The implementation of the fuel cell subsidy policy has established a 4-year window period

The stack is the power core of the fuel cell system. At present, the production capacity of the stack in my country is weak, mainly because the scientific and technological investment in the research and development of the stack is relatively small, and there are still problems in the life and reliability of the stack. R&D. The life test alone requires multiple verifications, which requires a lot of money, and the current investment is far from enough. Only when the performance, reliability and stability reach a very high level, the product can be put into the market when it is mature. On April 23, the Ministry of Finance and other four ministries and commissions issued the "Notice on Adjusting and Improving the Subsidy Policy for New Energy Vehicles", in which there are major adjustments to the subsidy program for hydrogen fuel cell vehicles:

1) "Substitute subsidies with awards": select some basic, motivated and distinctive cities or regions to carry out key parts technology research and industrial application demonstrations, and reward them according to the results (specific plans will be released separately).

2) "4-year cycle": strive to establish a hydrogen energy and fuel cell vehicle industry chain within 4 years, make breakthroughs in key core technologies, and form a good situation with reasonable layout and coordinated development.

CITIC Securities believes that the "high-quality areas" and "core components" emphasized in the plan are in line with expectations. At the same time, the 4-year industrialization support window given in the "Notice" exceeds expectations. The market is concerned about the support attitude of the industry. Continue to recommend the two main lines of "high-quality areas" and "core components".

CITIC Securities suggested that the hydrogen energy and fuel cell subsidy policies will be implemented, the 4-year industrialization support window period will establish high growth certainty, and continue to grasp the two main lines of core components and high-quality regions. It is recommended to focus on hydrogen energy endowment and financial strength. Improving the layout of the industrial chain and core technologies has the goal of independent breakthroughs.