PoptartBob
2021-11-25
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Plug Power Vs Bloom Energy Stock: Which Is The Better Buy?<blockquote>普拉格能源与布鲁姆能源股票：哪个更值得购买？</blockquote>
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Both companies have displayed remarkable growth in the past four years, with Plug Power Inc. (PLUG) growing at a CAGR of 42.41% and Bloom Energy Corporation (BE) at a CAGR of 33.34%. While PLUG seems to lead the pack for green hydrogen technology, BE is catching up with its low-cost green hydrogen in its collaboration with Heliogen, Inc.</p><p><blockquote>乔·拜登总统签署的 1.2 万亿美元基础设施法案预计将为清洁能源行业带来巨大推动力。两家公司在过去四年中都表现出了显着的增长，普拉格能源公司 (PLUG) 的复合年增长率为 42.41%，布鲁姆能源公司 (BE) 的复合年增长率为 33.34%。虽然 PLUG 似乎在绿色氢技术领域处于领先地位，但 BE 正在与 Heliogen, Inc. 合作，追赶其低成本绿色氢。</blockquote></p><p> We discuss which stock is the better buy now.</p><p><blockquote>我们讨论现在买哪只股票更好。</blockquote></p><p> <b>Stock YTD Performance</b></p><p><blockquote><b>股票年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/65af0bfb0008a06519092b7eed568201\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>PLUG stock Vs. BE stock YTD performance (as of 25 November 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>PLUG 股票与 BE 股票年初至今表现（截至 11 月 25 日）。</span></p></blockquote></p><p> Both stocks started the year with tremendous excitement. PLUG stock quickly raced to a YTD gain of more than 100%, while BE stock followed closely. However, both stocks were severely battered during the rotation to high-quality stocks in February. As a result, not only did their momentum disappear, but it also turned bearish abruptly. PLUG and BE stock found themselves underwater by April and stayed in the red over the next six months. However, the recent infrastructure bill lifted investors' spirits and confidence in both stocks. As a result, their momentum has significantly recovered. PLUG stock recovered remarkably, and the stock is just slightly underperforming the market with a YTD gain of 24.5%. In addition, BE stock is near getting out of the trenches with a YTD return of -1.5%.</p><p><blockquote>这两只股票都以极大的兴奋开始了新的一年。PLUG 股票年初至今涨幅迅速超过 100%，而 BE 股票紧随其后。然而，这两只股票在2月份转向优质股票的过程中都遭受了重创。结果，他们的势头不仅消失了，还突然转为看跌。PLUG and BE stock 在四月份发现自己处于水下，并在接下来的六个月里一直处于亏损状态。然而，最近的基础设施法案提振了投资者对这两只股票的士气和信心。因此，他们的势头明显恢复。PLUG 股票显着复苏，该股仅略低于大盘，年初至今涨幅为 24.5%。此外，BE 股票即将摆脱低谷，年初至今回报率为 -1.5%。</blockquote></p><p> <b>Infrastructure Bill Is A Significant Boost To Clean Energy Companies</b></p><p><blockquote><b>基础设施法案对清洁能源公司来说是一个重大推动</b></blockquote></p><p> The infrastructure bill signed on 15th November 2021 delivered a massive boost to many sectors, including clean energy. The benefits to the clean energy sector include:</p><p><blockquote>2021年11月15日签署的基础设施法案极大地推动了包括清洁能源在内的许多行业。清洁能源行业的好处包括：</blockquote></p><p> <ul> <li>$8B to develop regional clean hydrogen hubs. It includes $500M for clean hydrogen manufacturing and $1B to decrease the cost of clean hydrogen production from electrolyzers.</li> <li>$7.5B to develop electric vehicle charging infrastructure and vehicle-to-grid infrastructure.</li> <li>$5B to develop zero- and low-emission buses and ferries.</li> <li>Part of the $17 billion in port infrastructure and $25 billion in airports will also be used to develop low-carbon technologies.</li> </ul> On top of the $1.2T signed infrastructure bill, a separate $1.75T reconciliation bill is currently in consideration. This bill includes over$550B for multiple clean energy projects, including carbon capture and green hydrogen technologies. These will help to accelerate the research and development while lowering the cost price for green hydrogen. As a result, it will help promote the adoption of green hydrogen as alternative energy by most in the commercial and industrial sectors.</p><p><blockquote><ul><li>80亿美元用于开发区域清洁氢中心。其中包括 5 亿美元用于清洁氢制造，以及 10 亿美元用于降低电解槽清洁氢生产成本。</li><li>$7.5B 用于开发电动汽车充电基础设施和车辆到电网基础设施。</li><li>50亿美元用于开发零排放和低排放公共汽车和渡轮。</li><li>170亿美元的港口基础设施和250亿美元的机场也将用于开发低碳技术。</li></ul>除了已签署的 1.2 万亿美元基础设施法案外，目前正在考虑另一项 1.75 万亿美元的对账法案。该法案包括超过 5500 亿美元用于多个清洁能源项目，包括碳捕获和绿色氢技术。这些将有助于加快研发，同时降低绿色氢的成本价格。因此，它将有助于促进大多数商业和工业部门采用绿色氢作为替代能源。