Major listed companies in the industry: Sinohytec (688339); Xiongtao shares (002733); Dongfang Electric (600875); Weichai Power (000338); Tianneng shares (688819); Dayang Electric (002249); Meijin Energy (000723); Sanhuan Group (300408); China Dynamics (600482); Snowman shares (002639), etc.
-- Analysis of the development goals of fuel cell technologyCost reduction is the key point
According to the Energy Conservation and New Energy Technology Roadmap 20", before 2035, the technical difficulties of China's vehicle fuel cells to be broken through in stages are mainly concentrated in key components such as fuel cell stacks, catalysts, proton exchange membranes, membrane electrodes, and bipolar plates, among which fuel cell stack cost reduction is one of the key goals of fuel cell technology development in China.
With the promotion of policies such as the "14th Five-Year Plan" and "Dual Circulation", China's fuel cell core technology continues to make breakthroughs, which will accelerate the domestic substitution of core components, and then drive the cost reduction of fuel cells in China. According to the data disclosed by Frost &Sullivan, from 2017 to 2022, driven by the acceleration of the localization process of fuel cell core components, the cost of fuel cells in China has decreased rapidly, and in 2022, the cost of fuel cells in China has dropped to 48,000 kw. Energy Conservation and New Energy Technology Roadmap 20" proposes that by 2035, the fuel cell system for commercial vehicles will be reduced to less than 1,000 kW. It is expected that in the future, China's fuel cell system will continue to decline driven by the increase in the localization of core components.
-- Market share of China's fuel cell industry
In 2022, in terms of fuel cell installed power and supporting quantity, Sinohytec has the highest market share, accounting for 21% and 19% respectively. In the first half of 2023, in terms of fuel cell installed power and supporting quantity, Hydrogen Jet Technology has the highest market share, accounting for 9% and 8% respectively. On the whole, although the market share of the top five companies is fluctuating, Sinohytec, REFIRE, Hongli Hydrogen, Hydrogen Jet Technology, National Hydrogen Technology and other companies have always been among the best.
-- Evaluation of the layout and competitiveness of enterprises in China's fuel cell industry
Among the representative enterprises in the fuel cell industry, Sinohytec and Synergy hydrogen fuel cell system business accounted for the highest proportion, with 9274% and 9786%。Sinohytec fuel cell related products involve fuel cell systems, stacks, bipolar plates, hydrogen circulation systems, control systems, etc., with the widest layout. On the whole, Sinohytec is in a leading position in terms of competitiveness.
Note: The data of Hydrogen Jet Technology** is in the company's prospectus, which is the data of 2021, and the data of the rest of the representative companies is the data of 2022.
——Shanghai and Beijing lead in the number of fuel cell patents
From the perspective of the technical strength of the fuel cell industry, as of November 2023, Shanghai and Beijing have the largest number of fuel cell patents, with 8,181 and 8,003 respectively, followed by Jiangsu and Guangdong, with more than 7,000 fuel cell patents.
-- Guangdong Province has the largest number of hydrogen refueling stations in operation
From the perspective of regional distribution of hydrogen refueling stations, China's hydrogen refueling stations are mainly concentrated in provinces and cities with leading development of hydrogen fuel cell vehicle industry such as the eastern coast, such as Guangdong and Shanghai. According to the data disclosed by the Xiangcheng Club, by the end of 2022, the number of hydrogen refueling stations in operation in China was 192, of which the number of hydrogen refueling stations in operation in Guangdong Province was 36, ranking first in the country.
For more research and analysis of this industry, please refer to the "China Fuel Cell Industry Market Prospect and Investment Strategic Planning Analysis Report" by Qianzhan Industry Research Institute.
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