Meijin Energy (000723): Summary of the research on the layout of the hydrogen energy industry chain
The relationship between the following major companies is sorted out: Guohong Hydrogen began to enter the research of hydrogen fuel cell vehicles in about 12 years, and Feichi Automobile and Guohong Hydrogen were earlier brother companies.After buying the electric stack, the hydrogen-fueled car was assembled.At present, Guohong Hydrogen can buy membrane electrodes from Ballard, use its own bipolar plate to assemble the stack, and then sell it to Feichi Automobile.However, through the launch of Hongji Chuangneng’s own membrane electrode production line in 2019, Guohong may buy membrane electrodes from Hongji Chuangneng to produce electric stacks and then sell them to Feichi Automobile.(This can reduce the cost of the membrane 苏州桑拿网 electrode) Meijin Energy Holdings Feichi Automobile 51.2%, a 45% stake in Guangzhou Hongjin, Guangzhou Hongjin Holdings Hongji Chuangneng 51%; Meijin Energy has no equity relationship with Guohong Hydrogen. The speedy hydrogen industry of the automobile is nationally recognized and the policy encouragement is also the direction encouraged by the local government of Foshan. At the same time, the Guangdong provincial government has developed hydrogen as a pillar industry. Foshan City proposes to invest 1,000 hydrogen fuel cell buses in 2019.Leave it to Flying Cars.The Yunfu City Government also proposed to promote 100 hydrogen-hydrogen fuel transportation vehicles, but considering the local financial constraints, the progress has yet to be checked.Overseas, Flying Spur has completed three hydrogen fueled bus orders in Malaysia, followed by a second batch of seven.(Based 重庆耍耍网 on the completion of the basic design of the local hydrogen refueling station, etc.) In terms of revenue and profits, for large logistics vehicles, the state subsidies 500,000, local subsidies 500,000, and actual income 600,000, so the total sales income is 1.6 million per unit, and the net profit of the bicycleAbout 100,000 yuan.In 2019, the sales target of Flying Spur is 1500-2000 units, of which the target of hydrogen fuel cell vehicles is 1,000, and the net profit is also trying to reach about 200 million. Because there are only three local hydrogen refueling stations, the operation of hydrogen fuel vehicles is restricted. At present, Foshan City only operates 110 hydrogen fuel transport vehicles, and 100+ buses have been built, but the speeding workshop has been stopped.Foshan + Yunfu originally planned to build 32 hydrogen refueling stations, but because the state regards microwave ovens as hazardous chemicals management, safety, fire and other factors have been disrupted, resulting in slow progress in the construction of hydrogen refueling stations. The country may consider aviationReorganize energy management to promote the construction of hydrogen refueling stations.It may also consider cooperating with Sinopec in the future to unify the operation of gas stations and hydrogen stations. In terms of competition in the hydrogen-fueled vehicle industry, Zhongtong Bus currently ranks first, and Feichi Motors ranks second. Feichi Motors’ total sales of hydrogen energy vehicles are 360+ units, with a market share of 20% +; but in terms of passenger cars,Sales reached 190 units with a market share of 40% +. Guohong Hydrogen Energy is a hydrogen energy layout platform. In May 2016, the associated Guohong Hydrogen Power Technology Company and Ballard signed an agreement to adopt 9SSL reactor technology. According to the agreement, in 2017-2021,Guohong Hydrogen can become the only supplier of domestic membrane electrode assembly. After 2021, other domestic companies will be allowed to use Ballard products and technologies directly.At present, Guohong’s hydrogen stack technology is quite mature, but key membrane electrodes have to be continuously purchased from Ballard.Guohong Hydrogen’s electric stacks were sold to Feichi Automotive, thereby completing the assembly of hydrogen fueled vehicles. The technical term “electric stack”: bipolar plates and membrane electrodes are the key materials of fuel cells. Membrane electrodes are the “heart” of fuel cells: places where proton exchange membrane fuel cells undergo electrochemical reactions; bipolar plates are in the stack.”Skeleton”: Embed support in the fuel cell, collect current, provide channels for the coolant, and separate the oxidant and reducing agents.Two bipolar plates and a membrane electrode form a “unit”, and N “units” are connected at the same time to form a stack. In 2018, nearly 2,000 commercial vehicles loaded with Guohong’s products were delivered for use, with a market share of more than 70%. Nearly 50% of the fuel cell vehicles in the 2018 annual announcement catalogue used Guohong hydrogen