Futu news, December 5 report, $REFIRE (02570.HK)$ Today the dark market opened lower and closed down by 8.03%, at 135.20 Hong Kong dollars, with a transaction volume of 1.7719 million Hong Kong dollars, and a total market value of 11.646 billion Hong Kong dollars; each hand is 20 shares, excluding handling fees, each hand incurs a loss of 236 Hong Kong dollars.

Market data source: Futu Securities >

Investment highlights

Wide business cooperation: The company provides high-quality hydrogen fuel cell energy systems in china, establishing a good brand reputation and successfully expanding overseas hydrogen energy business. In addition, by providing high-quality products and services and discovering and addressing customer needs, the company has built and maintained strong business relationships with domestic and international commercial vehicle manufacturers, auto parts manufacturers, and energy companies, such as Yutong, faw jiefang group, Hangcha, Chint Group in china, toyota motor in japan, Continental Group, and Schaeffler Group in Germany.

Market scale expansion: According to Frost & Sullivan data, the global hydrogen energy consumer market size (measured by output value) increased from 113.4 billion USD in 2018 to 137.3 billion USD in 2023, and is expected to grow to 203.1 billion USD by 2028. Moreover, the global low-carbon hydrogen consumer market size (measured by output value) increased from approximately 9.6 billion USD in 2018 to approximately 27.8 billion USD in 2023, with a compound annual growth rate of 23.7%, and is expected to increase to 88 billion USD by 2028, with a compound annual growth rate of 25.9% from 2023 to 2028.

Risk warning

Intense market competition: Due to the bullish government policies aimed at developing the fuel cell energy industry and the hydrogen production industry, the number of market participants in these sectors continues to increase, intensifying competition. Under these circumstances, the company cannot guarantee that future revenues will continue to grow while maintaining cost-effectiveness in its business. Competitors of the company (including market participants in the fuel cell energy industry and the hydrogen production industry) may possess stronger financial capabilities, resources, research and development capabilities, a longer operating history, a wider range of product applications, and a larger market share. The company may not be able to successfully compete with these competitors or new entrants to the market, which may adversely affect the company's business and financial performance.

Customer concentration: During the historical performance period, the majority of the company's revenue came from a limited number of customers. In the five months ending May 31, 2024, sales to the five largest customers accounted for approximately 75.0%, 71.7%, 69.3%, and 58.2% of the company's total revenue in 2021, 2022, 2023, and the period up to 2024, respectively. The company's operating performance and financial condition will continue to depend on (i) the ability to secure orders from these major customers; (ii) the financial status and business achievements of these customers; and (iii) factors influencing the development of the fuel cell energy industry and the hydrogen production industry. The company cannot guarantee that it will be able to retain any of its largest customers or any other major customer.

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Editor/Hao