Under the background of strict control of coking development in Shanxi, its business scale continues to expand, which raises the question of "coking with hydrogen energy"
Two years ago, movie star Chen Hao invested 500 million yuan to set up an investment fund in partnership with a subsidiary of Shanxi Meijin Energy Co., Ltd. (hereinafter referred to as "Meijin Energy"), which made this Taiyuan coal enterprise famous. In the past two years, the fiery hydrogen energy sector has made Meijin Energy another fire.
Year-to-date, the stock price has soared as much as four times, and the market value has soared from10 billion yuan to 70 billion yuan. With the aura of "A-share enterprise with the widest layout of hydrogen energy industry chain", Meijin Energy, as a "upstart" of hydrogen energy, has a very strong performance in the capital market.
However, the reporter found in the investigation that behind the high-profile and large-scale layout of hydrogen energy, the benefits obtained by Meijin Energy are actually limited. Correspondingly, under the background of strict control of coking development in Shanxi Province, the coking industry scale of Meijin Energy has been expanding, which has aroused people's doubts about Meijin Energy's expansion of coking in the name of developing hydrogen energy.
(Wen Wei reporter Zhu Yan)
The "hottest" hydrogen energy concept stocks
The actual net profit accounts for less than 2%
Why did Meijin Energy, which started from traditional energy sources, become the capital darling of the hydrogen energy sector?
Questioners are not just investors. Recently, Shenzhen Stock Exchange also sent an inquiry letter to the board of directors of Meijin Energy, inquiring about the capital investment, upstream and downstream customers, major financial data and business development of the latter's hydrogen energy business one by one.
1June 3, Meijin Energy replied: By the end of the reporting period of 20 18, "the company has invested 389 million yuan in the hydrogen energy business, and the main purpose of the funds is to invest around the company's layout of" one point (complete vehicle), one line (fuel cell and upstream and downstream industrial chain) and one network (hydrogen station network) "in the hydrogen energy field, mainly for According to this statement, it has set foot in the upstream, middle and downstream of the hydrogen energy industry.
In the public reply to shareholders from April to May this year, Meijin Energy repeatedly emphasized that "the transformation to the hydrogen energy industry began nearly ten years ago", "the layout and development of the hydrogen energy industry chain cannot be shaken" and "it has made good achievements in the research and development of vehicle manufacturing, hydrogen refueling stations, fuel cells and core components, and is at the forefront of the industry".
However, according to the data replied by Meijin Energy in the inquiry letter, the accumulated net profit of Meijin Energy's subsidiaries, Foshan Feichi Automobile, Guangzhou Jinhong Investment, Yunfu Jinhong and Shanxi Demonstration Zone Hydrogen Source Technology in 20 18 was less than 32 million yuan. Compared with the net profit of 20 17179,700 yuan, the contribution of the hydrogen energy sector is small. Take Feichi Automobile, which has the best performance, as "the largest production base of new energy buses and hydrogen fuel cell buses in South China, and one of the enterprises with the largest production and sales of hydrogen fuel cell buses in China", Feichi Automobile achieved revenue of 430.06 million yuan and net profit of 32.47 million yuan last year, accounting for only 2.84% and 65.438+0.57% of the company's total revenue and net profit respectively.
In fact, Meijin Energy's current revenue still mainly comes from traditional coking-data show that from 20 16 to 20 18, coking business accounted for 99.98%, 99.97% and 97.54% of its total operating income respectively.
"Coking has always been the main business of the company, and it is definitely not coking under the banner of hydrogen energy." Yao Jinli, deputy general manager of Meijin Energy, who is in charge of hydrogen energy business, denied the outside suspicion in an interview. Is that really the case?
"It is undeniable that Meijin Energy has invested real money in the field of hydrogen energy, and it is more savvy and the timing is more clever. Investing in hydrogen can be simply said to be speculation in stock prices, but it cannot be denied that there is such a demand. " An industry analyst who has been tracking Meijin Energy for a long time pointed out that Meijin Energy's high asset-liability ratio and equity pledge rate have not been reversed for a long time and are currently under great pressure. "If there is no hydrogen concept blessing, Meijin Energy can hardly be favored by the capital market again by relying on traditional coking. After all, the stock price has come up, and the pursuit of them by mortgage agencies is not as serious as before. "
Multi-stage preparation of hydrogen energy business
This is inseparable from the traditional coking.
The reporter found out that although Meijin Energy claimed to have covered the whole industrial chain of hydrogen energy, most of its business actually only stayed in the preliminary preparation stage. For example, the Jinhong Yunan hydrogen refueling station invested by Yunfu Jinhong is still under construction; Registered in 20 17 1 1, the related work of hydrogen source technology in Shanxi demonstration area is still in the deployment stage; Jinhong Xinneng's first hydrogen refueling station was put into operation in June last year, but it was still losing money as of April this year.
