<p>氫能常被譽為化石燃料的理想綠色替代品，因為它可以利用風能或太陽能等可再生能源來生產分解水所需的電力，將水分解為氫和氧的組成部分。提取的氫氣隨後用於驅動發動機，燃燒後唯一的副產品是水。然而，作為理想燃料，這並不足以激勵過去十年能源行業這一領域的公司，許多市場上的氫氣股票都未能取得成功。</p>
<p>各行業在採用氫能方面進展緩慢，因為目前生產氫燃料的成本高於提取和加工石油或天然氣的成本，擴展現有電網的成本效益也高於建設新的氫基礎設施。通貨膨脹和高企的利率使得氫項目的融資成本更高，吸引力更低。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTczNDIvYS1zZW1pLXRydWNrLWJlaW5nLWNoYXJnZWQtYXQtYS1oZHlyb2dlbi1zdGF0aW9uLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTczNDIvYS1zZW1pLXRydWNrLWJlaW5nLWNoYXJnZWQtYXQtYS1oZHlyb2dlbi1zdGF0aW9uLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<p>但隨着氫技術的進步和宏觀經濟環境的改善（包括利率下降），使用氫能的節省可能會抵消這些初始成本。如果發生這種情況，許多氫產業可能會復甦。Fortune Business Insights 預計，氫燃料電池市場將在 2024 年至 2032 年間以 30% 的複合年增長率（CAGR）增長，而 Research Nester 預計氫汽車市場將在 2025 年至 2037 年間以 45% 的 CAGR 擴張。</p>
<p>我們應該對這些樂觀的估計持謹慎態度，但來自這兩個行業的兩隻不受歡迎的股票——<strong>Plug Power</strong>（PLUG -3.40%）和 <strong>Nikola</strong>（NKLA 7.62%）——在這些順風因素的推動下可能會大幅上漲。這兩隻股票都很波動，但它們有潛力將 200 美元的 modest 投資在未來幾年內變成幾千美元。</p>
<h2>1. Plug Power</h2>
<p>Plug Power 主要為倉庫和配送中心提供氫燃料電池和充電服務。到目前為止，它已部署超過 69,000 個燃料電池系統和 250 個加氫站，其主要客户包括 <strong>亞馬遜</strong> 和 <strong>沃爾瑪</strong>，並且是全球最大的液氫單一買家。</p>
<p>Plug Power 的收入在 2022 年增長了 40%，在 2023 年增長了 27%。大部分增長是由於兩項大型收購，這擴展了其低温設備部門，並抵消了其核心氫燃料電池業務的緩慢增長——由於宏觀逆風抑制了市場對昂貴新氫項目的需求。由於整合這些收購，其淨虧損在這兩年中也有所擴大。</p>
<p>但從 2023 年到 2026 年，分析師預計 Plug 的收入將以 25% 的 CAGR 增長，同時縮小淨虧損。美國能源部（DOE）最近還向其授予了一筆新的 16.6 億美元貸款，用於建設多達六個新的綠色氫能生產設施。</p>
<p>以 26.7 億美元的企業價值計算，Plug 的股票在明年的銷售額的 2.3 倍下看起來被低估。它仍然是一隻高度投機的股票，但隨着越來越多的公司用其氫充電系統升級物流網絡，它可能會再次上漲。過去 12 個月，其內部人士購買的股票數量幾乎是出售數量的五倍，挪威的挪威銀行最近將其在公司的股份增加到近 8%。</p>
<h2>2. Nikola</h2>
<p>Nikola 生產電動半掛卡車。最初，它銷售電池驅動的電動卡車（BEVs），但今年開始交付其首批氫燃料電池電動卡車（FCEVs）。在 2020 年公開上市後，它的開局並不順利：它大幅未能實現最初的交付目標，其創始人特雷弗·米爾頓在 2022 年因證券和電信欺詐被定罪，2023 年一系列電池火災迫使其召回所有 BEVs。它也處於虧損狀態，過去三年幾乎將其股份數量增加了四倍以籌集更多現金，並且在新興的電動半掛卡車市場面臨來自 <strong>戴姆勒卡車</strong> 和 <strong>特斯拉</strong> 的激烈競爭。</p>
<p>但在所有這些挑戰中，出現了一些積極的跡象。由於解決電池問題，其 BEV 銷售仍處於暫停狀態，但在 2024 年前九個月交付了 203 輛 FCEVs。預計全年交付 300-350 輛 FCEVs，分析師預計其收入將增長三倍以上，達到 1.12 億美元。對於 2025 年，他們預計 Nikola 的收入將接近三倍，達到 3.28 億美元，因為它加大 FCEV 的發貨量並重啓 BEV 業務。Nikola 還計劃與其合作伙伴 Voltera 在 2026 年前在美國建立 60 個氫充電站網絡。</p>
<p>以 3.38 億美元的企業價值計算，Nikola 的股票在明年的銷售額的 1 倍左右看起來非常便宜。其內部人士在過去 12 個月購買的股票數量是出售數量的 15 倍，因此它可能成為氫汽車市場的一個誘人長線投資。</p>

普拉格能源

NKLA

NKLAQ

<p>這篇文章討論了兩隻有前景的氫能源股票：普拉格能源和 Nikola。氫能被視為化石燃料的綠色替代品，但由於生產成本高和宏觀經濟挑戰，採用進展緩慢。然而，隨着技術的進步和經濟環境的穩定，氫市場預計將顯著增長。普拉格能源提供氫燃料電池，預計將實現收入增長，並獲得了一筆可觀的貸款用於擴張。Nikola 生產氫燃料電池電動卡車，儘管面臨過去的挑戰，但也預計將增加生產和收入。這兩隻股票被認為具有投機性，但有潛在的顯著回報</p>

