Event: on March 23, the national development and Reform Commission and the Energy Administration jointly issued the medium and long term plan for the development of hydrogen energy industry (20212035). The positioning of hydrogen energy in the plan is: hydrogen energy is an important part of the future national energy system, hydrogen energy is an important carrier for energy consumption terminals to realize green and low-carbon transformation, and hydrogen energy industry is a strategic emerging industry and a key development direction of future industries.
From the description of the planning content, hydrogen production from renewable energy, hydrogen fuel heavy truck, core technology and key materials, proton membrane fuel cell, hydrogen production equipment, hydrogen energy supply network and high-pressure gaseous storage and transportation will be the key development contents in the planning period.
In addition to continuing to promote the demonstration application of hydrogen energy in the transportation field, the plan will vigorously develop the promotion of hydrogen energy in renewable energy, industry (the chemical industry is relatively mature, and hydrogen metallurgy will be the main promotion point) and even building heating. It is expected that some pilot projects will be gradually popularized and applied at the beginning of 2022.
The development of hydrogen production from renewable energy and the improvement of hydrogen production efficiency will further drive the demand growth of electrolytic cells and key PEM membrane materials. The policy proposes to focus on the development of hydrogen production from renewable energy, which will bring more investment in electrolytic cell; PEM electrolytic hydrogen production can provide high-pressure pure hydrogen. However, it needs to use expensive catalysts and fluorinated membrane materials, resulting in high investment cost. Therefore, reducing the cost of electrolytic cell, using green electricity and improving the efficiency of hydrogen production will be the key to the large-scale application of PEM.
The policy focuses on promoting the application of hydrogen fuel cells in medium and heavy vehicles, which will further improve the penetration rate of fuel cells in medium and heavy trucks: at present, the proportion of fuel cell vehicles in heavy and heavy trucks is very low. It is expected that the penetration rate of fuel cells in medium and heavy trucks will continue to increase, which will lead to the growth of demand for fuel cells and hydrogen storage bottles.
The commercialization of high-pressure gaseous storage and transportation will further boost the demand for long tube trailers. Compared with overseas 52Mpa high-grade hydrogen tube bundles, China's long tube trailers have more room for efficiency improvement. At present, some Chinese enterprises have also been studying. With the maturity and commercialization of technology, the efficiency improvement of long tube trailers and the reduction of storage and transportation costs will further boost the demand for long tube trailers.
Investment suggestion: the release of the medium and long-term plan for the development of hydrogen energy industry (20212035) systematically plans the medium and long-term hydrogen energy development objectives, key development directions and Implementation Paths. From the description of the planning content, hydrogen production from renewable energy, hydrogen fuel heavy truck, core technology and key materials, proton membrane fuel cell, hydrogen production equipment, hydrogen energy supply network and high-pressure gaseous storage and transportation will be the key development contents in the planning period; Among them, the development of hydrogen production from renewable energy and the improvement of hydrogen production efficiency will further drive the demand growth of electrolytic cell and key PEM membrane materials; The policy focuses on promoting the application of hydrogen fuel cells in medium and heavy vehicles, which will further improve the penetration of fuel cells in medium and heavy trucks; The commercialization of high-pressure gaseous storage and transportation will further boost the demand for long tube trailers. Focus on relevant listed companies involved in key development contents.
Risk tip: the policy promotion is not as expected. Under the internal circulation development pattern, the demand for hydrogen energy application scenarios is low.
