窥车载储氢瓶及燃料电池系统降本趋势：从国富氢能及重塑能源

Industry Overview - The hydrogen energy industry is experiencing cost reductions in key components such as hydrogen storage bottles and fuel cell systems, driven by technological advancements and economies of scale [3][16][35] - The industry is transitioning towards larger-capacity, multi-bottle hydrogen storage systems to meet the demand for longer-range and higher-capacity hydrogen fuel cell vehicles [66][91] - The hydrogen energy sector is expected to see significant growth in 2025, with policy support and technological advancements driving demand for core components such as electrolyzers, hydrogen pipelines, compressors, and fuel cell systems [38][100] Key Companies Guofu Hydrogen Energy - Guofu Hydrogen Energy is a leading supplier of hydrogen storage bottles and hydrogen refueling station equipment, holding a 23.6% market share in China's on-board high-pressure hydrogen supply systems in 2023 [6][26] - The company's hydrogen storage bottle prices decreased from 132 yuan/liter in 2021 to 108 yuan/liter in 2024, a reduction of 18.0%, with carbon fiber costs being a major factor in the price decline [3][29] - Guofu Hydrogen Energy's hydrogen refueling station equipment market share has remained above 25% for five consecutive years, and it provided China's first large-scale application of 70 MPa hydrogen refueling stations during the 2022 Beijing Winter Olympics [26][69] Reshape Energy - Reshape Energy is a leading fuel cell system manufacturer, with a 23.8% market share in hydrogen fuel cell system sales output power in 2023, and a dominant 42.4% share in the heavy-duty truck sector [14][35] - The company's self-developed fuel cell system prices decreased from 4,635 yuan/kW in 2021 to 2,982 yuan/kW in 2023, a compound annual decline of 19.8%, driven by cost reductions and economies of scale [35][87] - Reshape Energy's fuel cell system sales volume increased by 52.6% year-on-year in 2023, with total sales power reaching 242.3 MW, an 82.6% increase from the previous year [35][87] Market Trends - The cost of carbon fiber, a key material for hydrogen storage bottles, decreased by 30.9% in 2023 and is expected to continue declining, contributing to further cost reductions in hydrogen storage systems [3][30] - The fuel cell vehicle market is shifting towards heavy-duty trucks, with heavy-duty trucks accounting for 59% of fuel cell vehicle registrations in the first 10 months of 2024 [34][97] - The hydrogen refueling station market is expected to grow, with the Energy Law potentially easing restrictions on hydrogen refueling station construction, driving demand for core equipment such as compressors and storage tanks [77][69] Investment Opportunities - Core components such as electrolyzers, hydrogen pipelines, compressors, hydrogen storage bottles, and fuel cell systems are identified as key investment opportunities in the hydrogen energy sector [4][38][100] - Companies such as Guofu Hydrogen Energy, Reshape Energy, and Yihuatong are highlighted as potential investment targets due to their market leadership and technological advancements [6][14][35]