Industry data review
The cumulative installed capacity of the system increased by 40% year-on-year, and the high-power trend of the system meets the requirements of medium and long-term hydrogen energy planning. In March, the installed capacity of fuel cell system was 14.7mw, unchanged year-on-year, and the shipments were medium power (40-70kw) and high power (above 70kw) systems; From January to March 2022, the cumulative installed capacity of fuel cell system was 36.9mw, an increase of 46% over the same period in 2021.
There is a time difference between the number of FCV insurance and the sales volume of the current month, and policy subsidies promote the continuous high proportion of large vehicles. The official website of China Automobile Association announced that the production and sales of FCV in March were 500 and 367 respectively. Due to the time difference between the number of FCV insured and the sales in the current month, 157 fuel cell vehicles were insured in March, a year-on-year decrease of 5%, including 76 heavy trucks; Large buses and heavy trucks account for 67% in total, which is related to the inclination of subsidy policies to heavy load and high power, and the trend is consistent with that of 2021.
The system enterprises of Beijing, Shanghai and Guangzhou demonstration urban agglomerations jointly produced a large amount of products, and Hongli hydro reached the top for the first time in 2022. In March, the first batch of enterprises selected for the demonstration urban agglomeration (Beijing, Shanghai and Guangzhou) system began to make efforts. The installed capacity of Guangdong Hongli hydrodynamics, Shanghai hydrogen energy herruiz and Beijing Beijing Sinohytec Co.Ltd(688339) reached 5.3mw/2.1mw/1.6mw respectively, accounting for 36% / 14% / 11% respectively; From January to March 2022, the cumulative installed capacity of Beijing Sinohytec Co.Ltd(688339) , Hongli hydro power and Guodian power investment ranked the top three respectively, reaching 8.5mw/6.3mw/5.6mw, accounting for 23% / 17% / 15% respectively.
Feichi automobile reached the top for the first time in 2022, and Sichuan automobile enterprises entered the top three again. In March, the sales volume of Feichi automobile, Chengdu bus and BAIC Futian Automobile reached 48 / 34 / 20 respectively, accounting for 30% / 22% / 13% respectively; From January to March 2022, the sales volume of Beiqi Futian, Yutong Bus Co.Ltd(600066) and Chengdu passenger cars ranked among the top three, reaching 83 / 70 / 64 respectively, accounting for 20% / 17% / 16% respectively.
Production and marketing of demonstration Urban Agglomeration: in March, Guangdong demonstration urban agglomeration landed the most (35 Vehicles), followed by 30 vehicles in Beijing demonstration urban agglomeration. There were almost no new landing vehicles in Hebei and Henan urban agglomerations, which is related to the new policies in the two regions. From January to March 2022, the cumulative sales volume of Beijing demonstration urban agglomeration was the largest, with 172 vehicles, followed by Guangdong and Shanghai demonstration urban agglomeration, with 58 and 46 vehicles landing respectively.
Global vehicle production and sales: 1) Japan: in February 2022 (the data of March has not been released yet), the global sales volume of Toyota FCV in Japan was 412, a year-on-year decrease of 6%; 2) South Korea: from January to March 2022, the cumulative global sales volume of Hyundai FCV was 1465, a year-on-year decrease of 28%; Among them, the local sales volume was 1414, and the overseas sales volume performed poorly (only 51); 3) United States: from January to March 2022, the cumulative sales volume of FCVs in the United States and China was 1033, unchanged year-on-year; Among them, the FCV sales of Toyota in Japan account for 70% in the United States.
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.
