Investment Rating - The industry investment rating is "Positive" [7] Core Viewpoints - The hydrogen two-wheeler market is expected to see significant growth driven by policy support, with a projected domestic deployment of nearly 7,000 units in 2024, representing a year-on-year increase of over 230% [4][6] - Hydrogen two-wheelers offer advantages in energy density, range, environmental adaptability, and safety compared to lithium-ion and lead-acid models, making them suitable for B2B applications such as shared mobility and scenic transport [4][24] - The market for hydrogen two-wheelers is projected to grow from 0.9 billion yuan in 2024 to 35 billion yuan by 2030, with a compound annual growth rate (CAGR) of 84% from 2024 to 2030 [5][6] Summary by Sections 1. Policy and Market Dynamics - National top-level design and local demonstrations are accelerating the deployment of hydrogen two-wheelers, with the Ministry of Industry and Information Technology (MIIT) setting clear targets for the industry [14][15] - Local governments are issuing supportive policies, with projections for the deployment of 20,000, 30,000, and 40,000 hydrogen two-wheelers by 2026, 2028, and 2030 respectively [19][18] 2. Safety and Economic Viability - Hydrogen two-wheelers are expected to be the first to achieve large-scale deployment in B2B scenarios due to their superior safety features and gradually improving economic viability [20][24] - The cost per kilometer for hydrogen two-wheelers is projected to decrease to 0.1805 yuan, although they currently remain 35% and 13% more expensive than lithium-ion and lead-acid models respectively [4][6] 3. Market Potential and Growth - The shared electric vehicle market has a penetration potential of approximately 7 million units, with hydrogen two-wheelers expected to capture a market share of 10% by 2030 [5][6] - The deployment of hydrogen two-wheelers is anticipated to accelerate in 2025, supported by various local policies and market demand [18][19] 4. Beneficiary Companies - Key beneficiaries in the hydrogen two-wheeler market include: - Yong'an Xing (603776.SH): Leading in hydrogen two-wheeler deployment [6] - Hupu Co., Ltd. (300471.SZ): Holding a 35% stake in hydrogen technology with competitive solid-state hydrogen storage technology [6] - Tianneng Co., Ltd. (688819.SH): Focusing on fuel cell development and partnerships in hydrogen electric bikes [6] - Shenkai Co., Ltd. (002278.SZ): Involved in hydrogen supply systems with growth potential in the two-wheeler sector [6] - Jiangsu Shentong (002438.SZ): Specializing in high-pressure hydrogen valve production with mass production capabilities [6]

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 添加文末微信,加 绿氢、燃料电池 群 氢能系统在小型化应用中展现出独特潜力。相较于公交、物流车、重卡、乘用车、船舶等交通工具， 两轮车对储氢量需求低，采用固态储氢技术可实现 5MPa 以下低压储存，大幅降低安全风险。同时， 氢能二轮车在短途高频出行场景中实现 "小步快跑"，无需依赖补贴，即可为氢气推广提供良好的应用 场景。 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 2025势银绿氢产业大会（7月16-17日，江苏·无锡） 点此报名 公开数据显示，2024 年国内氢能两轮车投放量突破 1 万台，标志着这一领域进入规模化推广的临界 点。 未来随着绿氢成本下降和换罐网络完善，氢能两轮车有望在 3-5 年内成为城市短途出行的主流选 择。 进入2025年以来，氢能两轮车产业迎来爆发式增长，从技术研发到商业化落地均展现出强劲势头。全 国多地加速布局氢能交通网络，企业合作与资本投入密集落地，叠加政策端持续加码，共同推动氢能 两轮车从示范运营迈向规模化应用。 据统计，辛集、黄石、盐城 ...

Core Viewpoint - Jin Hong Gas (688106.SH) reported a revenue of 2.525 billion yuan for 2024, reflecting a year-on-year growth of 4.03%, while also continuing its dividend policy to reward investors [1][3] Financial Performance - The company achieved a net profit of 201 million yuan in 2024, although this represented a decline compared to the previous year due to intensified market competition affecting product pricing and overall gross margin [2] - The revenue from the specialty gas segment reached 963 million yuan, marking a significant year-on-year increase of 14.49% [1] Business Segments - The specialty gas business focuses on domestic substitution and new product development, including ultra-pure ammonia and high-purity nitrous oxide, to meet the growing demands of industries such as semiconductors [1] - The gross margin for the specialty gas business was reported at 27.69%, indicating strong profitability in this segment [1] Hydrogen Energy Initiatives - The company is advancing its hydrogen energy projects, with several initiatives underway, including the successful acceptance of the Meishan Jin Hong hydrogen project in April 2024 and the trial production of the Zhuzhou Hualong hydrogen project in January 2024 [2] - Jin Hong Gas is exploring new applications for hydrogen energy, such as hydrogen forklifts and drones, to enhance market competitiveness [2] Research and Development - In 2024, the company increased its R&D expenditure to 101 million yuan, representing a year-on-year increase of 16.78% [2] - The company has been recognized as one of the "Top 100 Innovative Private Enterprises in Suzhou" and has passed the review for the "Specialized and Innovative 'Little Giant' Enterprises" in Jiangsu Province [2] Dividend Policy - The company plans to distribute a total cash dividend of 120 million yuan for the year, which accounts for 59.47% of its net profit [3] - Since its listing in 2020, the company has maintained a consistent dividend payout strategy, with historical payout ratios of 61.4%, 71.8%, 52.5%, and 53.4% [3]