Another hydrogen unicorn IPO!
Synergy Hydrogen Energy (09663.)HK) passed the hearing more than five months after submitting the form, and finally landed on the Hong Kong Stock Exchange on December 5, becoming the second largest player in SinoHytec (688339sh/02402.HK) is the second hydrogen fuel cell company to be listed on the Hong Kong Stock Exchange.
Before the listing, Synergy Hydrogen Energy was a capital darling, and since 2016, it has obtained Meijin Energy (000723SZ), Zhongrong Dingxin, Qingdao Urban Investment Group and other investments, the valuation has risen from less than 2 billion yuan in 2019 to about 7 billion yuan in 2022.
However, the performance of Synergy Hydrogen Energy on the first day of listing was unsatisfactory, falling by more than 26% at the beginning of the market on December 5, and then rebounding. On December 6, Synergy Hydrogen Energy ***1616% to 16HK$60 shares, with a total market capitalization of about HK$8.6 billion.
Synergy Hydrogen Energy's original offer price was between 1935~21.HK$35 shares, the final price is 19HK$66 shares, with a net proceeds of about 14HK$5.6 billion.
According to the prospectus, Synergy Hydrogen Energy is a leading technology-based hydrogen fuel cell company in China, focusing on the research, development, production and sales of hydrogen fuel cell stacks and hydrogen fuel cell systems. As of the Latest Practicable Date, its hydrogen fuel cell stacks had shipped more than 650 MW.
In terms of products, in 2020 and 2021, the average selling price of Synergy Hydrogen Hydrogen Hydrogen Fuel Cell Stacks and Hydrogen Fuel Cell Systems remained relatively stable, at RMB 4,686, respectively6 yuan kW, 46808 yuan kilowatt;In 2022, due to the installation of additional parts to meet the needs of some customers, its average selling price increased slightly to 54072 yuan kilowatt;However, in the first five months of 2023, the selling price of hydrogen fuel cells fell to 3,760 due to the overall downward trend in the selling price of hydrogen fuel cells and the decline in the average cost of raw materials per kilowatt7 yuan kilowatts.
While the price fluctuates, the gross profit margin of Synergy hydrogen energy products is on a roller coaster ride as a whole. From 2020 to 2022, its gross profit margin was2%, and in the first five months of 2023, its gross margin fell further to 141%。Referring to the reasons for the change in gross profit margin, Synergy Hydrogen Energy said that the first is the impairment loss of 9SSL fuel cell stack license in 2020 of RMB 57.4 millionSecond, in 2022, the gross profit margin decreased year-on-year due to the lower profit margin of additional third-party components used in hydrogen fuel cell systems, as well as the increase in inventory and license impairment losses.
According to Frost & Sullivan, the market for hydrogen fuel cell stacks and hydrogen fuel cell systems has been growing rapidly in recent years. From 2018 to 2022, China's hydrogen fuel cell stack shipments increased from 742 megawatts soared to 7166 MW at a CAGR of 763%, while sales of hydrogen fuel cell systems in China increased from 58 percent during the same period7 megawatts soared to 6028 MW at a CAGR of 790%。
In addition, Frost & Sullivan data shows that in terms of hydrogen fuel cell stack shipments, Synergy Hydrogen Energy has ranked first for six consecutive years from 2017 to 2022In 2022, it ranked first in terms of sales value and second in terms of sales volume.
During this period, Synergy Hydrogen Energy's revenue continued to grow. According to the prospectus, from 2020 to 2022, Synergy Hydrogen Energy's revenue will be RMB 22.7 billion yuan, 45.7 billion yuan, 74.8 billion yuan. However, during the period, Synergy Hydrogen Energy lost money for three consecutive years, with operating losses of RMB 19.9 billion yuan, 67.3 billion yuan, 26.7 billion yuanThe three-year operating loss totaled 113.9 billion yuan. In the first five months of 2023, Synergy Hydrogen Energy's revenue doubled year-on-year to 14.3 billion yuan;The operating loss narrowed year-on-year to 923680,000 yuan.