</blockquote></p><p> Multiple giants in the industrial sector such as Phillips 66 (NYSE:PSX), Airbus (OTCPK:EADSF), and SK Group have already signed various collaborations with PLUG and BE to reduce their greenhouse emission by 2030. In addition, a few US states have also embraced clean energy initiatives, such as California,Washington, and Hawaii. For example, in 2019, California set a target of 60% renewable energy on the grid by 2030, with a goal of 100% climate-friendly energy. These include green hydrogen on top of hydroelectricity and nuclear power.</p><p><blockquote>Phillips 66 (NYSE:PSX)、空客 (OTCPK:EADSF) 和 SK Group 等工业领域的多家巨头已经与 PLUG 和 BE 签署了多项合作协议，旨在到 2030 年减少温室气体排放。此外，美国一些州也接受了清洁能源倡议，例如加利福尼亚州、华盛顿州和夏威夷州。例如，2019年，加州设定了到2030年可再生能源上网的目标，目标是100%气候友好型能源。其中包括水电和核电之外的绿色氢。</blockquote></p><p> As a result, it is not hard to see that green hydrogen could experience massive growth and fulfill its potential moving forward. The annual use of hydrogen is expected to grow from 115M metric tonnes to 800M metric tonnes by 2050. It will account for almost 20% of total global energy consumption by then.McKinsey & Company also estimated $150B would be spent in 2021 for hydrogen-related projects globally.</p><p><blockquote>因此，不难看出，绿色氢可能会经历巨大的增长，并实现其前进的潜力。到 2050 年，氢气年使用量预计将从 1.15 亿吨增长到 8 亿吨。届时，它将占全球能源消耗总量的近 20%。麦肯锡公司还估计，2021 年全球氢能相关项目将花费 1500 亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/01183d08b0673cc90966bbcf0ab04524\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>PLUG & BE Revenue. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>即插即用收入。数据来源：S&P Capital IQ</span></p></blockquote></p><p></p><p> PLUG reported impressive revenue growth in the past four years, at a CAGR of 42.41%, while BE recorded a CAGR of 33.34%. In FQ3'21, PLUG reported a 15.4% QoQ increase in revenue, while BE reported a 9.3% QoQ decline. However, BE has delivered a more consistent EBITDA margin at an average of -5% over the past two years. In contrast, PLUG has shown much greater volatility in its profitability profile. The relatively weak profitability of both companies is mainly attributed to significant R&D work in the green hydrogen market. PLUG also invested substantially in its electrolyzer manufacturing giga-factory, which was recently completed in November 2021. The company expects to ramp up its electrolyzer production by 10x and achieve scale efficiencies to drive down hydrogen costs meaningfully. As for BE, the company expects to produce the lowest cost green hydrogen through its breakthrough electrolyzer technology in collaboration with Heliogen, Inc.</p><p><blockquote>PLUG 在过去四年中报告了令人印象深刻的收入增长，CAGR 为 42.41%，而 BE 的 CAGR 为 33.34%。2021 年第三季度，PLUG 报告收入环比增长 15.4%，而 BE 报告收入环比下降 9.3%。然而，过去两年，BE 的 EBITDA 利润率更加稳定，平均为 -5%。相比之下，PLUG 的盈利能力波动性要大得多。两家公司的盈利能力相对较弱主要归因于绿色氢市场的大量研发工作。PLUG 还大力投资其电解槽制造超级工厂，该工厂最近于 2021 年 11 月竣工。该公司预计将电解槽产量提高 10 倍，并实现规模效率，以显着降低氢气成本。至于BE，该公司预计通过与Heliogen，Inc.合作的突破性电解槽技术生产成本最低的绿色氢。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aeea784ee5e3fa191640fe87cfc3eb47\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>PLUG & BE EBITDA Margin. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>即插即用 EBITDA 利润率。数据来源：S&P Capital IQ</span></p></blockquote></p><p> <b>BE Is One Of The Market Leaders In Low-Cost Green Hydrogen</b></p><p><blockquote><b>BE是低成本绿色氢的市场领导者之一</b></blockquote></p><p> In July 2021,BE and Heliogen, In cannounced their collaborations to produce green hydrogen using the combined technology of Heliogen's concentrated solar energy system and the Bloom Electrolyzer. As of November 2021, the partnership led to a successful demonstration in Lancaster, California. The combined technology has shown promise for the mass production of low-cost green hydrogen. Bloom Energy Chief Technology Officer Venkat Venkataraman said:</p><p><blockquote>2021 年 7 月，BE 和 Heliogen, In 宣布合作，利用 Heliogen 聚光太阳能系统和 Bloom 电解槽的组合技术生产绿色氢。截至2021年11月，该合作伙伴关系在加利福尼亚州兰开斯特成功进行了演示。该组合技术已显示出大规模生产低成本绿色氢的前景。