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HTTP:/WWW.LONGONE.COM.CN table_subject 2022 12 23 table_invest Table_NewTitle Table_Authors table_stockTrend table_product+table_main 2050 90%-30 2022 1-11 3000 2021 2 2020 3 11 300 600 100%2021 3300 2030 5%2050 10%6000 7 12 2050 5.3 0 1 2 3 table_impcom HTTP:/WWW.LONGONE.COM.CN 2/46 PE 2022E 2023E 2024E 2022E 2023E 2024E 77 75.80%324.35%136.41%-251 76 32 386 4.74%8.83%6.81%14 13 12 70 138.70%56.07%37.13%43 27 20 46-75-HTTP:/WWW.LONGONE.COM.CN 3/46 1.6 1.1.2.12.3.18.3.4.1.3.4.2.3.5.3.6.4.42 5.45 6.45 HTTP:/WWW.LONGONE.COM.CN 4/46 1.2%.3 2020.4 2020.5.6.7 2000-2021.8.9 2020.10 2021 1-9.11 2019-2021.12 2011-2021.15 2020%.16 2020%.19.20 2021.22.23/Nm3.26 2021-2025 GW%.27.28.29.30 2021.31.33.34.39.40.HTTP:/WWW.LONGONE.COM.CN 5/46 41 2022.42 2022.43 MW.44 2022.45.46.47 2022.48 2021.49 2021.50 2021.51 2021.52 2020.53 2022 4.54.55 2022.56 2021 2022%.13.14.17.HTTP:/WWW.LONGONE.COM.CN 6/46 1.1 2021 31.96%25.21%27.77%84.94%2011 2.05%5.70%178%12.16%15.06%2050 ETC 2050 68%13%5%14%2050 58 57 HTTP:/WWW.LONGONE.COM.CN 7/46 2%BP2022 1.1.H H 2 1/14(-252.87-239.9-259.14)21 1 2 3 140.4MJ kg 3-4 90 4 33.98%34.04%33.87%33.62%34.03%34.35%34.15%33.74%33.48%31.85%31.96%22.91%23.10%23.02%23.17%23.52%23.52%23.89%24.40%24.89%25.42%25.21%30.96%30.69%30.67%30.47%29.51%28.87%28.45%28.08%27.41%27.63%27.77%4.26%3.89%3.82%3.82%3.81%3.77%3.70%3.65%3.72%3.68%3.61%5.85%5.98%6.05%6.09%5.97%6.03%5.95%5.90%5.86%6.19%5.75%2.05%2.30%2.57%2.83%3.17%3.45%3.87%4.22%4.64%5.24%5.70%0%10%20%30%40%50%60%70%80%90%100%2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 HTTP:/WWW.LONGONE.COM.CN 8/46 1 1.2.John Bockris 1970 1990 1990 DOE 40 23,000 2030 1400 2050 4100/14%2 Department of Energy Hydrogen Program Plan 2020 11 2030 300/80000 65%1/2/5/2/2.2/1.7/8/1/1.3/0.5/13/80/25000 900/40000 1974 HTTP:/WWW.LONGONE.COM.CN 9/46 2017 1 2022 1 21-2 25 Suiso Frontie 3 2017 12 2030 30/3/17/900 80 1200 1000 530 10%2050 500-1000/2/12/2005 2020 2030 2050 FCHJU 2020 8 30 2050 1800-4700 NOW-GmbH 2006 NIP 2007 2016 14 240 50 FCUJU NIP 60 1,000 HTTP:/WWW.LONGONE.COM.CN 10/46 4 EU Hydrogen Strategy 2020 7 2024 2024 6GW 100 2024 2030 40GW 1000 2030 2050 The National Hydrogen Strategy 2020 6 2030 5GW 14TWh 2040 10GW 2050 80TWh 22TWh 70 36 34 2008 3,500 2018 Nexo 95 800 300 5 2021 12 2050 2000 2050 33%23.8%2020 2021 9 2020 20 HTTP:/WWW.LONGONE.COM.CN 11/46 1.3.IEA