Key points of investment: as the fourth of the hydrogen energy depth series, this report studies the characteristics and applicability of various storage and transportation modes in the hydrogen storage and transportation link from the qualitative and quantitative perspectives, and explores the main line of hydrogen storage and transportation investment from the perspective of different development stages of hydrogen energy.
Analysis of the overall situation of the industry
Hydrogen storage and transportation is a connecting link between the preceding and the following, with a market scale of 100 billion. Storage and transportation is the key bridge connecting the hydrogen production end and the demand end in the hydrogen energy industry. China’s hydrogen energy resources are inversely distributed. In terms of resources, “rich in the West and poor in the East, more in the north and less in the South”, but on the contrary in terms of demand, which determines the importance of storage and transportation in the whole hydrogen energy industry chain. According to the prediction of hydrogen energy alliance, by 2040, China’s annual demand for hydrogen will increase to 57 million tons, and the huge demand for hydrogen energy will bring about a market scale of storage and transportation equipment of about 520 billion.
Storage and transportation technologies are rich and diverse, and develop in multiple directions from near to far. According to different forms of hydrogen, hydrogen storage and transportation can be divided into gaseous, liquid and solid storage and transportation. At the initial stage of hydrogen energy development, the amount and radius of hydrogen are relatively small. At this time, high-pressure gaseous storage and transportation is more cost-effective; In the medium-term development of hydrogen energy, the demand radius of hydrogen will gradually increase, mainly in gaseous state and low-temperature liquid state; In the long run, high density and high safety pipeline hydrogen transmission will be realized. In general, hydrogen energy storage and transportation will develop in the direction of “low pressure to high pressure” and “gaseous to multiphase”, so as to gradually improve the capacity of hydrogen storage and transportation.
Industry outlook or investment highlights
With the implementation of the medium and long-term development plan of the hydrogen energy industry, the hydrogen energy industry will enter a period of rapid development, promoting the rapid growth of the demand for key storage and transportation equipment and materials. At the initial stage of hydrogen energy development, hydrogen pressure equipment (such as hydrogen storage bottle), gas processing equipment (such as hydrogen compressor, purification equipment, etc.) and related core materials (such as carbon fiber, adsorption membrane, etc.) corresponding to high-pressure gaseous storage and transportation will take the lead in large-scale development; In the middle stage of hydrogen energy development, the increase of hydrogen consumption scale and transportation radius will promote the demand for low-temperature liquid hydrogen storage and transportation equipment (such as turbine expander, positive and secondary hydrogen converter, liquid hydrogen pump, etc.).
Investment advice
Storage and transportation is one of the core links of the hydrogen energy industry chain and the basic guarantee for the large-scale development of hydrogen energy. We are optimistic about the prospect of the hydrogen energy storage and transportation industry and give a rating of “stronger than the big market”. According to different stages of development of hydrogen energy industry, three main investment lines are given:
1) in the early stage of hydrogen energy development, the high-pressure gaseous storage and transportation technology is mature and highly commercialized. Among them, the on-board hydrogen storage bottle will take the lead in benefiting from the scale improvement of hydrogen energy vehicles. It is suggested to pay attention to the leading hydrogen storage bottle Beijing Jingcheng Machinery Electric Company Limited(600860) , Sinoma Science & Technology Co.Ltd(002080) , Guofu hydrogen energy, Changchun Zhiyuan New Energy Equipment Co.Ltd(300985) etc. carbon fiber as the core material of high-pressure hydrogen storage bottle will also benefit, and pay attention to Zhongfu Shenying, Weihai Guangwei Composites Co.Ltd(300699) ;
2) in the medium-term development of hydrogen energy, low-temperature liquid hydrogen will meet the needs of large-scale and long-distance hydrogen energy, and low-temperature liquefaction equipment will develop rapidly as the core link of the industrial chain. It is suggested to pay attention to Moon Environment Technology Co.Ltd(000811) , Chengdu Shenleng Liquefaction Plant Co.Ltd(300540) , Hangzhou Oxygen Plant Group Co.Ltd(002430) , Hongda Xingye Co.Ltd(002002) ;
3) large scale hydrogen energy storage and transportation is usually accompanied by a large number of gas processing requirements, including compression and purification. It is recommended to pay attention to Fujian Snowman Co.Ltd(002639) , Luoyang Jalon Micro-Nano New Materials Co.Ltd(688357) , Pan Asian Microvent Tech (Jiangsu) Corporation(688386) .
Risk tips
The breakthrough of core technology is less than expected; The demand of hydrogen energy terminal is less than expected; The implementation of the policy is not as expected; The calculation is subjective and for reference only.
