Industry data review
Annual system installed capacity: 1) industry wide: in December, the installed capacity of fuel cell system was 37mw, with a month on month increase of 29% and a year-on-year increase of 183%, the highest in that year. From January to December, the cumulative installed capacity of fuel cell system was 173mw, with a year-on-year increase of 119%, and the cumulative value also hit a new high over the years. The double growth of installed capacity data reflects the excellent performance of the system company in the whole year. In 2022, leading hydrogen energy companies such as SAIC jet hydrogen, reshaping technology, Guohong hydrogen energy and Guofu hydrogen energy may be listed. It is suggested to pay attention to the investment opportunities in hydrogen energy and fuel cell sector. 2) Branch: in December, the installed capacity of Shanghai jening, Guangdong Hongli hydrogen power and Shanghai jiehydrogen power ranked the top three respectively, with the installed capacity reaching 7.7mw/6.2mw/6.2mw, accounting for 21% / 17% / 17% respectively, Beijing Sinohytec Co.Ltd(688339) the installed capacity decreased, and the orders of the Winter Olympic Games may be coming to an end; From January to December, the cumulative installed capacity of yihuatong, Haizhuo power and Shanghai jening ranked among the top three, reaching 54.5mw/26.1mw/16.2mw respectively, accounting for 32% / 15% / 9% respectively.
Vehicle sales in China: in December, 386 fuel cell vehicles were sold, up 45% month on month, including 194 heavy trucks; From January to December, the total sales volume of fuel cell vehicles was 1871, of which large buses and heavy trucks accounted for 48% / 41% respectively, and the proportion of large buses and heavy trucks gradually increased, which is related to the inclination of subsidy policy to heavy load and high power. Although the whole vehicle sales volume in 2021 was lower than that in 2019, the installed capacity increased year-on-year, which reflected the increase of the average power of single vehicle and the significant improvement of the R & D capacity of China's high-power system.
Production and marketing of demonstration Urban Agglomeration: in December, Shanghai demonstration urban agglomeration landed the most (177 vehicles), followed by 96 vehicles in Beijing demonstration urban agglomeration; From January to December, Beijing demonstration city cluster landed the most (643 vehicles), mainly benefiting from the orders of Beijing Winter Olympic Games.
Global vehicle production and sales: 1) Japan: from January to November 2021, Toyota FCV sold 5642 vehicles worldwide, far exceeding 1770 vehicles in 2020, a new high over the years; 2) Korea: in 2021, Hyundai's global cumulative sales volume of FCV was 9620, with a year-on-year increase of 42%; Among them, the local sales volume was 8502, a year-on-year increase of 47%. 3) United States: from January to December, the cumulative sales volume of FCVs in the United States and China was 3352, a year-on-year increase of 258%, a new high over the years; Among them, the FCV sales of Toyota in Japan account for 78% in the United States. The sales volume of fuel cell vehicles in major countries in the world increased significantly year-on-year.
Investment advice
2022 will be the first year of the outbreak 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) with geographical location 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.
