国金证券：固定式应用场景突破 海外固体氧化物电池迈入商业化

Core Insights - Solid Oxide Fuel Cells (SOFC) are expected to become an essential part of future energy systems due to their high energy conversion efficiency, wide fuel adaptability, and reversible reactions [1] - Key factors for commercialization include high reliability, long lifespan, and low cost [2] - As production scales and technology advances, costs are projected to significantly decrease once annual production exceeds 100 MW [3] Industry Development - The SOFC industry in China is transitioning from industrial demonstration to commercial application, with companies like Sanhua Group and Weichai Power showing significant development potential due to their capabilities in raw material production, single-cell production, and overall system design [4] - Solid Oxide Batteries (SOC) serve dual functions, converting chemical energy from fuels like hydrogen and natural gas into electricity, and storing renewable energy as hydrogen fuel [5] - The choice of core materials is critical for battery performance, and costs are expected to drop rapidly after material breakthroughs and large-scale production, with current stack costs accounting for about 40% of total system costs [5] Application Trends - SOFCs are well-positioned for distributed energy applications, offering higher energy conversion efficiency and diverse fuel options, making them suitable for data center combined heat and power, marine power, and gasification power generation [6]