Global Hydrogen Review 2021 2020 9000 2 0.02%60%21%19%CCUS 0.6%0.7%2050 5.3 2020 5000 2050 1.4 2020 2 2050 1 3 2020 4 2020 IEA IEA The Hydrogen Council 2030 2040 18%2050 20%2021H1 359 2030 5000 1000 2020 2050 23%35%IEA 2000 2021 984 299 176 143 HTTP:/WWW.LONGONE.COM.CN 12/46 5 6 IEA IEA 7 2000-2021 8 IEA IEA 2.2.1.2015 2030 2003 2006 2020 2021 BP 2020 98.94 30.9%2021 119 33%05010015020025030005010015020025030035001002003004005006007008009001000 050100150200250300350 HTTP:/WWW.LONGONE.COM.CN 13/46 9 2020 10 2021 1-9 BP 2021 4.6%4.1%12.5%10.3%GDP 2021 1.34 76.1%2.48 29.8%2022 6 9 2025 10 3.3 2021 52.4 2019 2021 2019 23.2%2021 25.3%57.70%56%19.00%18.7%BP 2020 5.4%6.3%2020 21 5.7%5.9%0%5%10%15%20%25%30%35%0%10%20%30%40%50%HTTP:/WWW.LONGONE.COM.CN 14/46 11 2019-2021 12 2011-2021 BP 2022 2021 3300(CCS)1000 200 13 20122021%2030 3500 5%2050 10%6000 7 12 19.00%18.90%18.70%57.70%56.80%56.00%23.20%24.30%25.30%0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021 3050031000315003200032500330003350034000345002011 2012 2013 2014 2015 2016 2017 2018 2019 2020 20210%5%10%15%20%25%30%35%05001000150020002500300035002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 yoy HTTP:/WWW.LONGONE.COM.CN 15/46 6(2020-2025)2026-2035 2036-2050 2.2.2022 3 23 2021-2035 1 2 2025 5 10-20/100-200/2025 2030 2035 3 HTTP:/WWW.LONGONE.COM.CN 16/46 7 2021 8 4 2022 1 3 30 HTTP:/WWW.LONGONE.COM.CN 17/46 8 3+2”2023 37 3000 2025 37 10000 2022 10 1000 2 2025 1200 2022 30 3000 2025 100 10000 2023 100 30 2025 70 10000 2025 50 10000 2025 50 5000 2025 8 10 500 2023 10/3800 2025 50/10000 2025 43 30000/300 2030 57 50000/1000 2035 80000/1500 2022 30 3000 2025 50 4 30%2025 5 600 10 2023 5 50 3000 2025 80 5000 1000 2022 25 1000 150 2025 100 10000 500 2025 4000 40 2025 29 2025 20 1000 HTTP:/WWW.LONGONE.COM.CN 18/46 100 2022 20 100 2025 50 5000 3.14 3.1.1 2 3 HTTP:/WWW.LONGONE.COM.CN 19/46 CCUS 43.8%13.4%60%15 2020%16 2020%Global CCS Institution 3.1.1.+17 HTTP:/WWW.LONGONE.COM.CN 20/46+18 IEA 2021 SMR 19 20 2021 2019 IEA 68101214200 400 600 800 1000（工业用氢级别）煤制氢成本（元/kg）煤炭价格（元/吨）010203040506070Coal w CCUS NG w CCUS Oil w CCUS HTTP:/WWW.LONGONE.COM.CN 21/46 3.1.2.