布鲁姆能源首席技术官 Venkat Venkataraman 表示：</blockquote></p><p> This integration with Heliogen underscores the value that strategic collaborations and industry-leading innovation can bring to driving change and making positive impacts for our climate. With a focus on providing highly efficient and low-cost green hydrogen at scale, we will be a leader in low-cost hydrogen. (Bloom Energy) Compared to the conventional Proton Exchange Membrane (PEM) technology using electricity, BE reported that its new combined technology with Heliogen can produce green hydrogen with 45% cost efficiency. BE highlighted that electricity accounts for almost 80% of the cost of green hydrogen. With the use of steam through Heliogen's concentrated solar technology, BE expects to reduce production costs substantially. In turn, it will encourage the mass adoption of its clean energy products. It's because the commercial and industrial sector is responsible for more than a third of global energy consumption and a quarter of global CO2 emissions. BE is working towards replacing fossil fuels in widespread commercial and industrial applications.</p><p><blockquote>与Heliogen的整合凸显了战略合作和行业领先的创新在推动变革和对我们的气候产生积极影响方面所带来的价值。专注于大规模提供高效、低成本的绿色氢，我们将成为低成本氢领域的领导者。（Bloom Energy）据悉，与使用电力的传统质子交换膜（PEM）技术相比，其与Heliogen的新组合技术可以以45%的成本效率生产绿色氢气。需要强调的是，电力占绿色氢成本的近80%。通过 Heliogen 的聚光太阳能技术使用蒸汽，预计将大幅降低生产成本。反过来，它将鼓励其清洁能源产品的大规模采用。这是因为商业和工业部门占全球能源消耗的三分之一以上，占全球二氧化碳排放量的四分之一。BE 正在努力在广泛的商业和工业应用中取代化石燃料。</blockquote></p><p> <b>Both Companies Are Expected To Grow Rapidly</b></p><p><blockquote><b>预计两家公司都将快速增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c078f8fe17358802a0e3b322fcd0abe5\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>PLUG & BE Projected Revenue. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>PLUG & BE 预计收入。数据来源：S&P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/33bf72347b821955a9641c3cefcf48a0\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>PLUG & BE Projected EBITDA Margin. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>即插即用预计 EBITDA 利润率。数据来源：S&P Capital IQ</span></p></blockquote></p><p> Both companies are expected to report significant revenue growth. PLUG is estimated to post a higher revenue CAGR of 50.81%, compared to BE's revenue CAGR of 26.19%. PLUG is also expected to post higher average EBITDA margins over the next five years.</p><p><blockquote>预计两家公司的收入都将大幅增长。PLUG 的收入复合年增长率预计为 50.81%，而 BE 的收入复合年增长率为 26.19%。PLUG 预计未来五年的平均 EBITDA 利润率也将更高。</blockquote></p><p> Nevertheless, if BE can successfully commercialize its applications, we expect BE's estimates to be revised upwards. If we consider BE's electrolyzer efficiency of 45%, BE's green hydrogen cost could potentially rival PLUG's target of $1.5 per kg. Currently, the estimated price in October 2021 for green hydrogen is within the range of $3.18 and $5.75 per kg. Therefore, the potential for both companies could be massive if they are successful in their commercialization initiatives.</p><p><blockquote>尽管如此，如果 BE 能够成功将其应用商业化，我们预计 BE 的估计将被上调。如果我们考虑到 BE 45% 的电解槽效率，BE 的绿色氢成本可能会与 PLUG 每公斤 1.5 美元的目标相媲美。目前，2021年10月绿色氢的预计价格在每公斤3.18美元至5.75美元之间。因此，如果两家公司的商业化计划取得成功，它们的潜力可能是巨大的。</blockquote></p><p> <b>Which Stock Is The Better Buy Now?</b></p><p><blockquote><b>现在买哪只股票比较好？</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4684055a24f47b1a84947bc43a04df6b\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>PLUG & BE EV/Fwd Revenue. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>即插即用电动汽车/前轮驱动收入。数据来源：S&P Capital IQ</span></p></blockquote></p><p> <i>PLUG</i> is currently trading at an EV/NTM revenue of 26.7x. It's lower than its peers' comps set mean of 36.09x. Notably, it is significantly higher than BE's 5.2x. Nevertheless, we think there's a considerable amount of growth premium embedded into their current valuation, and more so for PLUG.</p><p><blockquote><i>插头</i>目前 EV/NTM 收入为 26.7 倍。它低于同行的 comps 设定平均值 36.09 倍。值得注意的是，它明显高于BE的5.2倍。尽管如此，我们认为他们目前的估值中蕴含着相当大的增长溢价，对于 PLUG 来说更是如此。</blockquote></p><p> But, if we observe their EV/Fwd Revenue valuation trend, both companies are expected to grow rapidly. Therefore, if investors are willing to pore over their valuation with a speculative lens, their premium might be justified.</p><p><blockquote>但是，如果我们观察他们的EV/Fwd收入估值趋势，预计两家公司都将快速增长。因此，如果投资者愿意用投机的眼光仔细研究他们的估值，他们的溢价可能是合理的。