Fuel cell is booming in the new year

On January 23, 2019, the fuel cell index rose 4.41%, ranking first in the concept sector. In the sector, Great Wall Electric (600192, diagnostic stock), Antai Technology (000969, diagnostic stock), Wuhu shares (300694, diagnostic stock), Xingyun shares (300648, diagnostic stock) and other daily limit, in addition, Mei Jin Energy (000723, diagnosis Stocks, such as Xiongyi Energy also saw significant gains.

The analysis pointed out that the current fuel cell industry is like the lithium battery era in 2012. The industrial technology bottleneck has broken through, and it is about to usher in the high-speed growth period.

Industry support is increasing

Recently, the market is paying more attention to the fuel cell sector. Since the beginning of January, the Wind Fuel Cell Index has increased by 21.65%.

As for the rising logic behind it, industry insiders pointed out that on the one hand, while the subsidies for electric vehicles have subsided, fuel cells can enjoy the original subsidy policy until 2020, on the other hand, domestic enterprises have large-scale production. In addition, the industrial policies of various regions have been improved one by one, and the industrial chain has accelerated localization.

Objectively speaking, the domestic fuel cell is still in the early stage of development. At the end of 2017, it has accumulated 1,000 vehicles. In 2018, it has an annual output of more than 1,500 vehicles. The number of hydrogen refueling stations put into operation nationwide has reached 12. At present, the domestic hydrogen fuel vehicle power is 2 kWh per liter, and the foreign country basically reaches 3 kWh per liter. There is still a certain gap compared with foreign countries.

However, we must also see that there are only three hydrogen refueling stations in China in 2016. At present, there are 18 hydropower stations in operation and over 45 hydropower stations under construction and planning, and Sinopec PetroChina has opened. After the construction of the oil and hydrogen construction station, the market is expected to continue to improve the speed of infrastructure improvement after the energy giants join.

Although there is still a gap between the overall technical level of China's fuel cell vehicles and the international advanced level, in recent years, relevant policies to support industrial development and independent research and development breakthroughs have been introduced one after another, creating a good development for China's fuel cell vehicle technology and industry. surroundings.

In addition to the increasing annual subsidies for national technology, the new energy vehicle subsidy policy in 2018 has raised technical thresholds for fuel cell vehicles, and subsidies.Still kept. In addition, local governments have given great support to the local hydrogen energy and fuel cell vehicle industry, covering local subsidies for fuel cell vehicles, industrial demonstration applications, industrial technology research and development, vehicle development, industrial cluster construction and even demonstration city construction.

Focus on core advantage enterprises

Recently, the market hotspots frequently rotate, but the fuel cell concept has been concerned by the market, and some stocks have risen more than 50%. So how is the section configured?

Guojin Securities (600109, diagnostic stock) said that fuel cell vehicles have the advantages of long battery life, fast hydrogenation, high load and zero pollution, and are a perfect substitute for fuel vehicles in heavy-duty long-distance transportation. Fuel cell vehicles are targeting the 4 million commercial vehicle market, and the industry is entering the 1 to N era, and the industry is promising. It is recommended to pay attention to the company with a well-developed hydrogen energy industry chain.

Dongguan Securities said it expects China's fuel cell shipments to exceed 70MW in 2018, which is currently small. In the industrial chain, the field of hydrogen production is mainly based on energy companies. Currently, small and medium-sized high-tech enterprises are mainly concentrated in the field of water electrolysis and hydrogen. The investment opportunities in the secondary market are in the pipeline. It is recommended to focus on the advantageous enterprises in the core of fuel cells.

CITIC Securities (600030, diagnostic stock) (Hong Kong stocks 06030) said that the recent fuel cell industry planning has been frequent, the policy support has been significantly strengthened, and the commercialization of the industry has ushered in speed, opening 10 times in the next three years. Growth space, maintaining the industry's "stronger than the market" rating. It is recommended to optimize the leading companies with rapid progress in industrialization and strong growth certainty: one is the design of the reactor and the system integration; the second is the fuel cell auxiliary system; the third is the hydrogen and other links.

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