Logic: Policy and cost are the two core elements of the industry. The short-term driving force is mainly policy, supplemented by cost, while the long-term competitiveness of the industry comes from the continuous decline in cost, forming a full-cycle cost advantage over oil vehicles.
Time Node: 2024 for the first stage, the policy is the main driving force; after 2024 for the second stage, the cost is the main driving force.
Fuel cell is the optimal solution for electrification of heavy trucks.
Lithium-ion technology is the first to break through under the trend of electrification, driving the wave of electrification of passenger cars. In contrast, the electrification process in the field of heavy-duty transportation is a bit slow, on the one hand, due to the insufficient energy density of lithium batteries, heavy-duty long-distance range requires supporting the battery quality is too large, reducing the payload of the vehicle; on the other hand, the power battery charging time is long, reducing the operating efficiency of the vehicle in the commercial scenarios. Hydrogen fuel cells have a higher energy density, a range of 800~1000km, and the ability to achieve 10~15min rapid hydrogen refueling, making them the optimal solution for the current electrification of heavy trucks.
Industry chain:
Yihuatong (688339): core link leading enterprises
Domestic top two system suppliers, installed market share is higher: 2019 Yihuatong in the domestic system installed capacity of the country ranked second, only after the heavy truck.
Meijin Energy (000723): complete industrial chain layout, reasonable regional layout
Hydrogen fuel cell industrial chain layout is complete.
Meijin Energy is a listed company with an early layout of hydrogen fuel cells in China, holding Foshan Flying Spur in 2017, and in 2019, it successively invested in the membrane electrode enterprise Hongji Chuangneng, and the domestic fuel cell stack leader Guohong Hydrogen, realizing that the mid-stream components and downstream vehicle coverage.
Xiongtao Stocks (002733): complete layout of core components
The company's hydrogen fuel cell business covers membrane electrodes, electric stacks, system integration and other links.
Tenglong shares (603158): thermal management + EGR main industry boom is good, participate in the new source of power
Tenglong shares for the new source of power the largest shareholder. The company currently holds a 40% stake in the new source of power , the new source of power is China's earliest to start the fuel cell R & D and production of enterprises, in the proton exchange membrane fuel cell key materials, stacks, the system is located in a leading position, the existing fuel cell related production capacity of 1000 sets / year. In addition, the company set up Tenglong Hydrogen Energy to provide fuel cell system components, control equipment, and services for the new source of power hydrogen fuel cell business.
Jiahua Energy (600273): potential supplier of hydrogen in the Yangtze River Delta, the advantage of by-production of hydrogen
The Yangtze River Delta by-production of hydrogen supplier, the layout of the hydrogen refueling station has begun to show results. The company's total annual by-production of hydrogen is about 10,000 tons, and after purification can meet the demand for hydrogen along the Yangtze River Delta.
Binhua shares (601678): the advantage of by-production of hydrogen, has realized the external supply of hydrogen
In 2017, the company cooperated with the Tsinghua Institute of Engineering and Research, and gradually entered the field of hydrogen energy. In the same year, the company and Yihuatong joint venture set up Binhua Hydrogen Energy (company shareholding 97.5%), based on the advantages of by-product hydrogen, Binhua Hydrogen Energy investment in the construction of "hydrogen refining and storage and transportation charging" project, the first phase of the project has been put into operation, to achieve the high-purity by-product of hydrogen for external supply to the Zhangjiakou, Beijing area, and the future completion of the second phase will be achieved in the future, a total of
Snowman (002639): Layout of Fuel Cell Air Compressor and Hydrogen Circulation Pump
Through the acquisition of SRM, a subsidiary of Opcon, the company owns the relevant technologies of fuel cell air compressor and hydrogen circulation pump, which have been developed by Opcon since the 1990s. OPCON has been involved in the research and development of fuel cell vehicle air supply systems since the 1990s, and has provided fuel cell air supply systems to Ballard, Toyota, Honda, and other system and vehicle manufacturers under the Autorotor brand.
Ocean Electric (002249): layout earlier, was authorized by Ballard technology
July 2016, the company acquired 9.9% of the equity shares of Ballard, in 2017, the company obtained Ballard module technology authorization. Currently, the company has fuel cell system production bases in Shanghai and Hubei, and system downstream customers include Zhongtong and Dongfeng.
Weichai Power (000338): traditional heavy truck leader, relying on BLDP technology and Shandong market entry
Heavy truck leader layout fuel cell stacks, system link.
Weichai is the domestic heavy truck components and vehicle leader, the company currently holds 19.9% stake in the world's leading fuel cell company Ballard, the layout of the fuel cell heap, module link, relying on the Shandong market to start vehicle operations.
19.9% stake in Ballard, a leading fuel cell company, and cooperation to establish Weichai Ballard.
Downstream cooperation with Zhongtong, Shaanxi Automobile, vehicle operation is carried out smoothly.
Relying on Shandong market to promote fuel cell business.
Shandong chemical by-products of hydrogen reserves, in June 2020, Shandong issued a provincial hydrogen industry plan, plans to 2025 cumulative promotion of FCV more than 10,000 vehicles. The company is located in Shandong and has outstanding synergy with local resources, and will fully benefit from the development of hydrogen energy industry in Shandong.
Eastern Electric (600875): the whole industry chain layout, benefiting from the resources and policy advantages of the Sichuan region
Eastern Electric has the independent research and development of intellectual property rights of the power pile and system.
Based in Sichuan, it benefits from regional resource advantages and policy support.
Nandu Power (300068): participated in the creation of the new source of power, now holding 26%
The company is one of the initiators of the new source of power, is now the second largest shareholder. 2001 Nandu Power and Dalian Institute of Chemical Physics and other initiated the establishment of the new source of power in September 2020, the company acquired the Dahua Institute of 18% stake in the new source of power, the cumulative shareholding ratio of the new source of power, the new source of power, the new source of power and the new source of power. In September 2020, the company acquired 18% of the shares of Xinyuan Power held by Dahua Institute, and the cumulative shareholding ratio reached 26%, becoming the second largest shareholder of Xinyuan Power. The new source of power for the earliest domestic fuel cell industrialization of R & D production of enterprises, relying on the Dalian Institute of Chemical Technology to complete the reactor, the system and other key components of the localization of products to achieve batch delivery operation.
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