</blockquote></p><p></p><p> We believe that PLUG will be the leader in its field. Moreover, the market also thinks likewise as reflected in its valuation. Nevertheless, BE attracts a much lower premium. PLUG has demonstrated strong leadership and is also expected to grow faster, so we prefer PLUG stock over BE stock.</p><p><blockquote>我们相信 PLUG 将成为该领域的领导者。此外，市场的想法也反映在其估值上。然而，BE吸引的溢价要低得多。PLUG 已表现出强大的领导地位，预计也将增长更快，因此我们更喜欢 PLUG 股票而不是 BE 股票。</blockquote></p><p> Therefore, we<i>rate PLUG at Buy for speculative investors only.</i></p><p><blockquote>因此，我们<i>仅针对投机投资者的买入利率插头。</i></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Plug Power Vs Bloom Energy Stock: Which Is The Better Buy?<blockquote>普拉格能源与布鲁姆能源股票：哪个更值得购买？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPlug Power Vs Bloom Energy Stock: Which Is The Better Buy?<blockquote>普拉格能源与布鲁姆能源股票：哪个更值得购买？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-11-25 13:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>The infrastructure bill signed by President Joe Biden will deliver at least $20.5B for the clean energy sector.</li> <li>Another $1.75T reconciliation federal bill includes over $550B for multiple clean energy projects, such as carbon capture and green hydrogen technologies.</li> <li>PLUG and BE reported impressive revenue growth in the past four years.</li> <li>We discuss which is the better buy now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a18c2655d855af9ab1878ba3e880c3ad\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>piyaset/iStock via Getty Images</span></p><p><blockquote><ul><li>乔·拜登总统签署的基础设施法案将为清洁能源行业提供至少 20.5B 美元。</li><li>另一项 1.75 亿美元的联邦和解法案包括超过 5500 亿美元用于多个清洁能源项目，例如碳捕获和绿色氢技术。</li><li>据报道，PLUG and BE 在过去四年中的收入增长令人印象深刻。</li><li>我们讨论现在买哪个更好。</li></ul><p class=\"t-img-caption\"><span>piyaset/iStock 来自盖蒂图片社</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> The $1.2T infrastructure bill signed by President Joe Biden is expected to deliver massive tailwinds to the clean energy sector. Both companies have displayed remarkable growth in the past four years, with Plug Power Inc. (PLUG) growing at a CAGR of 42.41% and Bloom Energy Corporation (BE) at a CAGR of 33.34%. While PLUG seems to lead the pack for green hydrogen technology, BE is catching up with its low-cost green hydrogen in its collaboration with Heliogen, Inc.</p><p><blockquote>乔·拜登总统签署的 1.2 万亿美元基础设施法案预计将为清洁能源行业带来巨大推动力。两家公司在过去四年中都表现出了显着的增长，普拉格能源公司 (PLUG) 的复合年增长率为 42.41%，布鲁姆能源公司 (BE) 的复合年增长率为 33.34%。虽然 PLUG 似乎在绿色氢技术领域处于领先地位，但 BE 正在与 Heliogen, Inc. 合作，追赶其低成本绿色氢。</blockquote></p><p> We discuss which stock is the better buy now.</p><p><blockquote>我们讨论现在买哪只股票更好。</blockquote></p><p> <b>Stock YTD Performance</b></p><p><blockquote><b>股票年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/65af0bfb0008a06519092b7eed568201\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>PLUG stock Vs. BE stock YTD performance (as of 25 November 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>PLUG 股票与 BE 股票年初至今表现（截至 11 月 25 日）。</span></p></blockquote></p><p> Both stocks started the year with tremendous excitement. PLUG stock quickly raced to a YTD gain of more than 100%, while BE stock followed closely. However, both stocks were severely battered during the rotation to high-quality stocks in February. As a result, not only did their momentum disappear, but it also turned bearish abruptly. PLUG and BE stock found themselves underwater by April and stayed in the red over the next six months. However, the recent infrastructure bill lifted investors' spirits and confidence in both stocks. As a result, their momentum has significantly recovered. PLUG stock recovered remarkably, and the stock is just slightly underperforming the market with a YTD gain of 24.5%. In addition, BE stock is near getting out of the trenches with a YTD return of -1.5%.</p><p><blockquote>这两只股票都以极大的兴奋开始了新的一年。PLUG 股票年初至今涨幅迅速超过 100%，而 BE 股票紧随其后。然而，这两只股票在2月份转向优质股票的过程中都遭受了重创。结果，他们的势头不仅消失了，还突然转为看跌。PLUG and BE stock 在四月份发现自己处于水下，并在接下来的六个月里一直处于亏损状态。然而，最近的基础设施法案提振了投资者对这两只股票的士气和信心。因此，他们的势头明显恢复。PLUG 股票显着复苏，该股仅略低于大盘，年初至今涨幅为 24.5%。此外，BE 股票即将摆脱低谷，年初至今回报率为 -1.5%。