6.8mw/1.3mw/0.8mw respectively, accounting for 59.4% / 11.6% / 6.7% respectively; From January to February 2022, Beijing Sinohytec Co.Ltd(688339) accumulated installed capacity ranks first, reaching 6895.4kw, accounting for 31%; The cumulative installed capacity of Guodian investment is the second, reaching 5628kw, accounting for 25%; Reshape the third energy, reaching 2080kw, accounting for 10%.
Government orders catalyze that BAIC Foton's vehicle sales account for more than half. In February, the sales volume of BAIC Futian, Chengdu Passenger Cars and Henan Deli finished vehicles ranked among the top three, reaching 61 / 10 / 9 respectively, accounting for 53% / 8.6% / 7.8% respectively; From January to February 2022, Yutong Bus Co.Ltd(600066) the cumulative sales volume of fuel cell vehicles ranked first, accounting for 27%, reaching 70 vehicles; BAIC Foton ranks second in sales volume, accounting for 25%, reaching 63 vehicles; Jinlong United fuel cell vehicles ranked third in cumulative sales, accounting for 13%, reaching 32 vehicles.
Production and marketing of demonstration Urban Agglomeration: in February, Beijing demonstration urban agglomeration landed the most (61 vehicles), followed by 15 vehicles in Guangdong demonstration urban agglomeration; From January to February 2022, the maximum number of demonstration cities in Beijing will be 142.
Global vehicle production and sales: 1) Japan: in January 2022 (the data of February has not been released yet), the global sales volume of Toyota FCV in Japan was 347, a year-on-year decrease of 22%; 2) South Korea: in February 2022, the cumulative global sales volume of Hyundai FCV was 652, unchanged year-on-year; Among them, the local sales volume was 650, with a year-on-year increase of 14%; 3) United States: in February 2022, the cumulative sales volume of FCVs in the United States and China was 247, with a year-on-year increase of 73%; Among them, the FCV sales of Toyota in Japan account for 70% in the United States. The overall 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) , which has geographical 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.
