壹石通20250819

Summary of the Conference Call Company and Industry Overview - The conference call focuses on 易事通 (Yishitong) and its developments in Solid Oxide Fuel Cell (SOFC) technology, emphasizing its independent research and development efforts in the industry [2][3]. Key Points and Arguments - SOFC Technology Development: Yishitong has achieved significant milestones in SOFC technology since its inception in 2020, including optimizing stack performance and constructing demonstration projects to gather operational data for future commercialization [3][4]. - Cost of SOFC Power Generation: The current cost of SOFC power generation is approximately 1 RMB per kWh using natural gas, which is higher than traditional power supply solutions for data centers. However, this cost gap is expected to narrow with the advancement of green energy [2][4]. - Cost Reduction Goals: Yishitong aims to reduce the cost of its SOFC systems to below 30,000 RMB per kW by 2026, with current demonstration project pricing around 100,000 RMB per kW [2][6]. - Cost Structure: The cost structure of the SOFC system includes raw materials (20%), labor (10%), and equipment depreciation (30%). There is potential for further cost reduction through optimization of materials and production processes [11][8]. - Market Focus: The company is primarily targeting the data center application market, planning to enter through demonstration projects and expecting to scale production as the market matures in the next five years [12][13]. Additional Important Insights - Technological Advantages: Yishitong's SOFC technology is characterized by its self-developed components, full supply chain integration, and industrial equipment manufacturing capabilities, which provide a competitive edge in cost control and technology [7][9][10]. - Performance Metrics: The SOFC technology achieves average international levels in efficiency and lifespan, particularly suitable for data centers due to its reliability and high energy conversion efficiency [15][16]. - Operational Plans: The company plans to begin trial operations of its demonstration project by the end of the year, with a capacity of 120 kW [27]. - International Market Engagement: Yishitong is exploring both domestic and international markets, with a focus on small-scale power generation in Europe and data centers in China [13][21]. - Future Commercialization: The company anticipates achieving large-scale commercialization by around 2030, having already engaged with various clients for technical collaborations [14]. Conclusion Yishitong is positioned to leverage its technological advancements and strategic market focus to capitalize on the growing demand for efficient and sustainable energy solutions, particularly in the data center sector. The company's commitment to reducing costs and enhancing performance will be critical in achieving its long-term goals in the SOFC market.