As for the fact that it is still in a loss-making state, Synergy Hydrogen Energy said that because the hydrogen fuel cell industry and the hydrogen fuel cell automobile industry are in the early stage, the upstream and downstream production costs of the above industries are relatively high, and the downstream application and development are limited. "We expect to continue to record a net loss until at least 2025. ”
Times Finance noticed,Sinohytec, which landed on the Hong Kong Stock Exchange at the beginning of the year, also faced the problem of performance losses.
Sinohytec's relevant announcements show that from 2019 to 2022, its revenue has been rising, from 55.4 billion yuan increased to 73.8 billion yuan, but the net profit attributable to the parent company turned from profit to loss in 2020 and continued to expand;In the first three quarters of 2023, Sinohytec's net profit attributable to the parent company recorded 1The loss of 9.3 billion yuan exceeded the loss for the whole of 2022.
As for the main reasons for the change in net profit attributable to the parent company, Sinohytec said that first, the fuel cell industry in which it is located is in the early stage of commercialization, and its operating performance has a certain degree of volatility, and its revenue in the first three quarters decreased by 9725 year-on-year070,000 yuan;Second, with the increase in investment in talent reserves and market expansion, and the continuous expansion of business scale, the cost increased by 6524 year-on-year710,000 yuan;Third, the provision for related bad debts led to a year-on-year increase of 5,640 credit impairment losses800,000 yuan (RMB).
Times Finance learned from the relevant people of the first department of Yihuatong that it has a layout in the upstream industrial chain. A research report in November in the west ** predicts that Sinohytec's revenue in 2023 and 2025 will be 8100 million yuan, 12700 million yuan, 22400 million yuan, and the net profit attributable to the parent company was -1800 million yuan, -0600 million yuan, 0700 million yuan.
StillIn the short term, it is difficult to turn around the results, and investor confidence is also low. Since its listing on the Hong Kong Stock Exchange, SinoHytec's share price has fallen by 35% from the issue price.
Zhang Guoqiang, chairman of Sinohytec, said in an interview that with the continuous upgrading of hydrogen fuel cell technology and through large-scale pull, the cost of hydrogen fuel cell system will decline rapidly. "It is expected that by 2025, the cost of fuel cell vehicles will fall to par with pure electric vehicles, and by 2030, the cost will be comparable to the cost of gasoline vehicles. Coupled with the continuous improvement of hydrogen refueling infrastructure, China's hydrogen fuel cell vehicles will gradually turn to market-driven, and will expand to the field of hydrogen fuel cell passenger vehicles around 2030. ”
From a policy perspective, in April 2020, the "Notice on Improving the Financial Subsidy Policy for the Promotion and Application of New Energy Vehicles" stipulated the implementation of the policy of "substituting subsidies with awards" for hydrogen fuel cell vehicles, and local governments are also helping the hydrogen energy industry, such as the "Action Plan for Accelerating the Construction of Fuel Cell Vehicle Demonstration City Clusters in Guangdong Province (2022-2025)", which sets the goal of promoting more than 10,000 hydrogen fuel cell vehicles by 2025, and provides monetary incentives for the research and development and development of these key components.
Recently, the "Initiative to Build China's Hydrogen Energy High-speed Initiative" was released at the first China Fuel Cell Vehicle Conference, aiming to accelerate the construction of a hydrogen energy high-speed network based on the five demonstration city agglomerations of Beijing-Tianjin-Hebei, Shanghai, Guangdong, Henan and Hebei.
Gou Ping, deputy director of the SASAC, said at the conference that the SASAC focuses on achieving the "double carbon" goal, implements the new strategy of energy security, and attaches great importance to the development of hydrogen energy and fuel cell vehicle industry. In the next step, we will make every effort to promote the high-quality development of hydrogen energy and fuel cell vehicles.