<p>当 <strong>Plug Power</strong>（PLUG -9.52%）在 1999 年上市时，它计划为家庭构建氢充电系统，以颠覆传统电力公司。这个雄心勃勃的计划令多头眼花缭乱，其股价从反向拆股调整后的 IPO 价格 150 美元飙升至 2000 年初互联网泡沫高峰时的 1498 美元创纪录高位。</p>
<p>但像许多在互联网泡沫期间上市的初创公司一样，Plug Power 过度承诺而未能兑现。高昂的基础设施成本、监管挑战以及对住宅氢系统的疲软消费者需求都粉碎了其构建住宅氢充电系统的梦想。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzcwODkvYS1oeWRyb2dlbi1jaGFyZ2luZy1zdGF0aW9uLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzcwODkvYS1oeWRyb2dlbi1jaGFyZ2luZy1zdGF0aW9uLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>如今，Plug Power 主要销售氢燃料电池、充电系统、电解槽和储存系统。它已经部署了 72,000 个燃料电池系统和 275 个加氢站，并且通过向 <strong>Amazon</strong> 和 <strong>Walmart</strong> 销售氢动力叉车的燃料电池和充电系统来产生大部分收入。这两家零售巨头也是 Plug Power 的主要投资者，通过其股票认股权证进行投资。它的电解槽使大型公司能够在现场自行生成氢气。</p>
<p>但截至目前，Plug Power 的股价交易低于 4 美元。早期投资者曾梦想获得多倍收益，现在却面临巨额损失。让我们看看这只不受欢迎的氢股票是否会再次升温，并在未来几年内带来改变生活的收益。</p>
<h2>Plug Power 在过去几年发生了什么？</h2>
<p>在 2020 年，Plug Power 的收入出现负增长，因为它通过新的股票认股权证补贴向 Amazon 和 Walmart 销售燃料电池和充电系统。这些不寻常的补贴掩盖了其他客户的付款，迫使其重新审计财务数据。在重新审计后，Plug 的收入在 2021 年再次转为正值。</p>
<p>其收入在 2022 年和 2023 年以高双位数增长，但这部分增长主要是由于收购了两家较小的低温储存公司，而不是其核心氢燃料电池、充电器和电解槽业务的有机扩展。这就是为什么其运营和净亏损加大的原因。</p>
<p>| 指标 | 2022 | 2023 | 2024 | 2025 年上半年 |
| <strong>收入</strong> | 7.01 亿美元 | 8.91 亿美元 | 6.29 亿美元 | 3.08 亿美元 |
| <strong>增长（同比）</strong> | 40% | 27% | (29%) | 17% |
| <strong>运营利润率</strong> | (97%) | (151%) | (321%) | (116%) |
| <strong>净收入（亏损）</strong> | (7.24 亿美元) | (13.7 亿美元) | (21 亿美元) | (4.26 亿美元) |</p>
<p>数据来源：Plug Power。同比 = 年比年。</p>
<p>在 2024 年，Plug 的收入下降，因为它在收购后面临宏观逆风，抑制了市场对新氢充电项目的需求。但在 2025 年，其收入再次上升，亏损缩小，因为氢市场趋于稳定。其电解槽销售在 2025 年上半年同比增长 230%，占其总收入的 18%，显著抵消了燃料电池销售的放缓和充电系统销售的下降。这是因为越来越多的公司安装其电解槽，以遵守脱碳倡议并获得政府对绿色氢项目的补贴。</p>
<p>随着 Plug 的收入增长趋于稳定，它正在加大在德克萨斯州和乔治亚州工厂的绿色氢生产，并与 <strong>Olin</strong> 合作在路易斯安那州建设新的氢液化工厂。这种规模的扩大，加上其定价能力的增强，应该会提升其毛利率。至于其运营利润率，它最近启动了 “量子飞跃计划”——一项新的成本削减计划，旨在将年度支出削减多达 2 亿美元，以重新调整其业务规模。</p>
<h2>Plug Power 能否带来改变生活的收益？</h2>
<p>过去几年对 Plug Power 来说充满挑战，但分析师预计其收入在 2025 年将增长 13%，在 2026 年增长 24%，在 2027 年增长 22%，因为氢市场再次扩张。美国能源部（DOE）新批准的 16.6 亿美元贷款担保以及特朗普政府对氢产业税收抵免的延长至 2027 年，应该能让其保持偿付能力，同时逐步缩小净亏损。</p>
<p>Grand View Research 预计，绿色氢市场将在 2025 年至 2030 年间以 38.5% 的复合年增长率（CAGR）扩张，因此 Plug Power 可能有很大的增长空间。以 46 亿美元的市值计算，其股票在明年的销售额的 5 倍的估值下仍显得合理。</p>
<p>假设 Plug Power 能够达到分析师的预期，直到 2027 年继续以 20% 的强劲复合年增长率增长收入，并在最后一年以 10 倍的销售额交易，其市值在未来 20 年内可能会接近 2880 亿美元，增长近 63 倍。</p>
<p>这无疑将是改变生活的收益，但这需要公司成功突破其细分市场，扩大业务规模，并产生稳定的利润。如果你认为它能够满足所有这些条件，那么今天作为一项投机性的氢投资可能值得一试。</p>

普拉格能源

<p>Plug Power 曾是一家前景看好的氢气初创公司，自 1999 年上市以来面临重大挑战。在股价达到最高点 1,498 美元后，目前交易价格低于 4 美元，早期投资者面临亏损。尽管 2020 年出现负收入，但公司在 2021 年至 2023 年期间实现了增长，主要得益于收购。分析师预测，2025 年收入将增长 13%，2026 年将增长 24%，这得到了美国能源部提供的 16.6 亿美元贷款担保的支持。预计绿色氢气市场在 2025 年至 2030 年间将以 38.5% 的年均增长率增长，为 Plug Power 的复苏和增长提供了潜力</p>

