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Environmental Protection Industry Research Summary

Core Content

This report focuses on the helium industry in China, highlighting the impact of geopolitical risks and carbon neutrality policies on the helium supply chain. It emphasizes the growing demand for helium in high-tech sectors and the need for domestic production to reduce reliance on imports. The report also provides investment recommendations for companies involved in helium extraction and related industries.

Main Points

• Geopolitical Risks and Helium Price Surge:
  Since the outbreak of international geopolitical conflict in March 2022, helium prices have risen rapidly. In June 2022, Russia imposed an export ban on inert gases, causing global concern over helium supply. As a result, helium prices in China surged to 420–460 RMB/m³, an increase of over 300% from 2017 levels.

  • In 2017, high-purity tube bundle helium prices in China were between 100–200 RMB/m³.
  • The global helium supply chain is dominated by a few countries, with the CR3 (Concentration Ratio of Top 3 Producers) reaching 88% in 2021. The top producers are the United States (49%), Qatar (30%), and Algeria (9%).

• Strategic Resource and High Demand:
  Helium is referred to as “gas gold” due to its strategic importance in aerospace, semiconductor, and cutting-edge scientific research.

  • In 2020, China's helium consumption reached 21.25 million m³, with a CAGR of 5.7% from 2015–2020.
  • Controlled atmosphere applications (e.g., fiber optics, semiconductors, photovoltaics) account for 56% of total demand, while low-temperature applications (e.g., NMR, superconductivity, national defense) account for 23%.

• High Import Dependency:

  • 97.5% of helium used in China is imported.
  • The top importers are Qatar (82%), United States (9%), and Australia (8%).
  • China's helium resources account for only 2% of global reserves and are characterized by low helium content.

• Key Helium Resources:
  The Hotan River gas field in the Tarim Basin is China's first large helium-rich gas field, with a helium content of 0.30%–0.37%. This field is crucial for future helium production in China.

• Domestic Substitution and Technology Development:

  • Helium production, storage, and transportation technologies are more mature abroad.
  • Domestic helium extraction from poor helium natural gas is still costly, and key equipment for liquefaction and storage remains underdeveloped.
  • The gap between domestic and international helium technology is gradually narrowing.
  • BOG (Boil-Off Gas) projects offer significant profit potential, with marginal gross profit margins reaching 79.2% / 89.6% / 93.1% / 94.8% at helium prices of 100 / 200 / 300 / 400 RMB/m³, respectively.

Key Information

• Helium Production and Supply Chain:

  • Helium is primarily extracted from natural gas using deep cold method and BOG extraction.
  • LNG (Liquefied Natural Gas) companies benefit from helium as a by-product, with no material cost and only fixed manufacturing costs.
  • LNG-BOG projects provide a stable helium source and offer high profit margins when helium prices rise.

• Investment Recommendations:

  • Jovo Energy is recommended for its LNG and hydrogen/nitrogen production capabilities and dual gas sources (land and sea).
  • Jinhong Gas has strong first-mover advantages by securing overseas helium resources.
  • Kaimeite Gases and Huate Gas are leading electronic special gas companies with growing helium demand.
  • Shuifa Energas is recommended for its BOG helium extraction.
  • Shudao Equipment & Technology is a key helium-making equipment supplier.

• Industry Trends:

  • Helium demand is expected to grow steadily due to the development of high-tech industries in China.
  • Carbon neutrality policies are limiting helium production, increasing the importance of resource barriers.
  • LNG companies have a significant advantage in helium production due to stable raw material supply and low material costs.

Risks

• Helium Price Fluctuations:
  Sharp fluctuations in helium prices could affect both demand and profitability of helium extraction projects.

• R&D Delays:
  If domestic helium extraction technologies do not develop as expected or if international relations hinder technology transfer, the industry may face development delays.

• Intensified Market Competition:
  Increased competition could reduce industry profitability and challenge market dominance.

Conclusion

The report underscores the importance of helium as a strategic resource and the urgency for domestic substitution due to geopolitical risks and carbon neutrality policies. It highlights the potential for BOG projects to become a key growth driver, especially for companies with access to high-quality helium-rich gas fields and strong international supply chains. The report also provides investment recommendations for companies in the helium extraction and related industries, emphasizing the growth opportunities in the face of rising helium prices and increased domestic demand.