Minutes of Meijin Energy (000723) Research

Minutes of Meijin Energy (000723) Research
Basic situation Meijin Energy is a private coke leader in Shanxi and has mastered the entire industry chain of “coal-coke-gas-chemical”.The company entered the hydrogen fuel cell industry at the end of 2016, and acquired Feichi 51.2% equity, while holding Hongji Chuangneng.In 2019, the company increased its capital to acquire 10% of Guohong Hydrogen’s shares.At present, the company mainly implements industrial layout in the Greater Bay Area, and also in the Yangtze River Delta, Shandong, and Shanxi.18 years of operating income of 15.1 billion yuan, net profit attributable to mother 18 billion. The coking plate company currently has a coking capacity of 660 tons and is the largest independent commercial coke production company in the country.At present, there is still a coking capacity of 400 under construction, and a blast furnace of 7 meters 6 is planned, which is the most advanced device in China.The new capacity is mainly realized through capacity replacement (mainly shut down and initialized 4.).The furnace type below 3 meters), the group and listed companies plan to reduce a total of 260 tons, of which the group reduced 90 tons, the listed company reduced 170 tons, and ultimately the listed company’s net increase of 230 coking capacity.It is expected that the first phase production capacity of 200 is expected to enter the trial operation stage at the end of 19, and another 200 units will be commissioned in 2020.There are still 140 initial indicators in the 400 initial needs to purchase capacity indicators, and there is still some uncertainty in capacity approval. The coal sector company has 540 tons of coal output, and currently has 700 million tons of reserves, while the group has 3.5 billion tons of reserves outside the listed companies.The Group has a capacity of 3080 sedimentary coking coal. The largest coal mine, Jinyuan Coal Mine, plans to cooperate with Cinda, which is a 600-ton main coking coal mine with a reserve (reserved) of less than 500 million tons. The current coal production capacity is not enough to supplement the demand for coal chemical industry.Therefore, more than 50% need to be outsourced. The group signed a strategic cooperation agreement with Zaozhuang Coal Mine, but no consensus has been reached for the time being. If there are new coal mines to be put into production by them, the issue of equity is still under discussion.There have been some accidents in the production of Dongyu Coal Mine before. After that, the production safety of the company’s three coal mines is managed by jujube mines, and the custody fee is calculated based on how much a ton is. The situation of Jinyuan Coal Mine is that it can be put into trial operation this year. Based on resolving the competition of the same industry, it may also enter listed companies in the future. Generally, the listed company owns 51% equity, Cinda owns 49% equity, and the mine is operated by Zaozhuang. The hydrogen energy industry asks: The company’s motivation for the layout of the hydrogen energy industry A: The company’s coal chemical products contain a large amount of waste hydrogen, about 10.700 million cubic meters, this is preliminary.In addition, the company began research at the end of 16 and successively controlled Feichi Bus and Hongji Chuangneng. Question: The current layout of hydrogen refueling stations: A: There are 2 hydrogen refueling stations in Foshan and Yunfu. In Shanxi, there are currently 65 hydrogen refueling stations to be converted, and LNG stations (highway roadside) in Shanxi.It is a modification of the compressor (20 MPa → 35 MPa). The state has not yet issued relevant standards, but the terminal standard is estimated to be 35 MPa. The truck may need 70 MPa compression due to its own weight.Reach 600km. The construction cost of the hydrogen refueling station is 800w-1000w (excluding land cost). At present, Japan’s technology is the most advanced, and the construction cost of its hydrogen refueling station is more than 7 million yuan.After the subsequent localization of hydrogen refueling station equipment, domestic costs should be further reduced. Question: Currently the company mainly covers the type of vehicles A: At present, it is mainly buses and logistics vehicles.Among them, logistics vehicles are the cheapest, and buses need to discuss cooperation with the government, which is a stock market.In addition, the company believes that passenger cars will not improve in 5 years, because the layout of the hydrogen refueling station is far from enough. Question: The company’s advantages and main advantages A: At present, we are the first company in China to achieve the entire industry chain.Closer to us in terms of hydrogen energy are Weichai Power and Yihuatong.Weichai Power (the largest shareholder of Ballard, the cost of the new generation of reactors will be greatly reduced, and the power density will be higher), Yihuatong (Beiqi Foton, Toyota, Yihuatong signed a tripartite agreement) is in Sichuan,Billion Huatong has applied for the Science and Technology Innovation Board with an estimated market value of 10 billion.Compared with these two companies, our advantage is that the industry scale is relatively large, the model budget is