新股预览：国富氢能

Investment Rating - The report assigns a rating of ★★★☆☆ to the company [4] Core Insights - The company is a leading manufacturer of hydrogen storage and transportation equipment in mainland China, focusing on the entire value chain of hydrogen energy production, storage, transportation, and utilization [1] - The company holds the top market share in the domestic high-pressure hydrogen supply system and hydrogen storage bottle markets, with shares of 23.6% and 26.2% respectively as of 2023 [2] - The hydrogen supply system market is projected to grow significantly, with an estimated market size of RMB 15.9 billion by 2028, reflecting a compound annual growth rate (CAGR) of 80.7% from 2024 to 2028 [2] - The company possesses several competitive advantages, including active participation in industry standard-setting, strong R&D capabilities, and a deep understanding of the industry [3] Financial Summary - The company's revenue has shown growth from RMB 3.29 billion in 2021 to RMB 5.22 billion in 2023, although it reported a net loss attributable to shareholders of RMB 0.75 billion in both 2021 and 2023 [6]