The policies and plans for the intensive development of hydrogen energy industry are driving the industry into the fast lane. The reporter learned that at present, more than 30 places have issued policies and relevant plans related to the development of hydrogen energy industry. In the secondary market, relevant listed companies have also attracted much attention, especially some large central enterprises have taken the lead in starting the layout and playing a leading role in the development of hydrogen energy. Institutional analysis shows that hydrogen energy is expected to open a potential market space of several trillion yuan in the future, and the industrial chain will form an effective cycle from the demand and technology supply side.
capital competes for trillions of Yuan hydrogen energy market
With the opening of the Beijing Winter Olympic Games, hydrogen energy ushers in important application scenarios. In terms of building a low-carbon transportation system, the use of hydrogen fuel cell vehicles is a highlight of this winter Olympic Games, Petrochina Company Limited(601857) , Gd Power Development Co.Ltd(600795) will provide hydrogen energy supply guarantee for Beijing Winter Olympic Games and winter Paralympic Games. Recently, Yutong Bus Co.Ltd(600066) , Fujian Snowman Co.Ltd(002639) , Beijing Dynamic Power Co.Ltd(600405) , Jiangsu Huachang Chemical Co.Ltd(002274) have successively announced that relevant hydrogen energy products have been provided for the Beijing Winter Olympics.
Hydrogen energy is clean and efficient, and can be used in many fields, such as transportation, steelmaking, power grid energy storage assistance and so on. Under the guidance of China’s dual carbon goal of “carbon peaking and carbon neutralization”, the development of hydrogen energy has become one of the trends to improve the energy structure. Based on this, the relevant concepts in the capital market have been heating up recently. The data show that in the 22 trading days since December 15, 2021, among hydrogen energy concept stocks, Fujian Snowman Co.Ltd(002639) increased by more than 62%, and Shouhang High-Tech Energy Co.Ltd(002665) , Lanzhou Greatwall Electrical Co.Ltd(600192) increased by more than 20%.
Among the 38 stocks of hydrogen energy concept, there are not only photovoltaic giants such as Longi Green Energy Technology Co.Ltd(601012) , but also Saic Motor Corporation Limited(600104) , Ningxia Baofeng Energy Group Co.Ltd(600989) with a market value of 100 billion. The subdivided industries involve information technology, optional consumption, materials, energy and other fields. Recently, a number of listed companies have announced the layout of hydrogen energy. On January 10, Weifu High-Technology Group Co.Ltd(000581) announced that by 2025, the company plans to invest about 3 billion yuan in hydrogen energy business, including about 2.6 billion yuan in hydrogen fuel cell core parts business. The subsequent company will continue to promote the construction of Asia Pacific base for hydrogen fuel cell core parts business with the joint venture as the main body. On the 11th, Beijing Dynamic Power Co.Ltd(600405) said on the interactive platform that the company actively laid out the hydrogen energy field, successively launched and iterated fuel cell related supporting products, and continuously expanded the product line in the hydrogen energy field.
Behind the capital chase is the potential market space of several trillion yuan. Debang Securities pointed out that under the guidance of the carbon neutralization target in 2060, China’s energy structure will change significantly in the future, and will promote the development of key investment directions to topics such as power, power grid transformation and hydrogen energy. Galaxy Securities believes that from a global perspective, countries are stepping up R & D and investment in hydrogen energy. From the perspective of China, the output value of hydrogen energy industry chain is expected to continue to grow in the future. China hydrogen energy alliance predicts that under the guidance of carbon neutralization target in 2060, China’s annual hydrogen energy demand is expected to reach 60 million tons by 2050. In terms of industrial scale, the potential market scale of China’s hydrogen energy ecosystem is expected to reach 12 trillion yuan in 2050.
central enterprises compete to take the lead
Since 2021, policies and relevant plans for the intensive development of hydrogen energy industry are driving the industry into the fast lane. According to incomplete statistics, up to now, more than 30 places such as Beijing, Hebei, Sichuan and Shandong have successively issued policies and relevant plans related to the development of hydrogen energy industry. Among them, in August 2021, the first three hydrogen fuel cell vehicle demonstration urban agglomerations were launched, marking the acceleration of China’s hydrogen energy industrialization application into the policy support period.
The hydrogen energy industry chain has the characteristics of long chain and large potential output value, covering the hydrogen energy end and fuel cell end. Everbright Securities Company Limited(601788) according to the analysis, compared with the lithium battery industry chain, the hydrogen energy and fuel cell industry chain is longer, more complex and contains more theoretical economic value. It includes hydrogen production, hydrogen storage, hydrogen transmission and hydrogenation of upstream hydrogen supply, as well as downstream hydrogen energy vehicle, industrial steelmaking and other application links.
According to the research and statistics of Cinda securities, large central enterprises have begun to take the lead in giving full play to the advantages of industrial resources and playing a leading role in the development of hydrogen energy. For example, China hydrogen energy alliance, which is positioned as a national industrial alliance, was established under the leadership of the national energy investment group and jointly with 19 central enterprises, universities, scientific research institutes and financial institutions, aiming to promote the continuous improvement of industrial policies and industrial standards, increase industrial capital investment, and accelerate the industrialization of hydrogen energy. At present, the number of member units has increased to 87, including 24 central enterprises.
In terms of specific industrial chain, Sinopec and national energy group have formed a layout in multiple links. According to public data, Sinopec currently has an annual hydrogen production capacity of more than 3.5 million tons, accounting for about 14% of the national hydrogen production. During the “14th five year plan” period, 1000 hydrogen stations are planned to be built to build “China’s largest hydrogen energy company”. The national energy group has initially formed a national layout of hydrogen energy projects. In the downstream hydrogen fuel cell and automobile sectors, the state power investment and Dongfang Electric Corporation Limited(600875) continued to invest, focusing on the technical layout of the core components of the battery. Dongfeng Group, FAW Group and Crrc Corporation Limited(601766) mainly distribute hydrogen fuel cell vehicles. In terms of private enterprises, Longi Green Energy Technology Co.Ltd(601012) , Sungrow Power Supply Co.Ltd(300274) , Ningxia Baofeng Energy Group Co.Ltd(600989) , Great Wall Motor Company Limited(601633) are also distributed, and are generally concentrated in green hydrogen production and fuel cell.
Everbright Securities Company Limited(601788) according to the analysis, the policy support combined with the guidance of market capital will gradually open up the hydrogen energy industry chain and form an effective cycle from the demand and technology supply side. Guolian Securities Co.Ltd(601456) believes that hydrogen energy, as a green secondary energy connecting renewable energy and terminal application scenarios, will play an important role in deep decarbonization in industries, buildings, transportation and other fields.