</blockquote></p><p> <b>Infrastructure Bill Is A Significant Boost To Clean Energy Companies</b></p><p><blockquote><b>基础设施法案对清洁能源公司来说是一个重大推动</b></blockquote></p><p> The infrastructure bill signed on 15th November 2021 delivered a massive boost to many sectors, including clean energy. The benefits to the clean energy sector include:</p><p><blockquote>2021年11月15日签署的基础设施法案极大地推动了包括清洁能源在内的许多行业。清洁能源行业的好处包括：</blockquote></p><p> <ul> <li>$8B to develop regional clean hydrogen hubs. It includes $500M for clean hydrogen manufacturing and $1B to decrease the cost of clean hydrogen production from electrolyzers.</li> <li>$7.5B to develop electric vehicle charging infrastructure and vehicle-to-grid infrastructure.</li> <li>$5B to develop zero- and low-emission buses and ferries.</li> <li>Part of the $17 billion in port infrastructure and $25 billion in airports will also be used to develop low-carbon technologies.</li> </ul> On top of the $1.2T signed infrastructure bill, a separate $1.75T reconciliation bill is currently in consideration. This bill includes over$550B for multiple clean energy projects, including carbon capture and green hydrogen technologies. These will help to accelerate the research and development while lowering the cost price for green hydrogen. As a result, it will help promote the adoption of green hydrogen as alternative energy by most in the commercial and industrial sectors.</p><p><blockquote><ul><li>80亿美元用于开发区域清洁氢中心。其中包括 5 亿美元用于清洁氢制造，以及 10 亿美元用于降低电解槽清洁氢生产成本。</li><li>$7.5B 用于开发电动汽车充电基础设施和车辆到电网基础设施。</li><li>50亿美元用于开发零排放和低排放公共汽车和渡轮。</li><li>170亿美元的港口基础设施和250亿美元的机场也将用于开发低碳技术。</li></ul>除了已签署的 1.2 万亿美元基础设施法案外，目前正在考虑另一项 1.75 万亿美元的对账法案。该法案包括超过 5500 亿美元用于多个清洁能源项目，包括碳捕获和绿色氢技术。这些将有助于加快研发，同时降低绿色氢的成本价格。因此，它将有助于促进大多数商业和工业部门采用绿色氢作为替代能源。</blockquote></p><p> Multiple giants in the industrial sector such as Phillips 66 (NYSE:PSX), Airbus (OTCPK:EADSF), and SK Group have already signed various collaborations with PLUG and BE to reduce their greenhouse emission by 2030. In addition, a few US states have also embraced clean energy initiatives, such as California,Washington, and Hawaii. For example, in 2019, California set a target of 60% renewable energy on the grid by 2030, with a goal of 100% climate-friendly energy. These include green hydrogen on top of hydroelectricity and nuclear power.</p><p><blockquote>Phillips 66 (NYSE:PSX)、空客 (OTCPK:EADSF) 和 SK Group 等工业领域的多家巨头已经与 PLUG 和 BE 签署了多项合作协议，旨在到 2030 年减少温室气体排放。此外，美国一些州也接受了清洁能源倡议，例如加利福尼亚州、华盛顿州和夏威夷州。例如，2019年，加州设定了到2030年可再生能源上网的目标，目标是100%气候友好型能源。其中包括水电和核电之外的绿色氢。</blockquote></p><p> As a result, it is not hard to see that green hydrogen could experience massive growth and fulfill its potential moving forward. The annual use of hydrogen is expected to grow from 115M metric tonnes to 800M metric tonnes by 2050. It will account for almost 20% of total global energy consumption by then.McKinsey & Company also estimated $150B would be spent in 2021 for hydrogen-related projects globally.</p><p><blockquote>因此，不难看出，绿色氢可能会经历巨大的增长，并实现其前进的潜力。到 2050 年，氢气年使用量预计将从 1.15 亿吨增长到 8 亿吨。届时，它将占全球能源消耗总量的近 20%。麦肯锡公司还估计，2021 年全球氢能相关项目将花费 1500 亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/01183d08b0673cc90966bbcf0ab04524\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>PLUG & BE Revenue. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>即插即用收入。数据来源：S&P Capital IQ</span></p></blockquote></p><p></p><p> PLUG reported impressive revenue growth in the past four years, at a CAGR of 42.41%, while BE recorded a CAGR of 33.34%. In FQ3'21, PLUG reported a 15.4% QoQ increase in revenue, while BE reported a 9.3% QoQ decline. However, BE has delivered a more consistent EBITDA margin at an average of -5% over the past two years. In contrast, PLUG has shown much greater volatility in its profitability profile. The relatively weak profitability of both companies is mainly attributed to significant R&D work in the green hydrogen market. PLUG also invested substantially in its electrolyzer manufacturing giga-factory, which was recently completed in November 2021. The company expects to ramp up its electrolyzer production by 10x and achieve scale efficiencies to drive down hydrogen costs meaningfully. As for BE, the company expects to produce the lowest cost green hydrogen through its breakthrough electrolyzer technology in collaboration with Heliogen, Inc.