势银访谈｜骥翀氢能付宇：电堆的力量—通过电堆产品让燃料电池车更早具备经济性

Core Viewpoint - The article highlights the advancements and strategic positioning of Shanghai Jichong Hydrogen Energy Technology Co., Ltd. in the hydrogen fuel cell industry, emphasizing its innovative products and market strategies aimed at achieving commercial viability by 2027-2028 [1][11]. Group 1: Company Overview - Shanghai Jichong Hydrogen Energy is a high-tech enterprise focused on the R&D and industrialization of hydrogen fuel cells, recognized as a national high-tech enterprise and a "specialized and innovative" small giant [1]. - The company's flagship product, the MH290 metal plate stack, boasts a peak power of 410.9 kW and a design life of over 30,000 hours, achieving breakthroughs in power density, durability, and cost control [1]. Group 2: Market Position and Growth Drivers - Over the past two years, Jichong Hydrogen Energy has maintained a leading market share in stack shipments, driven by policy support, product iteration, and specific application scenarios [2]. - The company focuses on creating high-cost performance products and has established partnerships with system collaborators to enhance product adaptability and ensure payment security amid tight industry cash flows [2]. Group 3: Commercialization Strategy - The company identifies the heavy-duty truck sector as the most viable application for commercializing fuel cells, aiming to reduce customer transportation costs and enhance profit margins [4][5]. - Jichong Hydrogen Energy's business model is centered around achieving the lowest total cost of ownership (TCO) while developing products that align with market demands [6]. Group 4: Cost Reduction Strategies - The company employs a three-pronged strategy for cost reduction focusing on materials, R&D, and manufacturing, with R&D currently offering the most significant potential for cost savings [9][10]. - The target cost for achieving complete commercialization by 2027 is approximately 240 RMB/kW, with expectations that fuel cell vehicles will remain economically viable even without subsidies [11]. Group 5: Industry Challenges and Opportunities - The hydrogen energy sector is nearing a critical point of crossing the "valley of death," with the industry theoretically capable of achieving breakeven, but requiring further refinement of business models to demonstrate commercial value [12]. - Jichong Hydrogen Energy is exploring international opportunities while recognizing the challenges of market differences, customization needs, and logistical complexities [13].