core point
Event: On March 23, the National Development and Reform Commission released the “Medium and Long-Term Plan for the Development of Hydrogen Energy Industry (2021-2035)”. The “Plan” proposes that by 2025, the core technologies and processes of hydrogen energy will be basically mastered.BatteryThe vehicle ownership is about 50,000, and a number of hydrogen refueling stations are deployed and constructed. The hydrogen production from renewable energy reaches 100,000-200,000 tons/year, and the carbon dioxide emission reduction is 1-2 million tons/year. By 2030, a relatively complete hydrogen energy industry technology innovation system, clean energy hydrogen production and supply system will be formed, which will strongly support the realization of the carbon peaking goal. By 2035, a multi-application ecology of hydrogen energy will be formed, and the proportion of hydrogen production from renewable energy in terminal energy consumption will increase significantly.
Point 1: Accelerate the coordinated development of photovoltaic wind power plus energy storage technology. The “Plan” emphasizes that the advantages of hydrogen energy’s long adjustment period and large energy storage capacity should be used to promote the consumption of renewable energy such as wind power and photovoltaics and the peak regulation of the power grid, and cultivate an integrated model of “wind and solar power generation + hydrogen energy storage”. According to the latest data from the National Energy Administration, my country’s wind power photovoltaic installed capacity as of the end of February was 330 million kilowatts and 320 million kilowatts, accounting for 13.81% and 13.39% of the total power generation installed capacity, and will continue to maintain a high growth rate.
Unstable renewable energy sources such as wind power and photovoltaics may significantly affect grid stability and cause a mismatch between power supply and demand. As a choice for energy storage with high energy density, long energy storage time, and convenient storage and transportation, hydrogen energy is expected to further release wind power photovoltaic installed space and ensure the long-term prosperity of wind power photovoltaic.
Point 2: Promote hydrogen energy infrastructure and technology research and development, and benefit the industrial chain of hydrogen production, hydrogen storage, hydrogen transportation and hydrogen energy application. The “Planning” emphasizes the restriction of hydrogen production from fossil energy, and in combination with resource endowment and industrial layout, the hydrogen production technology route should be selected according to local conditions. ,reduce costs. my country is now the world’s largest producer of hydrogen, with an annual output of over 25 million tons. However, the proportion of “grey hydrogen” produced by fossil energy still reaches 77.3%, and the subsequent “grey hydrogen” will gradually transition to CCS and industrial by-product “blue hydrogen”. The chlor-alkali and coking enterprises that have laid out the hydrogen energy industry chain in advance are expected to receive strong support and develop rapidly in the future.
It is recommended to focus on the target: hydrogen production and hydrogen storage:Hongda Xingye(002002.SZ); Integration:Meijin Energy(000723.SZ); FuelBatterySystem: Yihuatong (688339.SH), Electrolyzer:LONGi(601012.SH)。
Risk warning: The development of hydrogen energy market is less than expected risk; hydrogen energy technology research and development is less than expected risk; wind power photovoltaic installed capacity is less than expected risk; industry competition intensifies risk.
(Article Source:Caitong Securities）
Article source: Caitong Securities
Responsible editor: 10
Original title: Power Equipment Industry Tracking Analysis Report: “Medium and Long-Term Plan for the Development of Hydrogen Energy Industry” was officially issued: Focus on the development of hydrogen energy to promote the consumption of renewable energy
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