Policies boost the industrialization of fuel cell vehicles, with profits of many companies exceeding 100 million yuan in 2018

　　On Wednesday, the Shanghai and Shenzhen stock indexes showed a trend of opening lower and moving higher, and maintained a volatile consolidation trend throughout the day. Market funds were not willing to do long. A small positive line closed in late trading, and the Shanghai Index rose slightly by 0.05% to close at 2,581 points. On the market, the fuel cell sector overall rose by nearly 1% yesterday, and the share prices of 45 constituent stocks rose, accounting for more than 80% of the total.

　　In terms of individual stocks, seven stocks including Great Wall Electric, Antai Technology, Kangsheng, Lihu, Quanchai Power, Nebula, and Jingwei collectively hit the daily limit yesterday, with Meijin Energy (8.14%) and Xiongtao (7.52%) ), Kemet Gas (7.50%), Huachang Chemical (6.61%), Zhongtong Bus (6.13%), Baling Technology (5.60%) and Dayang Electric (5.28%) also ranked among the top gainers, all More than 5%.

　　With the support of policies, as the core technology of fuel cells accelerates breakthroughs, the profitability of listed companies in the fuel cell industry has been driven to a new level, becoming an important driving force for the current strong rise of the fuel cell sector. According to statistics from Flush Data, the Securities Daily Market Research Center found that as of January 23, 29 listed companies in the fuel cell industry had disclosed performance forecasts for their 2018 annual reports. There were 19 companies with positive performance forecasts, accounting for 65.52%. Among them, the net profits of four companies including Xiongtao Chemicals, Huachang Chemicals, Juhua Chemicals, and Kemet Gas are expected to double year-on-year in 2018, with year-on-year increases of 224.86%, 179.16%, 143.00%, and 131.27% respectively. In addition, companies such as Meijin Energy, Jingwei Group, Tianyuan Group, Donghua Energy, Montnets Group, Guiyan Platinum, CLP Xingfa, Sanhuan Group and other companies are expected to have year-on-year net profits reaching or exceeding 30%, showing strong growth potential.

　　Judging from the upper limit of forecasted net profit, among the above 19 companies with promising annual report performance, 17 companies are expected to have an upper limit of profit of more than 100 million yuan in 2018. Juhua Co., Ltd., Meijin Energy, Donghua Energy, and Sanhuan Group The four companies expect that the upper limit of net profit in their annual reports in 2018 will be more than 1 billion yuan, reaching 2.205 billion yuan, 2.000 billion yuan, 1.594 billion yuan and 1.408 billion yuan respectively. In addition, YYWma Technology (921 million yuan), Jingwei Technology (525 million yuan), Shenzhen Huicheng (460 million yuan), Dayang Electric (439 million yuan), Montnets Group (352 million yuan), Hanbell Precision Machinery (250 million yuan) and China Electronics Xingfa (224 million yuan) are expected to have annual profit caps of more than 200 million yuan in 2018.

　　In fact, recent favorable policies to support the development of the fuel cell industry have been frequent, which is also one of the important reasons for the recent strong performance of the sector. Among them, on January 18, the National Development and Reform Commission, the Ministry of Commerce, and the State Administration for Market Regulation jointly held a video and telephone conference on optimizing market supply and promoting household consumption, proposing to promote automobile and home appliance consumption according to local conditions, and increase policy support where conditions permit. Efforts will be made to meet the people’s consumption needs for new green and intelligent cars and home appliances. In addition, at the recently held "China Electric Vehicles 100 Forum (2019)", Academician Ouyang Minggao believed that compared with pure electric vehicles, the industrialization process of hydrogen fuel cell vehicles will be about ten years later. In 2025, fuel cell technology will It will mature and the cumulative number of promotions will reach 50,000 to 100,000 vehicles.

　　In addition, the fuel cell recently developed by the scientific research team of State Power Investment Corporation Hydrogen Technology Development Co., Ltd. has achieved complete autonomy in the entire industry chain. It has the advantages of advanced technology and low cost, which will help the large-scale application of fuel cells in my country. .

　　In this regard, CITIC Securities stated that hydrogen fuel cell vehicles have received policy support and have great room for future development. Fuel cells have the characteristics of "double high" power density and energy density, and their products are clean, making them an ideal new generation power source for automobiles. At present, domestic policies are gradually tilting towards the fuel cell industry, the industrialization process is accelerating, and it is gradually entering a period of industrial support. It is recommended to focus on targets with technological breakthroughs and leading layout in upstream core materials, midstream system integration and accessories: Guiyan Platinum (Catalysis) Materials), Weichai Power (joining hands with Ballard to enter the stack), Dayang Electric (joining shares in Ballard), pay attention to Snowman Co., Ltd. (air compressor), Dongfang Electric, and Vision Co., Ltd.

　　YYWlink Securities believes that the fuel cell business model has taken shape and the industry chain is accelerating localization. Recently, the market has paid increasing attention to the fuel cell sector. While subsidies for electric vehicles are declining, fuel cells can still enjoy the original subsidy policy until 2020. On the other hand, domestic companies are producing on a large scale, and industrial policies in various regions have been improved, and the localization of the industrial chain is accelerating. Sort out the sectors related to the chemical industry in the fuel cell industry, including the upstream hydrogen production link, the proton exchange membrane, bipolar plates and catalysts in the stack. Recommended leading stocks whose annual report performance exceeds expectations: Shenzhen Huicheng, Xiongtao Co., Ltd., Huachang Chemical, Juhua Co., Ltd., Snowman Co., Ltd., Kemet Gas, etc.

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