资源描述
1 / 28 2021 04 15 - -2021.4.12 - -2021.3.31 - -2021.1.10 S0790520110002 + 2021 2 LBST 2020 553 2020 127 2.0 2025 2030-2035 1000 5000 / 2018-2021 2020 5% 2.0 2030-2035 100 2035 -15% 0% 15% 31% 46% 62% 77% 2020-04 2020-08 2020-12 3002 / 28 1 . 4 1.1 . 4 1.2 . 4 1.3 . 5 1.4 . 8 2 . 9 2.1 . 9 2.2 . 10 2.3 . 11 3 . 12 3.1 . 13 3.2 . 14 3.3 . 15 4 . 16 4.1 . 16 4.2 . 17 4.3 . 17 5 . 18 5.1 . 18 5.2 . 18 5.3 . 21 6 . 22 6.1 . 22 6.2 . 23 6.3 . 24 7 . 26 1 . 4 2 . 4 3 . 6 4 . 6 5 2019 74% . 6 6 2019 52.4% . 6 7 2020 . 7 8 2050 . 7 9 . 8 10 . 8 11 . 8 12 . 9 13 2050 6000 . 103 / 28 14 2050 . 11 15 . 12 16 2020 553 . 13 17 2020 . 13 18 2020 . 13 19 2020 127 . 14 20 . 14 21 2030-2035 5000 . 15 22 . 16 23 . 16 24 . 18 25 . 19 26 . 19 27 . 20 28 . 20 29 15% . 20 30 . 23 31 2020 5% . 23 32 . 24 33 2015-2019 . 25 34 . 26 35 . 26 1 . 5 2 . 9 3 . 10 4 . 11 5 . 12 6 . 15 7 . 17 8 . 21 9 . 21 10 . 22 11 Honeywell UQM Rotrex . 22 12 2035 116 . 24 13 20210414 . 264 / 28 1 1.1 1 2020 73% 43% 2 Wind 1.2 0% 20% 40% 60% 80% 100% 0% 10% 20% 30% 40% 50% 60% 70% 80% : :5 / 28 50% 30-40% 500km 1 / 143MJ/kg - 44MJ/kg H2O CO2 CO H2O SO2 50% - 30-40% CO2 CO SO2 15 2-8 10 500km 260km 500km 1.3 2020 8 2014 LULUCF 123.01 8.2 84.16 / 28 46.9% 3 4 2019 205.7 45.0 519.6 6.2 29.7% 26.3% 83.5% 90.1% 50% 74.0% 52.4% 5 2019 74% 6 2019 52.4% 2020 11 30 53.4% 36% 0.1% , 84.1% , 8.5% , 6.1% , 1.2% , 0.1% 20.5% 30.4% 46.9% 1.6% 0.7% , 0.1% , 4.0% , 0.7% , 11.7% , 4.5% , 5.0% , 74.0% , 1.5% , 0.8% , 7.6% , 30.5% , 7.2% , 52.47 / 28 7 2020 2050 2458 / 19% 8357 1000 1.2 70% 8 2050 2021 Mogalakwena 291 502 75 2030 7 Mogalakwena 2024 40 36.0% 6.1% 4.5% 53.4% 0.1% 41% 57% 28 / 28 9 10 1.4 2016 2016 2030 15 2017 11 2020 99 / 28 2 2.1 12 3000 -3500 2 4-5 350-450 54%-59% 0.3-0.35 75-87.5 / 0.84 1.5 150-250 100 / 37 /10 / 28 + 3 AE PEM SOE 2.2 2018 2100 2.7% 2200 2030 3500 2050 6000 10% 13 2050 6000 2030 1800 2050 4000 0% 2% 4% 6% 8% 10% 12% 0 1000 2000 3000 4000 5000 6000 7000 2018 2030E 2050E11 / 28 14 2050 2.3 1%-2% 4 /% /kgL-1 0.7-10 0.015 14.2 0.04 3 0.028 9.8 - 2-8 - NaBH4 3.35 0.036 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2020E 2030E 2040E 2050E12 / 28 5 MP kg/ kg/m wt% /kg kwh/kg km 20 300-400 14.5 1.1 2.02 1-1.3 150 1-4 3.2 0.3 0.2 500 0.6 7000 64 14 12.25 15 200 4 300-400 50 1.2 10-13.3 150 2000 40-50 4 15 200 2030 2050 3 3-5 15 HTEC13 / 28 3.1 2021 2 LBST 2020 553 2020 28 26 18 14 2020 275 49.7% 142 60 69 200 36.2% 100 34 75 49 16 2020 553 LBST 17 2020 18 2020 LBST