Industrial Securities: Fuel Cells Ready for New Demand for Platinum

Industrial Securities: Fuel Cells Ready for New Demand for Platinum

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  Source: Prosperity Research Fuel cell industry is poised for growth, demand for catalyst material platinum promotes accelerated release.

Hydrogen fuel cells have comparable high efficiency and clean advantages that some other battery materials do not have. Automobiles are their key application markets and their future development potential is huge.

Since 2019, major countries and regions around the world have issued development plans for the hydrogen energy industry, making clear plans for the development of the fuel cell industry, and accelerating the process of fuel cell industrialization.

It is expected that the development path of FCV electric vehicles will first cut into the commercial vehicle market, accelerate development under the promotion of policies, achieve rapid cost reduction through scale, and improve infrastructure construction such as hydrogen refueling stations, and finally achieve universality in the passenger vehicle field.

The current mainstream technology route of fuel cell vehicles uses proton exchange membrane fuel cells (PEMFC). Platinum is currently the only PEMFC catalyst material with large-scale production capacity.

It is estimated that the global fuel cell catalyst platinum consumption in 2017 was less than one.

2 tons, if the global passenger car output is assumed to be 1 in 2025.

5.0 billion vehicles, of which 26 are commercial vehicles.

3%, FCV penetration rate is 3%, and passenger cars account for 73%.

7%, FCV permeability is 0.

5%, bicycle platinum content of 17.

5g, you need to consume platinum 21.

3 tons, accounting for 8 of the 10-year demand for platinum in 2018.

8%, bringing a significant marginal increase to platinum demand.

  Demand in other fields: automotive, industrial, etc. still have potential for growth.

The demand for exhaust catalysts (37% -41%) is still falling due to the increase in diesel vehicle emissions, but the short-term automotive exhaust emission standards have increased the amount of platinum used for bicycles, and demand is expected to continue to increase.

Demand for glass, petrochemicals and other industries (20%) is expected to grow steadily.

In recent years, demand for jewelry has fluctuated greatly.

  Supplier: The supply of mineral platinum is stable, and the recovery of platinum may increase.

There are two main sources of platinum supply: platinum from mining and recycled platinum.

The 佛山桑拿网 concentration of mineral platinum is high, and the supply is generally stable. The recovered platinum usually exceeds the automatic catalyst and jewelry recovery, and the recovery of exhaust catalyst is expected to increase slightly.

  Recommend rating to the platinum industry.

From a commodity perspective, in terms of demand, traditional industrial demand will continue to grow steadily. In particular, the fuel cell vehicle industry is expected to achieve rapid development under policy warm air. Platinum is currently the only fuel cell vehicle catalyst material with large-scale production capacity.Its emerging demand is expected to accelerate growth.

On the supply side, the supply of mineral platinum has grown slowly, and the recovered platinum may increase at the peak catalyst recovery period (Jin Qilin analyst), but the overall increase in the supply side is limited. In 2019, there has been a supply gap in platinum.Driven by the demand for Chinese-used platinum, the gap between platinum supply and demand may further expand in the future, thereby forming a strong support for platinum prices.

From a financial perspective, the platinum and gold price discounts have reached historical highs, and the conversion of the gold market has started, and investment demand for platinum may increase.

It is recommended to pay attention to Guiyan Platinum, a precious metal material company with a complete industrial chain.

  Risk warning: The development progress of the fuel cell industry is less than expected; the development and industrialization of non-platinum fuel cell catalysts are rapid, replacing platinum materials; the traditional demand for platinum is growing less than expected; the growth of recycled platinum supply exceeds expectations; Securities Research Report: New demand for platinum bloomsExternal release time: February 24, 2020 Report issuing agency: Industrial Securities Co., Ltd. (securities investment consulting business qualification licensed by the China Securities Regulatory Commission) Analyst: Qiu Zuxue (Jin Qilin analyst) SAC practising certificate number: S0190515030003