</p><p><blockquote>PLUG 在过去四年中报告了令人印象深刻的收入增长，CAGR 为 42.41%，而 BE 的 CAGR 为 33.34%。2021 年第三季度，PLUG 报告收入环比增长 15.4%，而 BE 报告收入环比下降 9.3%。然而，过去两年，BE 的 EBITDA 利润率更加稳定，平均为 -5%。相比之下，PLUG 的盈利能力波动性要大得多。两家公司的盈利能力相对较弱主要归因于绿色氢市场的大量研发工作。PLUG 还大力投资其电解槽制造超级工厂，该工厂最近于 2021 年 11 月竣工。该公司预计将电解槽产量提高 10 倍，并实现规模效率，以显着降低氢气成本。至于BE，该公司预计通过与Heliogen，Inc.合作的突破性电解槽技术生产成本最低的绿色氢。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aeea784ee5e3fa191640fe87cfc3eb47\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>PLUG & BE EBITDA Margin. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>即插即用 EBITDA 利润率。数据来源：S&P Capital IQ</span></p></blockquote></p><p> <b>BE Is One Of The Market Leaders In Low-Cost Green Hydrogen</b></p><p><blockquote><b>BE是低成本绿色氢的市场领导者之一</b></blockquote></p><p> In July 2021,BE and Heliogen, In cannounced their collaborations to produce green hydrogen using the combined technology of Heliogen's concentrated solar energy system and the Bloom Electrolyzer. As of November 2021, the partnership led to a successful demonstration in Lancaster, California. The combined technology has shown promise for the mass production of low-cost green hydrogen. Bloom Energy Chief Technology Officer Venkat Venkataraman said:</p><p><blockquote>2021 年 7 月，BE 和 Heliogen, In 宣布合作，利用 Heliogen 聚光太阳能系统和 Bloom 电解槽的组合技术生产绿色氢。截至2021年11月，该合作伙伴关系在加利福尼亚州兰开斯特成功进行了演示。该组合技术已显示出大规模生产低成本绿色氢的前景。布鲁姆能源首席技术官 Venkat Venkataraman 表示：</blockquote></p><p> This integration with Heliogen underscores the value that strategic collaborations and industry-leading innovation can bring to driving change and making positive impacts for our climate. With a focus on providing highly efficient and low-cost green hydrogen at scale, we will be a leader in low-cost hydrogen. (Bloom Energy) Compared to the conventional Proton Exchange Membrane (PEM) technology using electricity, BE reported that its new combined technology with Heliogen can produce green hydrogen with 45% cost efficiency. BE highlighted that electricity accounts for almost 80% of the cost of green hydrogen. With the use of steam through Heliogen's concentrated solar technology, BE expects to reduce production costs substantially. In turn, it will encourage the mass adoption of its clean energy products. It's because the commercial and industrial sector is responsible for more than a third of global energy consumption and a quarter of global CO2 emissions. BE is working towards replacing fossil fuels in widespread commercial and industrial applications.</p><p><blockquote>与Heliogen的整合凸显了战略合作和行业领先的创新在推动变革和对我们的气候产生积极影响方面所带来的价值。专注于大规模提供高效、低成本的绿色氢，我们将成为低成本氢领域的领导者。（Bloom Energy）据悉，与使用电力的传统质子交换膜（PEM）技术相比，其与Heliogen的新组合技术可以以45%的成本效率生产绿色氢气。需要强调的是，电力占绿色氢成本的近80%。通过 Heliogen 的聚光太阳能技术使用蒸汽，预计将大幅降低生产成本。反过来，它将鼓励其清洁能源产品的大规模采用。这是因为商业和工业部门占全球能源消耗的三分之一以上，占全球二氧化碳排放量的四分之一。BE 正在努力在广泛的商业和工业应用中取代化石燃料。</blockquote></p><p> <b>Both Companies Are Expected To Grow Rapidly</b></p><p><blockquote><b>预计两家公司都将快速增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c078f8fe17358802a0e3b322fcd0abe5\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>PLUG & BE Projected Revenue. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>PLUG & BE 预计收入。数据来源：S&P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/33bf72347b821955a9641c3cefcf48a0\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>PLUG & BE Projected EBITDA Margin. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>即插即用预计 EBITDA 利润率。数据来源：S&P Capital IQ</span></p></blockquote></p><p> Both companies are expected to report significant revenue growth. PLUG is estimated to post a higher revenue CAGR of 50.81%, compared to BE's revenue CAGR of 26.19%. PLUG is also expected to post higher average EBITDA margins over the next five years.</p><p><blockquote>预计两家公司的收入都将大幅增长。PLUG 的收入复合年增长率预计为 50.81%，而 BE 的收入复合年增长率为 26.19%。PLUG 预计未来五年的平均 EBITDA 利润率也将更高。