Report summary:

China's hydrogen-fueled Shenchi car has the second largest sales volume in the world.

In 2019, the global sales of hydrogen fuel Shenchi vehicles were 10,409, and the number of vehicles held was 24,132. In 2019, global fuel cell shipments exceeded the 1GW mark, and Asia became the world's largest market. In 2019, the domestic sales of fuel Shenchi vehicles amounted to 2,737, an increase of 79% year-on-year, ranking second in the world, second only to South Korea, with 6,165 vehicles. In 2019, China's hydrogen fuel pool installed capacity was 128MW, a year-on-year increase of 140%. Among them, the top five are Reshaping Technology, Yihuatong, Qingneng Co., Ltd., Guohong Reshaping, and Xinyuan Power. Reshaping technology accounted for 28%, CR3 accounted for 63%, and CR5 accounted for 79%.

Listed overseas fuel cell companies have increased significantly in the past year.

As of mid-July this year, Ballard, Prager, and Syris, which produce automotive fuel cells and have in-depth cooperation with Chinese companies, have achieved significant increases in market value. The increase in the most recent year was 396% and 399%, respectively. , 230%. In June 2020, after the backdoor listing, Nicolas soared, with a market value of over US$30 billion at one time.

Fuel Shenchi Godfather Ballard.

Ballard began research and development of proton exchange membrane fuel cells in 1989, and currently has sold more than 320MW of fuel cell products, accounting for more than 30% of the world. Since 2013, Ballard has gradually authorized a number of Chinese companies to transfer fuel cell technology, including Beijing Bikong, Nantong Zehe, Guohong Hydrogen, Dayang Electric, and Weichai Power. Domestic companies directly cut into fuel cells by purchasing Ballard technology and patents, establishing production lines in China that rely on the latter technology, and supplying Ballard products to fuel cell vehicles.

Domestic fuel cell companies are developing rapidly.

Yihuatong has been approved by the Securities Regulatory Commission for the IPO of the Science and Technology Innovation Board, and the newly issued market value of the IPO is 4 billion yuan based on the funds raised. In recent years, many domestic companies have deployed hydrogen fuel cells by acquiring and holding shares in leading companies at home and abroad. In November 2016, Weichai Power subscribed for 33.5% of the shares in Versay. In November 2018, it subscribed for 19.9% ​​of Ballard's shares and officially became Ballard's largest shareholder. In July 2019, Meijin Energy completed a capital increase of 180 million yuan in Guohong Hydrogen Energy, holding a 9.09% stake. In May 2020, Tenglong acquired 20.71% of the shares of Xinyuan Power, and its shareholding ratio reached 40.36%. Domestic fuel cell companies have entered a period of rapid development, accelerating domestic substitution.

Suggested attention: Yihuatong, Tenglong Co., Ltd., Yutong Bus, Weichai Power, Zhongtong Bus, etc., the leading companies in the hydrogen fuel cell industry chain.