In addition, Meijin Energy also listed a number of risks to the Shenzhen Stock Exchange. These include: the construction speed of hydrogen refueling station is lower than expected, which restricts the utilization rate and promotion speed of the whole vehicle; Some parts depend on imports, pushing up production and operation and maintenance costs; Fuel vehicles may face the uncertainty of compensation reduction.
It is worth noting that in the business layout of Meijin Energy, traditional coking is indispensable for hydrogen energy-both upstream hydrogen production and downstream hydrogen storage and hydrogenation are closely related to a large number of cheap industrial by-products hydrogen. According to the director of Meijin Energy, according to the current annual output of 6.6 million tons of coke, its coking plate produces 65.438+0.4 billion cubic meters of hydrogen every year, of which 600 million cubic meters are used for the production of synthetic ammonia and ethylene glycol products, and the remaining 460 million cubic meters are prepared for the hydrogenation facilities of fuel cell vehicles. Moreover, the company has mastered the hydrogen purification technology, and the purity after purification reaches 99.99%-99.999%.
In reply to the inquiry letter from Shenzhen Stock Exchange, Meijin Energy said that at present, in the hydrogen refueling stations in Guangdong, "the hydrogen source mainly comes from the chlor-alkali plant in Jiangmen, Guangdong". In this case, how to use 460 million cubic meters of hydrogen?
"460 million cubic meters means that the company has such a large hydrogen production capacity that it can supply 1 0,000 to10.5 million hydrogen fuel cell trucks. But this does not mean that hydrogen should be extracted now. This is a question of which comes first, the chicken or the egg. There is no market. Who will produce it? " Yao Jinli responded.
Due to environmental violations, unapproved construction and other issues.
Coking business has been repeatedly questioned.
"In fact, the company pays more attention to the future development of hydrogen heavy trucks. Coal from coal mines to coking plants, coking products to stations, are inseparable from heavy trucks. Due to environmental requirements, LNG heavy trucks have been widely used in Shanxi. In the future, if hydrogen energy heavy trucks are used to supply hydrogen produced by coking to heavy trucks, then heavy trucks are used to transport coal and coal is used to produce coke, which forms a closed loop. " Yao Jinli further stated that the positioning of Meijin Energy is not to give up the main business of coking, but to be an energy supplier with both traditional energy and new energy. "Through this closed loop, upstream and downstream are interrelated."
According to this logic, without the support of coking, the main source of hydrogen energy will be lost, and the above closed loop cannot be established. However, it is the coking business that makes Meijin Energy frequently questioned recently.
The Central Second Eco-environmental Protection Inspector Group recently gave feedback to Shanxi Province on "looking back" and special inspections, pointing out that under the background that the Shanxi Provincial Development and Reform Commission and the former Economic and Information Committee issued the Opinions on the Layout of Coking Industry in Shanxi Province in October 2017 10, it was clearly stated that "it is forbidden to build or expand coking projects in Taiyuan", and three projects including Taiyuan Meijin Coking Company were still in operation. The "Taiyuan Meijin Coking" referred to by the inspection team is a 4 million-ton coking project of Shanxi Meijin Huasheng Chemical New Materials Co., Ltd., a subsidiary of Meijin Energy.
The Implementation Plan for Fighting Pollution Prevention and Promoting the Transformation and Upgrading of Coking Industry in Shanxi Province not only disagrees with the layout of coking industry in Shanxi Province, but also put forward the requirements of "strictly controlling the built coking capacity" and "resolutely controlling the industrial scale" in September last year. In other words, for environmental reasons, Shanxi does not advocate continuing to expand the coking industry. For this new project, Yao Jinli said that "it is to replace the backward 4.3-meter coke oven", which is equivalent to capacity replacement.
At the same time, Taiyuan Meijin Coking Company, which is positioned as "high-end, green, integrated and intelligent" and built according to the standards of "first-class equipment, first-class environmental protection and first-class energy consumption", is known as the most advanced new coking project in the world. In May this year, it was fined 1, 5 1, 000 yuan by the Environmental Protection Bureau of Qingxu County, Taiyuan City, Shanxi Province. Yao Jinli admitted to the reporter that the reason for the punishment was that the project was "built without approval" and did not complete the environmental assessment.
Also as a part of "closed loop", will hydrogen energy promote the further expansion of coking industry? Yao Jinli said with a smile that Meijin Energy did not take the opportunity to expand. "Even with the current production capacity of 6.6 million tons/year, by-product hydrogen is enough."
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Produced by | China Energy News (ID: CNEnergy)
Editor | Yan Zhiqiang
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