<p>Hydrogen power is often hailed as the ideal green alternative to fossil fuels since it can be produced using renewable energy like wind or solar to produce the electricity needed to split water into its component parts of hydrogen and oxygen. The hydrogen that is extracted is then used to power an engine and the only byproduct of the burned fuel is water. But being an ideal fuel hasn't been enough of an incentive for companies in this sector of the energy industry over the past decade, and many of the market's hydrogen stocks fizzled out.</p>
<div class="lb-trans"><p>氫能常被譽為化石燃料的理想綠色替代品，因為它可以利用風能或太陽能等可再生能源來生產分解水所需的電力，將水分解為氫和氧的組成部分。提取的氫氣隨後用於驅動發動機，燃燒後唯一的副產品是水。然而，作為理想燃料，這並不足以激勵過去十年能源行業這一領域的公司，許多市場上的氫氣股票都未能取得成功。</p>
</div><p>Industries have been slow to adopt hydrogen power because it currently costs more to produce hydrogen fuel than it does to extract and process oil or natural gas, and it was more cost-efficient to expand existing electrical grids than to build new hydrogen infrastructure. Inflation and elevated interest rates made hydrogen projects more expensive to fund and even less appealing.</p>
<div class="lb-trans"><p>各行業在採用氫能方面進展緩慢，因為目前生產氫燃料的成本高於提取和加工石油或天然氣的成本，擴展現有電網的成本效益也高於建設新的氫基礎設施。通貨膨脹和高企的利率使得氫項目的融資成本更高，吸引力更低。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTczNDIvYS1zZW1pLXRydWNrLWJlaW5nLWNoYXJnZWQtYXQtYS1oZHlyb2dlbi1zdGF0aW9uLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F797342%2Fa-semi-truck-being-charged-at-a-hdyrogen-station.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><p>But as hydrogen technologies improve and the macroeconomic environment improves (including interest rate drops), the savings from using hydrogen could offset those initial costs. If that happens, many hydrogen industries could recover. Fortune Business Insights estimates the hydrogen fuel cell market will grow at a compound annual growth rate (CAGR) of 30% from 2024 to 2032, while Research Nester expects the hydrogen vehicle market to expand at a CAGR of 45% from 2025 to 2037.</p>
<div class="lb-trans"><p>但隨着氫技術的進步和宏觀經濟環境的改善（包括利率下降），使用氫能的節省可能會抵消這些初始成本。如果發生這種情況，許多氫產業可能會復甦。Fortune Business Insights 預計，氫燃料電池市場將在 2024 年至 2032 年間以 30% 的複合年增長率（CAGR）增長，而 Research Nester 預計氫汽車市場將在 2025 年至 2037 年間以 45% 的 CAGR 擴張。</p>
</div><p>We should take those bullish estimates with a grain of salt, but two unloved stocks from those two industries -- <strong>Plug Power</strong>(PLUG -3.40%) and <strong>Nikola</strong>(NKLA 7.62%) -- could soar higher as those tailwinds kick in. Both of these stocks are volatile, but they have the potential to turn a modest $200 investment into a few thousand dollars over the next few years.</p>