<p>When <strong>Plug Power</strong>(PLUG -9.52%) went public in 1999, it planned to build hydrogen charging systems for homes to disrupt traditional power companies. That ambitious plan dazzled the bulls, and its stock surged from its reverse split-adjusted IPO price of $150 to a record high of $1,498 per share at the peak of the dot-com bubble in early 2000.</p>
<div class="lb-trans"><p>当 <strong>Plug Power</strong>（PLUG -9.52%）在 1999 年上市时，它计划为家庭构建氢充电系统，以颠覆传统电力公司。这个雄心勃勃的计划令多头眼花缭乱，其股价从反向拆股调整后的 IPO 价格 150 美元飙升至 2000 年初互联网泡沫高峰时的 1498 美元创纪录高位。</p>
</div><p>But like many start-ups that went public during the dot-com boom, Plug Power overpromised and underdelivered. High infrastructure costs, regulatory challenges, and soft consumer demand for residential hydrogen systems all shattered its dream of building residential hydrogen charging systems.</p>
<div class="lb-trans"><p>但像许多在互联网泡沫期间上市的初创公司一样，Plug Power 过度承诺而未能兑现。高昂的基础设施成本、监管挑战以及对住宅氢系统的疲软消费者需求都粉碎了其构建住宅氢充电系统的梦想。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzcwODkvYS1oeWRyb2dlbi1jaGFyZ2luZy1zdGF0aW9uLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F837089%2Fa-hydrogen-charging-station.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>Today, Plug Power primarily sells hydrogen fuel cells, charging systems, electrolyzers, and storage systems. It has already deployed 72,000 fuel cell systems and 275 fueling stations, and it generates most of its revenue by selling fuel cells and charging systems for <strong>Amazon</strong>'s and <strong>Walmart</strong>'s hydrogen-powered forklifts. The two retail giants are also Plug Power's top investors through their stock warrants. Its electrolyzers enable large companies to generate their own on-site hydrogen.</p>
<div class="lb-trans"><p>如今，Plug Power 主要销售氢燃料电池、充电系统、电解槽和储存系统。它已经部署了 72,000 个燃料电池系统和 275 个加氢站，并且通过向 <strong>Amazon</strong> 和 <strong>Walmart</strong> 销售氢动力叉车的燃料电池和充电系统来产生大部分收入。这两家零售巨头也是 Plug Power 的主要投资者，通过其股票认股权证进行投资。它的电解槽使大型公司能够在现场自行生成氢气。</p>
</div><p>But as of this writing, Plug Power's stock trades at less than $4. Its early investors, who had dreamt of multibagger gains, are now sitting on massive losses. Let's see if this out-of-favor hydrogen stock might heat up again and deliver life-changing gains over the next few years.</p>
<div class="lb-trans"><p>但截至目前，Plug Power 的股价交易低于 4 美元。早期投资者曾梦想获得多倍收益，现在却面临巨额损失。让我们看看这只不受欢迎的氢股票是否会再次升温，并在未来几年内带来改变生活的收益。</p>
</div><h2>What happened to Plug Power over the past few years?</h2>
<div class="lb-trans"><h2>Plug Power 在过去几年发生了什么？</h2>
