中电丰业：年订单超100MW，海外业务占比达60% | 势银调研

Core Insights - TrendBank's recent research highlights Beijing SinoHy's leadership in water electrolysis hydrogen production equipment and comprehensive hydrogen energy solutions [1][3] Company Overview - Beijing SinoHy has over 18 years of industry experience and covers three major water electrolysis technologies: ALK, PEM, and AEM, all of which are commercially applied [3][9] - The company has delivered over 300 sets of equipment across 30 countries, showcasing its strong technical capabilities and extensive project experience [3][9] International Expansion - In 2025, Beijing SinoHy will establish a joint venture in Saudi Arabia with the Green Electrode Industrial Alliance (GECI), supporting Saudi Arabia's Vision 2030 and the region's hydrogen development strategy [3][9] - The newly formed Middle East Electrolyzer Company will focus on technology transfer, R&D center establishment, and local talent cultivation in Saudi Arabia [10] Latin America Initiatives - The company is making significant progress in Latin America, particularly in Chile, which is recognized for its potential in low-cost green hydrogen production [11] - The Biobio green hydrogen plant project aims to reduce transportation costs and is supported by the Chilean Economic Development Agency (Corfo) [11][12] Technological Innovations - Beijing SinoHy is at the forefront of technological innovation, with a recent project on a 500KW AEM electrolyzer selected as a key case for Sino-European energy cooperation [12] - The AEM technology enhances hydrogen production efficiency and reduces reliance on precious metals, paving the way for large-scale green hydrogen production [12] Market Performance - The company has exceeded 100MW in order volume this year, with 60% of projects being international [14] - Alkaline electrolyzers currently dominate sales at 90%, while PEM and AEM technologies are gradually expanding [14] - The company’s production capacity in Shandong is currently 2GW, with plans for further expansion and additional production lines in Chile, India, Saudi Arabia, and Portugal, totaling approximately 5GW [14] Future Outlook - Beijing SinoHy aims to continue driving rapid development in the green hydrogen industry through technological innovation and global collaboration [15]