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The company is a leading technological hydrogen fuel cell company in China focusing on research, development, production and sales of hydrogen fuel cell stacks and hydrogen fuel cell systems. The main products include molded flexible graphite bipolar plates, hydrogen fuel cell stacks, and hydrogen fuel cell systems. Among them, hydrogen fuel cell systems are mainly sold to downstream transportation application customers and downstream fixed application customers. Transportation applications mainly include: (i) commercial vehicles such as buses, logistics vehicles and heavy trucks; (ii) construction vehicles such as forklifts; (iii) trams; and (iv) ships.
Stationary applications mainly include distributed power generation and backup power. About 93% or more of the revenue generated each year during the track record period came from transportation applications (mainly buses and heavy trucks). As of the last practical date, the company has shipped more than 650 megawatts of hydrogen fuel cell stacks. In the future, as the industry develops and the company's product portfolio expands, the company expects to establish a wider range of business in other application areas. In terms of production, the company's Yunfu production base was put into operation in 2017. It was the world's largest hydrogen fuel cell stack production base at the time. Currently, production capacity continues to maintain industry-leading levels.
According to Frost & Sullivan's report, the company is a leading enterprise in the hydrogen fuel cell industry market in China. (i) In terms of hydrogen fuel cell stack shipments, the company ranked first in China for six consecutive years from 2017 to 2022, with a market share of 24.4% in 2022; (ii) in terms of hydrogen fuel cell system sales value, the company ranked first in China in 2022; (ii) in terms of hydrogen fuel cell system shipments, the company ranked second in China in 2022, with a market share of 21.8%.
The company's revenue grew rapidly. The company's revenue in 2020, 2021 and 2022 was $227 million, $457 million and $749 million respectively, with a compound annual growth rate of 48.9%. In terms of profit, the company is currently in a loss situation, with adjusted net losses of $110 million, $160 million and $230 million in 2020, 2021 and 2022, respectively. Based on the median of the company's sale price, the company's market value is about HK$10.54 billion, and the corresponding static PS is 14.1, which is 2.18 times higher than the median of Wind's comparable industry. Careful purchasing is recommended.