Sinocat(688737) 证券时报网·2024-11-24 13:38Core Viewpoint - Zhongzi Technology (688737) has been designated as a catalyst development supplier for three fuel cell engines by Chengdu Xinyan Hydrogen Energy Technology Co., which may positively impact the company's future performance, although it will not significantly affect this year's operating results [1] Group 1: Business Development - The designation as a supplier is expected to expand Zhongzi Technology's hydrogen fuel cell catalyst business [1] - Xinyan Hydrogen Energy, a wholly-owned subsidiary established in 2017, has an annual production capacity of 1,500 sets of metal bipolar plates and 1,000 sets of fuel cell systems [1][2] - Zhongzi Technology has been actively expanding into energy storage and hydrogen fuel cell markets, leveraging its expertise in environmental catalyst technology [1][2] Group 2: Market Context - Hydrogen fuel cell catalysts are critical components of hydrogen fuel cell stacks, with catalyst costs projected to account for 41% of production costs when annual shipments reach 500,000 units [2] - Currently, China relies heavily on imports for hydrogen fuel cell catalysts, indicating significant domestic substitution potential [2] Group 3: Financial Performance - In 2023, Zhongzi Technology achieved revenue of 533,100 yuan from hydrogen energy-related businesses, with a gross margin of 28.53% [2] - The company reported a revenue of 1.35 million yuan from energy storage and related businesses in the first half of the year [2] - For the first three quarters of the year, the company experienced a revenue decline of 5.93% year-on-year, totaling 1.057 billion yuan, with a net loss of 14.09 million yuan [3] Group 4: R&D Investment - Zhongzi Technology maintains a high level of R&D investment, with 47.75 million yuan spent in the first half of 2024, accounting for 6.46% of revenue [3] - The company employs 212 R&D personnel, representing 31.59% of its total workforce [3]