Global fuel cell car industrialization process accelerated. 1) toyota honda fuel cell car release is imminent, is expected to usher in the outbreak of the period. 2014 toyota, honda and other manufacturers focus on the release of fuel cell cars, make fuel cell car attention, which most caused a stir is the release of toyota's Mirai (the future) and honda release of clarity. toyota plans to increase production capacity to 2,000 and 3,000 units in 2016 and 2017 respectively, total sales of 30,000 units before 2020, honda for clarity set the sales target for 2016 is 200 units, while honda and general assembly reached a agreement with the company's sales of clarity. Toyota plans to increase production capacity to 2,000 and 3,000 units by 2016 and 2017 respectively, with total sales of 30,000 units by 2020, and Honda has set a sales target of 200 units for the Clarity in 2016, while Honda and General Motors have reached an agreement on the joint research and development of hydrogen fuel cell automobile technology to plan for the next-generation fuel cell models.2) Foton has won an order for one hundred fuel cell buses to start the journey of localization. On May 23, 2016, Foton received an order from Beijing New Energy Vehicle Leasing Company to purchase 100 Ouhui fuel cell electric buses, which became the largest batch of hydrogen fuel cell electric bus orders at present, and it is expected that 60 buses will be delivered by the end of 2016 and 40 buses will be delivered by the end of next year, and Foton became the first enterprise in the world that really realizes the industrialization of hydrogen fuel cell buses, and it has pushed forward the marketization process of domestic hydrogen fuel cell electric vehicles. Foton has become the first company in the world to realize the industrialization of hydrogen fuel cell buses, promoting the marketization process of domestic hydrogen fuel electric vehicles.

Fuel cell realizes high efficiency and zero emission, which is the ultimate goal of new energy vehicles. Lithium battery is a closed electrochemical system, the active substance is stored inside the battery, no need to add fuel or discharge waste when working, there is only energy exchange with the environment but no material exchange, while the fuel cell works, fuel and oxidizer are supplied from the outside, so the energy density of the system is mainly dependent on the storage capacity of the hydrogen storage system, and there is a wide scope of improving the energy density of the fuel cell. Fuel cell vehicle efficiency is 44% higher than that of gasoline vehicles, and the charging time is greatly reduced compared with that of lithium battery electric vehicles, thus realizing high efficiency and zero emission, which is the ultimate goal of new energy vehicles.

The demand of application field is broad, and fuel cell is expected to enter a rapid growth period. The downstream terminal application of the industry mainly includes three fields, namely, stationary power generation, transportation and portable fields. In addition to the transportation field, the application of stationary power generation will promote the continuous growth of fuel cell demand, mainly including distributed power generation and uninterruptible power supply. In terms of cogeneration (CHP) power generation, fuel cell pure power generation efficiency of 45%, the use of cogeneration (CHP) power generation efficiency of up to 85%, and clean emissions, low noise, is a new generation of power generation technology. Household fuel cells belong to the miniature cogeneration power generation system, can produce hot water while generating electricity, the biggest advantage of household fuel cells is that they can directly use gas to generate electricity, so they can be directly connected to the gas supply system; distributed power generation, the U.S. Ansztral company launched a product according to the discontinuity of the characteristics of the wind and solar energy, rich renewable energy sources of intelligent electrolysis of hydrogen, in solving the problem of grid-connected renewable energy sources while producing hydrogen Grid-connected power generation and the production of hydrogen to solve the fuel cell fuel supply problem, but also to achieve zero carbon dioxide emissions; uninterruptible power supply market, due to the data center power consumption accounts for the entire U.S. power consumption of about 2%, and the requirements of an extremely stable energy supply, and high reliability, stable output of the fuel cell in the uninterruptible power supply market to play a role in the advantages of the market.

Development bottleneck is expected to break through, fuel cells will usher in the spring. 1) high-density hydrogen storage has been the utilization of hydrogen energy and the bottleneck towards mass production and application, with the continuous improvement of the process, advanced technology and materials will help the industrialization of hydrogen energy. Currently, hydrogen storage technology mainly includes high-pressure gaseous hydrogen storage, low-temperature liquefied hydrogen storage and hydride solid hydrogen storage, of which hydride solid hydrogen storage is the development trend of hydrogen storage technology. 2) Japan and the United States to accelerate the layout of the hydrogen refueling station, China is still in the embryonic stage. Global hydrogen refueling stations are mainly located in the United States, Europe, Japan, South Korea. Many countries are planning to expand hydrogen refueling station facilities in the future, so the number of public hydrogen refueling stations will continue to increase in the future. The main reason for the scarcity of hydrogen refueling stations in China is that most of the equipment relies on imports, resulting in high costs, and the Ministry of Science and Technology is currently supporting the first fully independent research and development of 70MPa hydrogen refueling station, storage capacity of 200 kg, with the success of the domestic independent research and development station demonstration, as well as the downstream development of fuel vehicles to promote, hydrogen refueling station is expected to be an effective solution to the problem. 3) Battery cost reduction will greatly promote the commercialization of fuel cell vehicles. The commercialization of fuel cell vehicles. According to the statistics of British Carbon Trust Consulting, when the cost of fuel cell system is less than 36 dollars/kilowatt, fuel cell cars can compete with internal combustion engine cars. According to the data of U.S. Department of Energy, in 2015, the cost of fuel cell system for transportation is $53/kW, which is 57.3% lower than that of 2006, and the cost in 2020 is estimated to be $40/kW. The trend of decreasing cost of fuel cell system will greatly promote the commercialization of fuel cell vehicles.

Industry rating: recommended. At present, the Japanese automobile giant Toyota, Honda fuel cell car release is imminent, at the same time, Foton has obtained one hundred fuel cell bus orders, to open the fuel cell car localization journey. Compared with lithium batteries, fuel cells truly realize zero emissions and high efficiency, with excellent characteristics to become the ultimate goal of new energy vehicles. We believe that as the fuel cell downstream applications continue to release, while the cost continues to fall fuel cells ushered in a period of rapid growth, while the upstream supply of hydrogen and proton exchange membrane materials are expected to benefit from the priority. We are optimistic about the development prospects of the fuel cell industry, give the industry "recommended" rating. We focus on recommending the standard: hydrogen, Huachang Chemical (002274), Fury Specialty (300228); metal electrodes, Guiyan Platinum (600459); membrane materials, San Aifu (600636); Shanghai Shenli science and technology and in the same force shareholders: Tongji science and technology (600846); new source of power shareholders: the Great Wall Electric (600192), the Nandu Power ( 300068), New Continental A (000571).