LBST LBST 2020 127 61 81 13 32 1 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 0 100 200 300 400 500 600 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 49.7% 36.2% 13.6% 0.5% 0 5 10 15 20 25 30 202014 / 28 19 2020 127 3.2 2020 127 100 2020 10 27 2.0 2025 2030-2035 1000 5000 2025 2030-2035 10 100 20 2.0 64% 10% 25% 115 / 28 21 2030-2035 5000 2.0 3.3 2021 2 2021 2025 2025 70 1 2021 3 2021 4 7 (2021-2025 ) 2023 37 3000 30% 2025 37 1 10MW 6 2022 10-15 2025 20-25 2025 30 2030 60 2035 80 2025 70 2023 37 2025 37 0 1000 2000 3000 4000 5000 6000 2018 2020 2025E 2030-2035E16 / 28 4 4.1 22 23 , 42% , 13% , 11% , 6% , 5% , 2317 / 28 4.2 7 100MPa PDC Andreas Hofer 4.3 20MPa 45MPa 98MPa 70MPa Mirai18 / 28 5 5.1 24 5.2 90% 60% 6619 / 28 25 Mirai / 2620 / 28 27 Mirai 61% 15% 28 29 15% H2stations , 63% , 37% , 61% , 15% , 7% , 4% , 3% , 3% , 2% , 521 / 28 8 Mirai Mirai 9 5.3 2019 1 201922 / 28 2025 10 2025 2016-2030 Honeywell UQM Rotrex PlugPower Ballard 11 Honeywell UQM Rotrex Honeywell UQM Rotrex OPCON 2010 2017 6 6.1 2018-2021 2020 12 14% 2020 523 / 28 30 31 2020 5% 6.2 2015-2019 10 2019 2737 306.7% 2020 2020 2021 2.0 2025 2030-2035 10 100 2.0 2020-2025 2025-2035 68.5% 25.9% 2020 2025 2035 3.3 16.8 0% 2% 4% 6% 8% 10% 12% 14% 16% 0 20 40 60 80 100 0% 1% 2% 3% 4% 5% 6% 0 50 100 150 200 250 300 2018 2019 202024 / 28 32 Wind 2025 2035 100kW 150kW 2025 4000 /kW 2035 2000 /kW 23% 2025 2035 30.4 116.0 12 2035 116 2025E 2035E 3.3 16.8 kW 100 150 /kW 0.4 0.2 23% 23% 30.4 116.0 6.3 1956 1998 2016 2019 6 5000 2020 9 4 0 2 4 6 8 10 12 14 16 18 2018 2019 2020 2025E 2035E25 / 28 2021 2 23 1994 4 2019 1 2019 2021 2 2015-2018 2019 3.50 15.66% 33 2015-2019 Wind 2012 2013-2020 96.8% 2020 5.72 2015 40% 2018 50.32% 0% 5% 10% 15% 20% 25% 30% 0 50 100 150 200 250 300 350 400 2011 2012 2013 2014 2015 2016 2017 2018 201926 / 28 34 35 Wind Wind 13 20210414 EPS PE 2020A 2021E 2022E 2020A 2021E 2022E 000811.SZ 8.08 0.30 0.39 0.50 29.3 20.6 16.3 002158.SZ 23.57 0.67 0.87 1.10 22.4 27.0 21.5 688339.SH 268.00 -0.35 2.29 3.40 -770.7 116.7 78.8 Wind Wind 7 0% 10% 20% 30% 40% 50% 60% 0 100 200 300 400 500 600 700 2013 2014 2015 2016 2017 2018 2019 2020 0% 50% 100% 150% 200% 250% 0 20 40 60 80 100 2016 2017 2018 201927 / 28 2017 7 1 R3 C3 C4 C5 C3 C4 C5 Buy 20% outperform 5% 20% Neutral 5% 5% underperform 5% overweight Neutral underperform 612 A 300 50028 / 28 1788 1 10 200120 2030 1 45 518000 18 C2 16 100044 1 B 5 710065
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