Key takeaways. FCV installed capacity of 86 in November12MW, with an installed capacity of 521 from January to November21mw。In November 2023, the installed capacity of fuel cell systems was 8612MW, an increase of 14% year-on-year, of which the installed capacity of commercial vehicles was 852MW, most of the installed capacity this month is large buses and heavy trucks. The FCV is expected to show a high growth trend throughout the year, and the implementation of policy details and the improvement of the maturity of the industrial chain will lead to strong certainty in the industry.
FCV sales were 786 units in October, with a cumulative total of 5,287 units from January to November. In November 2023, the number of fuel cell systems** was 786, of which 772 were commercial vehicles. Due to the difference in statistical caliber, the production and sales of FCVs in November announced by the China Association of Automobile Manufacturers were 721 647 units, a year-on-year increase of +12391%/+76.29%。Since the beginning of this year, FCV has gradually entered the stage of large-scale production, and with the introduction of local policy details and the implementation of subsidies, production and sales are expected to continue to grow at a high rate.
Electrolyzer bidding for green hydrogen projects: From January to December 2023, a total of 19 green hydrogen projects have been publicly tendered for electrolyzers, with a total of 1,882MW of electrolyzer tenders. Judging from the start of green hydrogen projects and EPC bidding in 2023, a total of 10The 870,000-ton green hydrogen project has started, and nearly 314 sets of electrolyzers of 220,390 nm3 h will be tendered one after another. From the perspective of the share of electrolyzer enterprises in hydrogen production projects, Perry Hydrogen Energy, LONGi Hydrogen Energy and Sungrow Power Supply ranked the top three, accounting for 16%, 15%, and 13%;Most of the electrolyzers of the open projects are alkaline, and the average median of the alkaline electrolyzers** of the selected and first winning candidates is 79551/706.130,000 yuan set and 73582 7 million yuan set (1000 nm3 h);The mean median of PEM electrolyzers** was 72649/714.380,000 yuan set (200nm3 h).
Investment strategy. In 2024, the hydrogen energy and fuel cell industry will enter a period of mass acceleration, and the implementation of fuel cell vehicles and green hydrogen projects will be greatly accelerated.
The above ** is only used as a teaching case, does not constitute investment advice, and is for reference only.
Reference**: December 20, 2023 IFC** Hydrogen Energy & Fuel Cell Industry Research: FCV Monthly Installed Capacity Increases, Electrolyzers Welcome Large Bidding.
Special Disclaimer: The content of the article is for reference only and does not constitute investment advice. Investors act accordingly at their own risk.
This article is edited by investment consultant: Shang Yaxiong a1290623030001.