large, the speed is fast, the market expansion is fast, and the cost is lower than peers.The Great Wall Motor is mainly engaged in the research and development of passenger cars. At present, there is no conflict with the company’s layout. Q: The company’s production and sales situation Yunfu currently has a production capacity of 5,000 vehicles, but time lapse to reach full production.In the future, there are plans for Jiaxing, Datong, Qingdao, Xiangxiang, etc. After these areas are laid out, the plan is to reach a production scale of 30,000 vehicles. Sales: Last year, Flying Spur buses sold 700 vehicles, of which 400 were hydrogen energy vehicles (300+ buses and 70 logistics vehicles). Currently speeding bus 8.5?11 meters long models can be done.The longest 12 meters, the bus price is 1 million +. The total output is expected to exceed 1,500 this year, including 1,000 hydrogen-powered vehicles. Q: The comparison between the membrane electrode used by the company and Toyota MIRAI A: The power data released by the company is the same as MIRAI, but the actual power is higher than 0.2kw / L, and the cost is 40% lower. The MEA is basically the same for both. The company uses graphite plates, which have a power density of 2.5 kW / L has a large volume and a long life. The suitable models are buses, trucks, logistics vehicles, and the measured battery life is 29,000 hours. Toyota is a metal plate with a small size and short life. It is mainly in the layout of passenger cars, so the power is 114kw, But the time is short, the stable power is 56kw, so the amount of platinum will be large, the battery life is 5000 hours, but the metal plate has better conductivity than graphite. Question: The current situation of state subsidies and land subsidies A: The ratio of state subsidies to land subsidies is one to one, but there are no relevant documents issued in many places.The company has a cost advantage of approximately 100 million Huatong equivalent after the supplementary cost of the industry.The current official downhill time is at least after 2021, and industry insiders believe that the downhill time is around 2025. Question: The discharge principle of a fuel cell vehicle at startup A: The fuel cell vehicle starts and accelerates with electricity from a lithium battery (lead-acid can be used, no ternary material is required), because the chemical reaction of hydrogen energy discharge requiresProcess, so a lithium battery is needed to start it.Switching between lithium and hydrogen power is mainly accomplished by electronic control systems. Question: The safety situation of hydrogen fuel A: The sulfuric acid of hydrogen refueling station is generally supplied by torpedo trucks, transported and stored under the condition of 20 MPa, and compressed at the hydrogen refueling station. The escape speed of air is very fast, it is difficult to appear the concentration range of explosion when mixed with air, and the direction of combustion is quite upward, which is safe and controllable.And the gas cylinders we use have passed all certifications, and the country’s identification of hydrogen as a hazardous chemical can also be improved in the future.About hydrogen storage bottles: Samsung bottles (35 MPa), four-star bottles (70 MPa, lighter weight).The general structure is a stainless steel structure, and the carbon fiber is wound into the inner tank. German technology is better. The domestic mainstream is currently the Samsung bottle. Question: Part A of hydrogen energy fuel cells that needs to be imported at present: membranes, catalysts, and air compressors need to be imported.However, these are gradually undergoing domestic substitution. For example, the air compressor has Hebei Kingston supplying Yihuatong.The leading domestic membrane electrode technology is Hongji Chuangneng and Wuhan University of Technology.The biggest problem is the catalyst. The domestic production rate of our company’s catalyst has been raised to a very high level. Q: How do you think of the relationship between hydrogen fuel and electric vehicles? A: Fuel cells will largely replace lithium batteries, especially the advantages of cruising range, and there will be relatively large replacements for long-distance operation.Lithium batteries have problems such as charging time, secondary pollution 武汉夜生活网 during the manufacturing process, explosion, and attenuation.In addition, it is very convenient for the gas station to modify the hydrogen refueling station, so the widespread use of hydrogen refueling stations and hydrogen vehicles will be boosted by PetroChina and Sinopec. Subsequent gradual technological progress, the cost of many industrial waste hydrogen and coal-to-hydrogen may return to a very low price, and the production cost of one kilogram is divided into 5?10 yuan, although the transportation cost may be more expensive, but it can support a mileage of 100 kilometers, there is still an advantage in cost. Q: Platinum cost A: Platinum cost is 0.3mg / cm ^ 2, 60kw film dosage is about 10g. Question: The situation of liquid hydrogen A: The storage of liquid hydrogen is currently difficult to see in the short term, 杭州养生会所 and the final result is: the cost is too high and the technology is immature. Currently national laws allow the transportation of liquid hydrogen