Industry comments
Industry:
Fuel cell buses topped the list again. In the recommended catalogue of the third batch of new energy models of the Ministry of industry and information technology in 2022, 9 system enterprises are supporting 13 FCVs, and the FCV on the list is reduced by 7% year-on-year; Including 5 passenger cars; The number of logistics vehicles increased to 3.
The high-power trend of the system meets the requirements of medium and long-term hydrogen energy planning. 76% of the high-power systems listed in the third batch in 2022, much higher than that in the same period last year. Combined with the guidance for the use of FCV in high-power vehicles in the medium and long term plan for hydrogen energy issued by the national development and Reform Commission in March, the trend meets the planning requirements; In the third batch of this year, the maximum power of fuel cell system is 125KW, and the supporting system supplier is Tianjin new hydrogen power.
The driving range of the vehicle conforms to the positioning of commercial vehicle application scenarios. The FCV driving range of the third batch of recommended catalogue in 2022 is mainly distributed in the range of 400 ~ 500km; All vehicles with a driving range of 600km and above are city buses; The maximum driving range is 894km, which is a city bus of Jinlv brand, and the system supplier is jiehydrogen technology; Conform to the positioning of FCV’s current long-distance transportation and specific route transportation.
Company:
Construction machinery enterprises have entered the FCV market, and FCV application scenarios have increased. In the third batch of catalogues in 2022, Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) (construction machinery enterprises) and Jinlong jointly ranked first in terms of number, both of which were 3, accounting for 30%; Followed by Qingling automobile and Nanjing Jinlong (2 models, 15%); Other systems are only listed in one model.
On the list of foreign companies, the competition in China’s fuel cell market may intensify. In the third batch of catalogue, Qingji energy has the largest number on the list, with 3 models, accounting for 23%; The second is Bosch automobile (foreign enterprise) and jiehydrogen Technology (both 2 models, 20%). As an overseas fuel cell manufacturer, Bosch automobile is listed in the catalogue of Shanxi Guoxin Energy Corporation Limited(600617) recommended models in China, indicating that the process of fuel cell marketization in China is gradually accelerating, which will also indicate that the competition in China’s fuel cell market may intensify; The rest of the system providers are only listed in one model, among which, China Automotive Chuangzhi is listed for the first time.
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 is less than expected