</blockquote></p><p> Nevertheless, if BE can successfully commercialize its applications, we expect BE's estimates to be revised upwards. If we consider BE's electrolyzer efficiency of 45%, BE's green hydrogen cost could potentially rival PLUG's target of $1.5 per kg. Currently, the estimated price in October 2021 for green hydrogen is within the range of $3.18 and $5.75 per kg. Therefore, the potential for both companies could be massive if they are successful in their commercialization initiatives.</p><p><blockquote>尽管如此，如果 BE 能够成功将其应用商业化，我们预计 BE 的估计将被上调。如果我们考虑到 BE 45% 的电解槽效率，BE 的绿色氢成本可能会与 PLUG 每公斤 1.5 美元的目标相媲美。目前，2021年10月绿色氢的预计价格在每公斤3.18美元至5.75美元之间。因此，如果两家公司的商业化计划取得成功，它们的潜力可能是巨大的。</blockquote></p><p> <b>Which Stock Is The Better Buy Now?</b></p><p><blockquote><b>现在买哪只股票比较好？</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4684055a24f47b1a84947bc43a04df6b\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>PLUG & BE EV/Fwd Revenue. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>即插即用电动汽车/前轮驱动收入。数据来源：S&P Capital IQ</span></p></blockquote></p><p> <i>PLUG</i> is currently trading at an EV/NTM revenue of 26.7x. It's lower than its peers' comps set mean of 36.09x. Notably, it is significantly higher than BE's 5.2x. Nevertheless, we think there's a considerable amount of growth premium embedded into their current valuation, and more so for PLUG.</p><p><blockquote><i>插头</i>目前 EV/NTM 收入为 26.7 倍。它低于同行的 comps 设定平均值 36.09 倍。值得注意的是，它明显高于BE的5.2倍。尽管如此，我们认为他们目前的估值中蕴含着相当大的增长溢价，对于 PLUG 来说更是如此。</blockquote></p><p> But, if we observe their EV/Fwd Revenue valuation trend, both companies are expected to grow rapidly. Therefore, if investors are willing to pore over their valuation with a speculative lens, their premium might be justified.</p><p><blockquote>但是，如果我们观察他们的EV/Fwd收入估值趋势，预计两家公司都将快速增长。因此，如果投资者愿意用投机的眼光仔细研究他们的估值，他们的溢价可能是合理的。</blockquote></p><p></p><p> We believe that PLUG will be the leader in its field. Moreover, the market also thinks likewise as reflected in its valuation. Nevertheless, BE attracts a much lower premium. PLUG has demonstrated strong leadership and is also expected to grow faster, so we prefer PLUG stock over BE stock.</p><p><blockquote>我们相信 PLUG 将成为该领域的领导者。此外，市场的想法也反映在其估值上。然而，BE吸引的溢价要低得多。PLUG 已表现出强大的领导地位，预计也将增长更快，因此我们更喜欢 PLUG 股票而不是 BE 股票。</blockquote></p><p> Therefore, we<i>rate PLUG at Buy for speculative investors only.</i></p><p><blockquote>因此，我们<i>仅针对投机投资者的买入利率插头。</i></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4471845-plug-power-vs-bloom-energy-stock\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLUG":"普拉格能源","BE":"Bloom Energy Corp"},"source_url":"https://seekingalpha.com/article/4471845-plug-power-vs-bloom-energy-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102650041","content_text":"Summary\n\nThe infrastructure bill signed by President Joe Biden will deliver at least $20.5B for the clean energy sector.\nAnother $1.75T reconciliation federal bill includes over $550B for multiple clean energy projects, such as carbon capture and green hydrogen technologies.\nPLUG and BE reported impressive revenue growth in the past four years.\nWe discuss which is the better buy now.\n\npiyaset/iStock via Getty Images\nInvestment Thesis\nThe $1.2T infrastructure bill signed by President Joe Biden is expected to deliver massive tailwinds to the clean energy sector. Both companies have displayed remarkable growth in the past four years, with Plug Power Inc. (PLUG) growing at a CAGR of 42.41% and Bloom Energy Corporation (BE) at a CAGR of 33.34%. While PLUG seems to lead the pack for green hydrogen technology, BE is catching up with its low-cost green hydrogen in its collaboration with Heliogen, Inc.\nWe discuss which stock is the better buy now.\nStock YTD Performance\nPLUG stock Vs. BE stock YTD performance (as of 25 November 21).\nBoth stocks started the year with tremendous excitement. PLUG stock quickly raced to a YTD gain of more than 100%, while BE stock followed closely. However, both stocks were severely battered during the rotation to high-quality stocks in February. As a result, not only did their momentum disappear, but it also turned bearish abruptly. PLUG and BE stock found themselves underwater by April and stayed in the red over the next six months. However, the recent infrastructure bill lifted investors' spirits and confidence in both stocks. As a result, their momentum has significantly recovered. PLUG stock recovered remarkably, and the stock is just slightly underperforming the market with a YTD gain of 24.5%. In addition, BE stock is near getting out of the trenches with a YTD return of -1.5%.