</div><p>In 2020, Plug Power's revenue turned negative because it was subsidizing its sales of fuel cells and charging systems to Amazon and Walmart with new stock warrants. Those unusual subsidies eclipsed its other customer payments, and it was forced to restate its financials. After that restatement, Plug's revenue turned positive again in 2021.</p>
<div class="lb-trans"><p>在 2020 年，Plug Power 的收入出现负增长，因为它通过新的股票认股权证补贴向 Amazon 和 Walmart 销售燃料电池和充电系统。这些不寻常的补贴掩盖了其他客户的付款，迫使其重新审计财务数据。在重新审计后，Plug 的收入在 2021 年再次转为正值。</p>
</div><p>Its revenue rose by the high double digits in 2022 and 2023, but a lot of that growth was driven by its acquisitions of two smaller cryogenic storage companies instead of the organic expansion of its core hydrogen fuel cell, charger, and electrolyzer businesses. That's why its operating and net losses widened.</p>
<div class="lb-trans"><p>其收入在 2022 年和 2023 年以高双位数增长，但这部分增长主要是由于收购了两家较小的低温储存公司，而不是其核心氢燃料电池、充电器和电解槽业务的有机扩展。这就是为什么其运营和净亏损加大的原因。</p>
</div><p>| Metric | 2022 | 2023 | 2024 | 1H 2025 |
| <strong>Revenue</strong> | $701 million | $891 million | $629 million | $308 million |
| <strong>Growth (YOY)</strong> | 40% | 27% | (29%) | 17% |
| <strong>Operating Margin</strong> | (97%) | (151%) | (321%) | (116%) |
| <strong>Net Income (Loss)</strong> | ($724 million) | ($1.37 billion) | ($2.10 billion) | ($426 million) |</p>
<div class="lb-trans"><p>| 指标 | 2022 | 2023 | 2024 | 2025 年上半年 |
| <strong>收入</strong> | 7.01 亿美元 | 8.91 亿美元 | 6.29 亿美元 | 3.08 亿美元 |
| <strong>增长（同比）</strong> | 40% | 27% | (29%) | 17% |
| <strong>运营利润率</strong> | (97%) | (151%) | (321%) | (116%) |
| <strong>净收入（亏损）</strong> | (7.24 亿美元) | (13.7 亿美元) | (21 亿美元) | (4.26 亿美元) |</p>
</div><p>Data source: Plug Power. YOY = Year-over-year.</p>
<div class="lb-trans"><p>数据来源：Plug Power。同比 = 年比年。</p>
</div><p>In 2024, Plug's revenue fell as it lapped those acquisitions and the macro headwinds curbed the market's appetite for new hydrogen charging projects. But in 2025, its revenue rose again, and it narrowed its losses as the hydrogen market stabilized. Its electrolyzer sales -- which rose 230% year over year in the first half of 2025 and accounted for 18% of its top line -- are notably offsetting its slower sales of fuel cells and declining sales of charging systems. That's because more companies are installing its electrolyzers to comply with decarbonization initiatives and earn government subsidies for green hydrogen projects.</p>
<div class="lb-trans"><p>在 2024 年，Plug 的收入下降，因为它在收购后面临宏观逆风，抑制了市场对新氢充电项目的需求。但在 2025 年，其收入再次上升，亏损缩小，因为氢市场趋于稳定。其电解槽销售在 2025 年上半年同比增长 230%，占其总收入的 18%，显著抵消了燃料电池销售的放缓和充电系统销售的下降。这是因为越来越多的公司安装其电解槽，以遵守脱碳倡议并获得政府对绿色氢项目的补贴。</p>
