最近的氫能源領(lǐng)域比較熱，其中光伏龍頭大哥隆基股份，以光伏制氫的名義，進(jìn)入了氫能源領(lǐng)域。3月31日，隆基綠能創(chuàng)投與上海朱雀合伙，注冊資本3億元，經(jīng)營范圍包括氣體、液體分離及純凈設(shè)備制造、新興能源技術(shù)研發(fā)和節(jié)能管理服務(wù)等，重點(diǎn)是光伏制氫。自2021年1月，中石化與協(xié)鑫集團(tuán)、隆基股份等4家光伏企業(yè)進(jìn)行視頻對話，其內(nèi)容之一就是充分發(fā)揮中石化在氫能產(chǎn)業(yè)鏈上的優(yōu)勢，合作建設(shè)大型集中式光伏發(fā)電、制氫、運(yùn)氫、加氫設(shè)施。隆基的創(chuàng)始人李振國說，早在2018年隆基就開始關(guān)注和布局可再生能源電解制氫。選擇氫能源產(chǎn)業(yè)，是隆基股份突破光伏產(chǎn)業(yè)鏈天花板的期望所在，也是支撐它市值的重要手段。在“十四五”規(guī)劃綱要中，氫能與儲能被列為前瞻謀劃的六大未來產(chǎn)業(yè)之一，相比已經(jīng)進(jìn)入產(chǎn)業(yè)鏈成熟期的光伏產(chǎn)業(yè)，氫能源具有更廣闊的發(fā)展前景和估值預(yù)期。
     總的來看，隆基股份的財務(wù)比較健康，2020年業(yè)績突出，預(yù)計實現(xiàn)歸母凈利潤82億元到86億元，同比增加55.3%到62.88%，也成為光伏企業(yè)中業(yè)績表現(xiàn)最好的公司。隆基賺得多，跑得也快，雖然體量較大，但不失成長性，這是它成為光伏茅的根本原因。但是，選股堂以為，光伏制氫目前主要是在炒作概念和主題階段，離落地生根，再到促進(jìn)生產(chǎn)力發(fā)展，還有一定距離。我們來看數(shù)據(jù)，2020年全球氫燃料電池只銷售了9000輛，其中中國1497輛的銷售額，還是太少了。顯然，現(xiàn)階段氫燃料電池的基礎(chǔ)設(shè)施是不夠完善的，且燃料電池基礎(chǔ)設(shè)施配套過程比充電樁困難，因為拉電線好辦，是成熟的電網(wǎng)，但氫氣供應(yīng)鏈還不成熟。所以，氫能在2021年來看，情況并不樂觀。
       不過，對于隆基股份，選股堂依然看重的是光伏地位，而非制氫。畢竟，氫能還處于應(yīng)用的早期，未來還有很長時間的路要走，業(yè)績兌現(xiàn)難度較大。但是從長周期上，我們可以給與適當(dāng)?shù)膶淠芙o予關(guān)注。

Recently, the field of hydrogen energy is relatively hot, among which the eldest brother of the photovoltaic leading company, Longji, entered the field of hydrogen energy in the name of photovoltaic hydrogen production. On March 31, Longji green energy venture capital and Shanghai Zhuque partnership, registered capital of 300 million yuan, business scope includes gas, liquid separation and purification equipment manufacturing, emerging energy technology research and development and energy conservation management services, focusing on photovoltaic hydrogen production.Since January 2021, Sinopec has conducted video dialogue with GCL Group, Longji Corporation and other four photovoltaic enterprises. One of the contents is to give full play to Sinopec's advantages in the hydrogen energy industry chain and cooperate in the construction of large-scale centralized photovoltaic power generation, hydrogen production, hydrogen transport and hydrogen processing facilities. Li Zhenguo, founder of Longji, said that as early as 2018, Longji began to focus on and layout of renewable energy electrolysis hydrogen production.The choice of hydrogen energy industry is Longi's expectation to break through the ceiling of the photovoltaic industry chain, and it is also an important means to support its market value. In the "14th Five-Year Plan" outline, hydrogen energy and energy storage are listed as one of the six future industries in the forward-looking plan. Compared with the photovoltaic industry, which has entered the mature stage of the industrial chain, hydrogen energy has a broader development prospect and valuation expectation.

In general, the financial health of Longji Co., Ltd., outstanding performance in 2020, is expected to achieve a net profit of 8.2 billion yuan to 8.6 billion yuan, an increase of 55.3% to 62.88%, also become the best performance of photovoltaic enterprises in the company. Longji earn more, run fast, although the volume is large, but do not lose growth, this is the fundamental reason for it to become the photovoltaic grass.However, the stock selection hall thought that photovoltaic hydrogen production is currently mainly in the hype concept and theme stage, from the ground root, and then to promote the development of productivity, there is a certain distance. Let's look at the data. In 2020, only 9,000 hydrogen fuel cells were sold in the world, of which 1,497 were sold in China, which is still too small.Obviously, the infrastructure of hydrogen fuel cells is not perfect at the present stage, and the supporting process of fuel cell infrastructure is more difficult than charging piles, because it is easy to pull wires and it is a mature power grid, but the hydrogen supply chain is not mature yet. So hydrogen doesn't look good in 2021.

However, for Longji shares, stock selection hall still value the status of photovoltaic, rather than hydrogen production.After all, hydrogen energy is still in the early stage of application, and there is still a long way to go in the future, so it is difficult to realize the performance. But in the long term, we can pay due attention to hydrogen energy.