This report is read as follows:
With the advent of the era of hydrogen energy, fuel cells welcome policy catalysis. The company was earlier involved in the fuel cell field, the layout of stack, air compressor and other core components, the first-mover advantage is obvious.
Main points of investment:
Conclusion: with the advent of the era of hydrogen energy, fuel cells meet the policy catalysis. Considering the company's early involvement in the fuel cell field, the first-mover advantage is obvious. It is estimated that the EPS from 2019 to 2021 is 0.08,0.09,0.10 yuan respectively. The target price is 10.6 yuan, corresponding to 3.1x PB in 2020, to increase the holding.
With the advent of the era of hydrogen energy, fuel cells welcome policy catalysis. ① fuel cells are expected to reach 10,000 vehicles in 2020, exceeding the previous target of 5000 vehicles. China's central to local subsidies for fuel cells continue, fuel cells are expected to meet the policy catalysis. ② hydrogen fuel cell vehicle is a highly competitive new energy vehicle technology in the future. Traditional automobile powers have launched fuel cell strategic planning one after another. Countries such as China, the United States, Japan and South Korea aim to reach cumulative sales of 1 million fuel cell vehicles and 1,000 hydrogenation stations by 2030. ③ IEA predicts that fuel-cell cars could drop to 56% of their current prices by 2030, which will be economical compared to other technological types of cars. Especially in the field of freight and heavy transportation, fuel cell vehicles are the fundamental way to replace traditional fuel vehicles.
The company was earlier involved in the field of fuel cells, the layout of stack, air compressor and other core components. ① owns the world's leading fuel cell air compressor and hydrogen circulation pump technology and brand through mergers and acquisitions and shares in SRM, Sweden, and has supplied 21 domestic vehicle and engine companies. ② no longer holds a stake in Shuijineng Hydrogenics, but still cooperates with each other in hydrogen production by water electrolysis, hydrogenation stations, stacks and other fields. ③ plans to invest 4.55 billion yuan to set up a fuel cell project in Chongqing. Through the third phase of construction, the company will eventually reach an annual production capacity of 100000 sets of fuel cell engines, stacks and other core components. At the same time, 35 hydrogenation stations will be built in Chongqing by stages.
Catalyst: fuel cell business gets large orders.
Risk hint: market competition aggravates the risk, the market risk of fuel cell and other business.