</div><p>As Plug's top-line growth stabilizes, it's ramping up production of green hydrogen at its plants in Texas and Georgia, and it launched a joint venture with <strong>Olin</strong> to build a new hydrogen liquefaction plant in Louisiana. That increased scale, along with its increased pricing power, should boost its gross margins. As for its operating margins, it recently launched &#34;Project Quantum Leap&#34; -- a new cost-cutting initiative aimed at trimming its annual expenses by up to $200 million -- to re-size its business.</p>
<div class="lb-trans"><p>随着 Plug 的收入增长趋于稳定，它正在加大在德克萨斯州和乔治亚州工厂的绿色氢生产，并与 <strong>Olin</strong> 合作在路易斯安那州建设新的氢液化工厂。这种规模的扩大，加上其定价能力的增强，应该会提升其毛利率。至于其运营利润率，它最近启动了 “量子飞跃计划”——一项新的成本削减计划，旨在将年度支出削减多达 2 亿美元，以重新调整其业务规模。</p>
</div><h2>Could Plug Power deliver life-changing gains?</h2>
<div class="lb-trans"><h2>Plug Power 能否带来改变生活的收益？</h2>
</div><p>The past few years were challenging for Plug Power, but analysts expect its revenue to rise 13% in 2025, 24% in 2026, and 22% in 2027 as the hydrogen market expands again. Its new $1.66 billion loan guarantee from the U.S. Department of Energy (DOE) and the Trump Administration's extension of tax credits for the hydrogen industry through 2027 should keep it solvent as it gradually narrows its net losses.</p>
<div class="lb-trans"><p>过去几年对 Plug Power 来说充满挑战，但分析师预计其收入在 2025 年将增长 13%，在 2026 年增长 24%，在 2027 年增长 22%，因为氢市场再次扩张。美国能源部（DOE）新批准的 16.6 亿美元贷款担保以及特朗普政府对氢产业税收抵免的延长至 2027 年，应该能让其保持偿付能力，同时逐步缩小净亏损。</p>
</div><p>Grand View Research expects the green hydrogen market to expand at a compound annual growth rate (CAGR) of 38.5% from 2025 to 2030, so Plug Power could have plenty of room to grow. With a market cap of $4.6 billion, its stock still looks reasonably valued at 5 times next year's sales.</p>
<div class="lb-trans"><p>Grand View Research 预计，绿色氢市场将在 2025 年至 2030 年间以 38.5% 的复合年增长率（CAGR）扩张，因此 Plug Power 可能有很大的增长空间。以 46 亿美元的市值计算，其股票在明年的销售额的 5 倍的估值下仍显得合理。</p>
</div><p>Assuming Plug Power matches analysts' estimates through 2027, continues to grow its revenue at a robust CAGR of 20% for the next 18 years, and trades at a more generous 10 times sales by the final year, its market cap could rise nearly 63 times to $288 billion over the next 20 years.</p>
<div class="lb-trans"><p>假设 Plug Power 能够达到分析师的预期，直到 2027 年继续以 20% 的强劲复合年增长率增长收入，并在最后一年以 10 倍的销售额交易，其市值在未来 20 年内可能会接近 2880 亿美元，增长近 63 倍。</p>
</div><p>That would certainly be a life-changing gain, but it would require the company to successfully break out of its niche, scale up its business, and generate stable profits. If you think it can check all of those boxes, it might be worth nibbling on today as a speculative hydrogen play.</p>
<div class="lb-trans"><p>这无疑将是改变生活的收益，但这需要公司成功突破其细分市场，扩大业务规模，并产生稳定的利润。如果你认为它能够满足所有这些条件，那么今天作为一项投机性的氢投资可能值得一试。</p>
</div>

今天购买普拉格能源的股票能否让你一生无忧？