Yeti shares (002639): Layout of electric stacks, obvious advantages of air compressor fuel cells

Yeti shares (002639): Layout of electric stacks, obvious advantages of air compressor fuel cells
This report reads: The era of hydrogen energy is approaching, and fuel cells are embracing policy catalysis.The company was involved in the field of fuel cells earlier, and it has obvious first-mover advantages in the layout of core components such as stacks and air compressors. Investment Highlights: Conclusion: The coming of the hydrogen energy era, fuel cells cater to policy catalysis.Considering the company’s early involvement in the field of fuel cells, the first-mover advantage is obvious, and it is expected that EPS for 2019-2021 will 深圳桑拿网 be 0.08, 0.09, 0.10 yuan.Give a target price of 10.6 yuan, corresponding to 3 in 2020.1x PB, increasing holdings. With the advent of the hydrogen era, fuel cells cater to policy catalysis.① In 2020, the fuel cell is expected to reach 10,000 vehicles, which has exceeded the breakthrough target of 5,000 vehicles.The rate of replenishment of fuel cells from the central government to the local government continues, and fuel cells are expected to welcome policy catalysis.② Hydrogen fuel cell vehicles are highly competitive new energy vehicle technologies in the future, and traditional automotive powerhouses have launched strategic plans for fuel cells.Countries such as China, the United States, Japan, and South Korea, aim to reach the increasing sales of one million fuel cell vehicles and one thousand hydrogen refueling stations by 2030.③ The IEA predicts that fuel cell vehicles will drop to 56% of current prices in 2030. Compared with other technology-type vehicles, they will have sufficient economy.Especially in the field of freight transportation and heavy transportation, fuel cell vehicles are the fundamental way to replace traditional fuel vehicles. The company was earlier involved in the field of fuel cells, with core components such as stacks and air compressors.① The company acquired a stake in the Swedish SRM company through mergers and acquisitions, and has the world’s leading technology and brand of fuel cell air compressors and hydrogen circulation pumps.② The company no longer holds the equity of Shuijineng Hydrogenics, but still cooperates with each other in the fields of water electrolysis, hydrogen production, hydrogenation stations, and reactors.③ The company plans to invest 45.500 million US dollars, invested in the establishment of a fuel cell project in Chongqing, will go through three phases of construction, and eventually reach an annual output of 100,000 sets of fuel cell engines and stacks and other core components.At the same time, 35 hydrogen refueling stations will 深圳spa会所 be built in Chongqing in phases. Catalyst: Fuel cell business received large orders. Risk warning: market competition intensifies risks, and market risks for fuel cell and other businesses.

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