<div class="lb-trans"><p>我們應該對這些樂觀的估計持謹慎態度，但來自這兩個行業的兩隻不受歡迎的股票——<strong>Plug Power</strong>（PLUG -3.40%）和 <strong>Nikola</strong>（NKLA 7.62%）——在這些順風因素的推動下可能會大幅上漲。這兩隻股票都很波動，但它們有潛力將 200 美元的 modest 投資在未來幾年內變成幾千美元。</p>
</div><h2>1. Plug Power</h2>
<div class="lb-trans"><h2>1. Plug Power</h2>
</div><p>Plug Power mainly provides hydrogen fuel cells and charging services for forklifts in warehouses and fulfillment centers. It's deployed over 69,000 fuel cell systems and 250 fueling stations so far, its top customers include <strong>Amazon</strong> and <strong>Walmart</strong>, and it's the world's largest single buyer of liquid hydrogen.</p>
<div class="lb-trans"><p>Plug Power 主要為倉庫和配送中心提供氫燃料電池和充電服務。到目前為止，它已部署超過 69,000 個燃料電池系統和 250 個加氫站，其主要客户包括 <strong>亞馬遜</strong> 和 <strong>沃爾瑪</strong>，並且是全球最大的液氫單一買家。</p>
</div><p>Plug Power's revenue rose 40% in 2022 and 27% in 2023. Most of that growth was driven by two big acquisitions which expanded its cryogenic equipment unit and offset the slower growth of its core hydrogen fuel cell business -- which struggled as the macro headwinds curbed the market's appetite for expensive new hydrogen projects. Its net losses also widened throughout both years as it integrated those acquisitions.</p>
<div class="lb-trans"><p>Plug Power 的收入在 2022 年增長了 40%，在 2023 年增長了 27%。大部分增長是由於兩項大型收購，這擴展了其低温設備部門，並抵消了其核心氫燃料電池業務的緩慢增長——由於宏觀逆風抑制了市場對昂貴新氫項目的需求。由於整合這些收購，其淨虧損在這兩年中也有所擴大。</p>
</div><p>But from 2023 to 2026, analysts expect Plug's revenue to grow at a CAGR of 25% as it narrows its net losses. The U.S. Department of Energy (DOE) also recently granted it a new $1.66 billion loan to build up to six new green hydrogen energy production facilities.</p>
<div class="lb-trans"><p>但從 2023 年到 2026 年，分析師預計 Plug 的收入將以 25% 的 CAGR 增長，同時縮小淨虧損。美國能源部（DOE）最近還向其授予了一筆新的 16.6 億美元貸款，用於建設多達六個新的綠色氫能生產設施。</p>
</div><p>With an enterprise value of $2.67 billion, Plug's stock looks undervalued at 2.3 times next year's sales. It's still a highly speculative stock, but it could rally again as more companies upgrade their logistics networks with its hydrogen charging systems. Its insiders also bought nearly five times as many shares as they sold over the past 12 months, and Norway's Norges Bank recently increased its stake in the company to nearly 8%.</p>