+1/10 1/3-1/2 2020 76%12%21 3.1.3.PSA HTTP:/WWW.LONGONE.COM.CN 22/46 22 23/Nm3 2020 2020 PSA 1.3-1.5/Nm,99.99%50%PDH 1 PDH Catofin Olefex PDH 18 12 90 PDH 3.6/2021 PDH 967/38.68 PDH 2 2017 0501001502002503001.20 0.83 1.25 1.30 1.80 1.33 1.80 2.00 01122334 HTTP:/WWW.LONGONE.COM.CN 23/46 3.1.4.CCUS 9%-12%3.1.5.IEA 2021 882 50%PEM 238 SOEC 2022 5 23 SOEC 1040 800 831 97%2.86-3.35 600 SOEC HTTP:/WWW.LONGONE.COM.CN 24/46 9 PEM SOEC 7090 7080 600100 0.20.4A/cm2 1.02.0A/cm2 1.010.0A/cm2 0.51000Nm3/h 0.01500Nm3/h/4.55.5kWh/Nm3 3.85.0kWh/Nm3 2.63.6kWh/Nm3 6075%7090%85100%1020 1020/60 5 151000%0160%/20003000/kW 60008000/kW 700012000/kW/-HTTP:/WWW.LONGONE.COM.CN 25/46 24 25 2022 3 2021-2035 2025 10-20/HTTP:/WWW.LONGONE.COM.CN 26/46 TrendBank 100 70%/2025 14GW 97%TrendBank 2025 120 2023-2025 15GW 26 2021-2025 GW%27 TrendBank TrendBank Plug Power Inc.ITM Power PLC ETC 2021 4 27 Making the Hydrogen Economy Possible:Accelerating clean hydrogen in an electrified economy 2030 2/kg 2050 85%+0.002.004.006.008.0010.0012.000246810122021 2022E 2023E 2024E 2025E HTTP:/WWW.LONGONE.COM.CN 27/46 3.2.3.2.1.2022 70MPa 75MPa 845 1%30%3.2.2.2022-HTTP:/WWW.LONGONE.COM.CN 28/46 3.2.3.1 A B A A 3575MPa MOFs 2 I H 10 HTTP:/WWW.LONGONE.COM.CN 29/46 3.3.200 500 30%200 250 35MPa 28 29 2021 659 420 157 2016 37.69%53.38%30 2021 31 TrendBank 储压器11%预冷机7%自动售货机13%其他各种配管13%设备设置费11%土地施工费15%压缩机30%01002003004005006007008002016 2017 2018 2019 2020 2021 HTTP:/WWW.LONGONE.COM.CN 30/46 2022 10 31 296 2022 62 27 44 340 46%106 8%2021 54 20 2021 50%2022 45%32 HTTP:/WWW.LONGONE.COM.CN 31/46 33 34 TrendBank TrendBank 2022 1000 30 2022 2 1000 9 11 9 3.4.0204060801001202016 2017 2018 2019 2020 2021 2022E0%10%20%30%40%50%60%HTTP:/WWW.LONGONE.COM.CN 32/46 1824 35 30%40%80%-90%36 GLC F-Cell HTTP:/WWW.LONGONE.COM.CN 33/46 DC/DC 37 38 HTTP:/WWW.LONGONE.COM.CN 34/46 12/60%75%39 40 Frost&Sullivan 3.4.1.2022H1 1W/cm 95%Top10 90%2022 102 CCM 4.5 2021 70 CCM 3 2022 102 45%198.8%催化剂36%双极板23%质子交换膜16%气体扩散层12%其他13%HTTP:/WWW.LONGONE.COM.CN 35/46 2022 CR3 56%CR5 66%28%2022 100 EK 20%2022 2022 58.7%41.3%2022 30%Top5 82%41 2022 42 2022 TrendBank TrendBank 3.4.2.2022 330MW 80kW 110kW 56%80kW 12%43 MW 44 2022 TrendBank TrendBank 0501001502002503003502020 2021 2022Q1Q3 HTTP:/WWW.LONGONE.COM.CN 36/46 2022 28%Top5 66%DOE 1000/200/kW 1/120/kW 2021 1000/5000/kW 3+2 2025 5 40%50%13 350 m2/a 50 m2/a 100 m2/a 2000 m2/a(360/a)500t/a(460t/a)100/5000/1000/()-2023 10 100 m2 1300/2022 1,044.1 2026 15,044.6 94.8%22.08 147.44 HTTP:/WWW.LONGONE.COM.CN 37/46 45 3.4.3.2019 9004 2022 2593 16008 112.5%2019 35MPa 140L 85%2021 140L 165L 166L 260L 320L 385L 46 47 2022 TrendBank