ZHEJIANG YANKON(SH:600261) 势银能链·2025-11-20 03:38Core Viewpoint - The hydrogen energy industry is experiencing unprecedented opportunities, driven by national goals for non-fossil energy consumption and significant installed capacity targets for wind and solar energy [2][4]. Company Strategy - Zhejiang Sunshine Green Hydrogen Technology Co., Ltd. has chosen to focus on AEM electrolyzers as a promising growth area in the green energy sector, aiming for a market share of over 50% in the next five years [4][5]. - The company has established subsidiaries to ensure control over core materials and has invested in other firms to strengthen its technological capabilities in AEM membrane electrodes and catalysts [4][5]. Research and Development - Within two years, the company has built a team of over 70, with half being R&D personnel, including nearly 30 with doctoral or master's degrees, covering the entire process from core material development to electrolyzer design and production [5]. - The company has successfully developed the A11 (5kW-20kW) and A22 (25kW-100kW) series electrolyzers, with ongoing tests for a 100kW model and plans for a 250kW product [5][10]. Product Performance - The AEM electrolyzers maintain an energy consumption of 4.2 kWh per cubic meter of hydrogen at full load, with over 30% cost reduction compared to industry peers [7][10]. - The products are designed to adapt flexibly to the variability of wind and solar power, operating efficiently across a wide power range [7]. Collaborative Approach - The company collaborates with top research institutions to enhance the performance of core components while also focusing on independent R&D to maintain competitive advantages [9]. - The strategy includes a commitment to using domestic equipment and components, reflecting a philosophy of comprehensive self-research and a fully domestic supply chain [9]. Market Outlook - The company anticipates achieving a revenue of 50 million to 100 million yuan by 2027, with a focus on the hydrogen-methanol integration project as a key growth area due to its market potential [10]. - Challenges in the AEM market include cost competitiveness compared to mature alkaline electrolyzers and issues related to quality and industry credibility [10].