<div class="lb-trans"><p>以 26.7 億美元的企業價值計算，Plug 的股票在明年的銷售額的 2.3 倍下看起來被低估。它仍然是一隻高度投機的股票，但隨着越來越多的公司用其氫充電系統升級物流網絡，它可能會再次上漲。過去 12 個月，其內部人士購買的股票數量幾乎是出售數量的五倍，挪威的挪威銀行最近將其在公司的股份增加到近 8%。</p>
</div><h2>2. Nikola</h2>
<div class="lb-trans"><h2>2. Nikola</h2>
</div><p>Nikola produces electric semi-trucks. It initially sold battery-powered electric trucks (BEVs), but it started delivering its first hydrogen fuel-cell electric trucks (FCEVs) this year. It had a rocky start after its public debut in 2020: it broadly missed its original delivery targets, its founder Trevor Milton was convicted of securities and wire fraud in 2022, and a series of battery fires in 2023 forced it to recall all of its BEVs. It's also unprofitable, it nearly quadrupled its share count over the past three years to raise more cash, and it faces stiff competition from <strong>Daimler Truck</strong> and <strong>Tesla</strong> in the nascent electric semi-truck market.</p>
<div class="lb-trans"><p>Nikola 生產電動半掛卡車。最初，它銷售電池驅動的電動卡車（BEVs），但今年開始交付其首批氫燃料電池電動卡車（FCEVs）。在 2020 年公開上市後，它的開局並不順利：它大幅未能實現最初的交付目標，其創始人特雷弗·米爾頓在 2022 年因證券和電信欺詐被定罪，2023 年一系列電池火災迫使其召回所有 BEVs。它也處於虧損狀態，過去三年幾乎將其股份數量增加了四倍以籌集更多現金，並且在新興的電動半掛卡車市場面臨來自 <strong>戴姆勒卡車</strong> 和 <strong>特斯拉</strong> 的激烈競爭。</p>
</div><p>But amid all of those challenges, a few green shoots are appearing. Its BEV sales are still suspended as it resolves its battery issues, but it delivered 203 FCEVs in the first nine months of 2024. It expects to deliver 300-350 FCEVs for the full year, and analysts expect its revenue to more than triple to $112 million. For 2025, they expect Nikola's revenue to nearly triple to $328 million as it ramps up its FCEV shipments and restarts its BEV business. Nikola also aims to build a network of 60 hydrogen charging stations across the U.S. with its partner Voltera by 2026.</p>
<div class="lb-trans"><p>但在所有這些挑戰中，出現了一些積極的跡象。由於解決電池問題，其 BEV 銷售仍處於暫停狀態，但在 2024 年前九個月交付了 203 輛 FCEVs。預計全年交付 300-350 輛 FCEVs，分析師預計其收入將增長三倍以上，達到 1.12 億美元。對於 2025 年，他們預計 Nikola 的收入將接近三倍，達到 3.28 億美元，因為它加大 FCEV 的發貨量並重啓 BEV 業務。Nikola 還計劃與其合作伙伴 Voltera 在 2026 年前在美國建立 60 個氫充電站網絡。</p>
</div><p>With an enterprise value of $338 million, Nikola's stock looks dirt cheap at roughly 1 time next year's sales. Its insiders also bought 15 times as many shares as they sold over the past 12 months -- so it might be a tempting longshot play on the hydrogen vehicle market.</p>
<div class="lb-trans"><p>以 3.38 億美元的企業價值計算，Nikola 的股票在明年的銷售額的 1 倍左右看起來非常便宜。其內部人士在過去 12 個月購買的股票數量是出售數量的 15 倍，因此它可能成為氫汽車市場的一個誘人長線投資。</p>
</div>

現在用 200 美元購買的兩隻簡單明瞭的氫能源股票