power stacks. The advantages of Guohong Hydrogen Energy are as follows: the world’s largest production line of reactors and systems, with a capacity of 20,000 reactors and 5,000 systems. The production equipment is standardized with independent intellectual property rights, which can be all localized and customized, and the degree of automation is much higher than Ballard’s level. The stack uses flexible graphite plate compression molding technology, and through domestic production and large-scale production, it effectively controls costs while ensuring excellent performance. The monomer in the reactor has good uniformity and good corrosion resistance, and the service life can exceed 20,000 hours after application verification. The highest quality indicators of the reactors have reached Ballard’s requirements, and their consistency has exceeded Ballard’s original products. The only professional fuel cell company in China that has obtained all completed wages and projects. In terms of cost structure, the hydrogen fuel power system accounts for more than 70% of the total vehicle cost. The main components include fuel cell stacks, high-pressure hydrogen storage tanks, motors, and power control devices.Among them, the core part is the fuel cell stack, which accounts for about 65% in the fuel cell system. In the future, the cost of hydrogen-fueled vehicles will mainly come from the cost of electric stacks, and mass production is the key to reducing costs. Now the cost of electric stacks has fallen by 60% in 15 years.Heap costs are still 60% down. There are currently 15 hydrogen refueling stations in operation, of which 8 are fixed, 6 skid mounted, and 23 are under construction. On average, one hydrogen refueling station can meet the hydrogenation demand of 70-100 buses.According to the relative infrastructure development plan for the hydrogen energy industry, the number of hydrogen refueling stations is expected to be> 100 by 2020,> 300 by 2025, and> 1,000 by 2030. At present, the hydrogen refueling station is basically operating at full capacity, and the cost is 60% of the breakdown. Depreciation is calculated according to the depreciation method of investment and construction of normal enterprises, which is the same as that of plant and social investment.The cost of constructing a 1000 kg hydrogen refueling station is around 12-15 million. The subsidy from the Foshan government is 8 million. In terms of operation, the cost of carbon dioxide is 40 yuan / kg, the external price is 60 yuan / kg, and the government subsidies 20 yuan / kg.If you add it to the operating company, there will be a difference of 2w for a 1000kg class hydrogen refueling station per day, and a year is 700w replenishment, so the hydrogen refueling station can be profitable. Foshan has a relatively large compensation for this. Hongji Chuangneng adopts the world’s most advanced continuous automatic production technology of catalyst-coated proton membrane (CCM). Through the use of double-sided direct coating, capacity, efficiency, consistency and product quality ratio, traditional hot-press transfer printing and spray coating are addedGreatly improved.At the same time, it has independently developed the first fully automated MEA packaging production line, which produces automotive fuel cell membrane electrodes with independent intellectual property rights that are in sync with international advanced levels.The initial annual output value can reach 6 billion to 1 billion.In the first phase of the project, the annual designed production capacity of CCM and membrane electrodes is 300,000 square meters, and the cost of products divided by the current mainstream membrane electrodes is 20% -30% lower. Hongji Chuangneng’s CCM and membrane electrode products are designed to take into account the operating requirements of fuel cell vehicles under various extreme operating conditions. At the same time, they have the characteristics of high power density, long life, low cost, and good anti-polarity, The initial anti-polarity ability is more than 120 minutes (approximately).While satisfying the life, the current intensity is 1.At 5A / cm2, the power density is greater than 1W / cm2, and the highest can reach 1.4W / cm2. The company’s technical team, with Dr. Ye Siyu, a member of the Canadian Academy of Engineering (former Ballard CTO), has extensive experience in the industrialization of fuel cells and membrane electrodes.20 years of fuel cell R & D and production experience, how the technical team used and participated in the development of membrane electrode products are currently widely used in various models of several major car companies around the world, such as buses that currently operate in London for more than 30,000 hours, And Mercedes-Benz B series and GLC fuel cell passenger cars.