氢能&燃料电池行业研究：M1-11 FCV上险达6368辆，电解槽招标1.77GW

Investment Rating - The report suggests a focus on companies such as Huadian Science & Technology, Jidian Co., Huaguang Huaneng, Furui Special Equipment, and Kewell in the hydrogen energy sector [1]. Core Insights - The fuel cell system installation reached 94.4 MW in November 2024, with a cumulative installation of 840.2 MW from January to November 2024, marking a year-on-year growth of 57% [16][57]. - The report indicates that the fuel cell vehicle (FCV) market is entering a phase of significant growth, with a strong likelihood of increased production and sales in the coming year [16][60]. - High-power systems (above 70 kW) accounted for 87% of the installations in November, aligning with the long-term development goals for hydrogen energy [59]. Summary by Sections Fuel Cell System Installation - In November 2024, the fuel cell system installation was 94.4 MW, a 9.6% increase year-on-year, primarily driven by commercial vehicles [16][57]. - The cumulative installation for the year reached 840.2 MW, reflecting a 57% increase compared to the previous year [16][57]. Fuel Cell Vehicle Sales - In November 2024, FCV insurance registrations totaled 663 units, with a cumulative total of 6,368 units for the year, representing a 27.7% year-on-year increase [60]. - The report notes a decline in sales for major manufacturers, with Toyota's FCV sales in the U.S. down 83% year-on-year for the first 11 months of 2024 [13][60]. Green Hydrogen Projects - The report highlights that over 6.5 million tons of green hydrogen projects have been initiated, with an operational rate of less than 25% [107][120]. - The demand for hydrogen production equipment is projected to exceed 12 GW, driven by ongoing green hydrogen projects [138]. Market Dynamics - The report emphasizes the importance of infrastructure, such as hydrogen refueling stations, for the growth of the FCV market, noting that insufficient development could hinder sales [158]. - The competitive landscape is evolving, with new players entering the market while established companies maintain significant market shares [62].