TrendBank 02040608010012014016002000400060008000100001200014000160002017 2018 2019 2020 2021 2022E 2023E 2024E 2025E 2026E 0200040006000800010000120001400016000180002019 2020 2021 2022Q1Q3 HTTP:/WWW.LONGONE.COM.CN 38/46 3.5.1 2 3 1 kg 10 15kg NOx 2021 16,313 68%8,498 3,341 2,464 67%2020 Mirai 424 38%1,586 35%21 49,562 49%39%25%18%15%48 2021 49 2021 0100020003000400050006000700080009000 HTTP:/WWW.LONGONE.COM.CN 39/46 2020 60%0.1%2021 50%86%2022 50 2021 51 2021 2022 4 30 5853 71.40%52 2020 53 2022 4 2020 2022 4 10 31 2022 270 2400 2021 8 3+2 050100150200250300350400050100150200250020040060080010001200140016001800 HTTP:/WWW.LONGONE.COM.CN 40/46 54 2022 10,787 74.9%3,613 1,007 258.8%7.7%25.1%Nexo 2021 7,746 6,859 12.9%Mirai 2,832 5,007 43.4%Clarity 209 202 3.5%Clarity 8 55 2022 56 2021 2022%-20020406080100120140160020040060080010001200140016002019-05-312019-06-302019-07-312019-08-312019-09-302019-10-312019-11-302019-12-312020-02-292020-03-312020-04-302020-05-312020-06-302020-07-312020-08-312020-09-302020-10-312020-11-302020-12-312021-01-312021-02-282021-03-312021-04-302021-05-312021-06-302021-07-312021-08-312021-09-302021-10-312021-11-302021-12-312022-01-312022-02-282022-03-312022-04-302022-05-312022-06-302022-07-312022-08-312022-09-302022-10-31%-50%-40%-30%-20%-10%0%10%20%0100020003000400050006000700080009000 2021 1-9 2022 1-9 HTTP:/WWW.LONGONE.COM.CN 41/46 14 KM MIFA MPV 605 80-AION LX Fuel SUV 650 AX7-FCV SUV 500 H5-FCV 520 2022 7X-H MPV 800-2023 2000 SL03 635 8 3.6.2030 5000 2050 7600 34%2030 2018 8900 1.06 2030 2050 8700 2030 2050 1.6 HTTP:/WWW.LONGONE.COM.CN 42/46 2022 3 23 10%10%13%57 15 4.2022 177 201 16.25 5.55 3 B 4 B 4 B 3 B 2.49 2017 2017 10 15 2017 HTTP:/WWW.LONGONE.COM.CN 43/46 2016 25 2021 58 2006-2022/0510152025303540450510152025303540452006 2008 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 HTTP:/WWW.LONGONE.COM.CN 44/46 16/718-HTTP:/WWW.LONGONE.COM.CN 45/46 5.0 1 1 2 3 A+H table_impcom 17 PE 2022E 2023E 2024E 2022E 2023E 2024E 688339.SH 77 75.80%75.80%324.35%136-251 76 000723.SZ 386 4.74%4.74%8.83%7 14 13 002733.SZ 70 138.70%138.70%56.07%37 43 27 300423.SZ 46-600860.SH 75-iFinD 6.1 2 3 HTTP:/WWW.LONGONE.COM.CN 46/46 6 20%6-20%20%6 20%6 10%6-10%10%6 10%6 15%6 5%15%6-5%5%6 5%15%6 15%1928 87 D 15F Http:/Http:/8621 20333619 8610 59707105 8621 50585608 8610 59707100 200215 100089
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