\nInfrastructure Bill Is A Significant Boost To Clean Energy Companies\nThe infrastructure bill signed on 15th November 2021 delivered a massive boost to many sectors, including clean energy. The benefits to the clean energy sector include:\n\n$8B to develop regional clean hydrogen hubs. It includes $500M for clean hydrogen manufacturing and $1B to decrease the cost of clean hydrogen production from electrolyzers.\n$7.5B to develop electric vehicle charging infrastructure and vehicle-to-grid infrastructure.\n$5B to develop zero- and low-emission buses and ferries.\nPart of the $17 billion in port infrastructure and $25 billion in airports will also be used to develop low-carbon technologies.\n\nOn top of the $1.2T signed infrastructure bill, a separate $1.75T reconciliation bill is currently in consideration. This bill includes over$550B for multiple clean energy projects, including carbon capture and green hydrogen technologies. These will help to accelerate the research and development while lowering the cost price for green hydrogen. As a result, it will help promote the adoption of green hydrogen as alternative energy by most in the commercial and industrial sectors.\nMultiple giants in the industrial sector such as Phillips 66 (NYSE:PSX), Airbus (OTCPK:EADSF), and SK Group have already signed various collaborations with PLUG and BE to reduce their greenhouse emission by 2030. In addition, a few US states have also embraced clean energy initiatives, such as California,Washington, and Hawaii. For example, in 2019, California set a target of 60% renewable energy on the grid by 2030, with a goal of 100% climate-friendly energy. These include green hydrogen on top of hydroelectricity and nuclear power.\nAs a result, it is not hard to see that green hydrogen could experience massive growth and fulfill its potential moving forward. The annual use of hydrogen is expected to grow from 115M metric tonnes to 800M metric tonnes by 2050. It will account for almost 20% of total global energy consumption by then.McKinsey & Company also estimated $150B would be spent in 2021 for hydrogen-related projects globally.\nPLUG & BE Revenue. Data source: S&P Capital IQ\nPLUG reported impressive revenue growth in the past four years, at a CAGR of 42.41%, while BE recorded a CAGR of 33.34%. In FQ3'21, PLUG reported a 15.4% QoQ increase in revenue, while BE reported a 9.3% QoQ decline. However, BE has delivered a more consistent EBITDA margin at an average of -5% over the past two years. In contrast, PLUG has shown much greater volatility in its profitability profile. The relatively weak profitability of both companies is mainly attributed to significant R&D work in the green hydrogen market. PLUG also invested substantially in its electrolyzer manufacturing giga-factory, which was recently completed in November 2021. The company expects to ramp up its electrolyzer production by 10x and achieve scale efficiencies to drive down hydrogen costs meaningfully. As for BE, the company expects to produce the lowest cost green hydrogen through its breakthrough electrolyzer technology in collaboration with Heliogen, Inc.\nPLUG & BE EBITDA Margin. Data source: S&P Capital IQ\nBE Is One Of The Market Leaders In Low-Cost Green Hydrogen\nIn July 2021,BE and Heliogen, In cannounced their collaborations to produce green hydrogen using the combined technology of Heliogen's concentrated solar energy system and the Bloom Electrolyzer. As of November 2021, the partnership led to a successful demonstration in Lancaster, California. The combined technology has shown promise for the mass production of low-cost green hydrogen. Bloom Energy Chief Technology Officer Venkat Venkataraman said:\n\n This integration with Heliogen underscores the value that strategic collaborations and industry-leading innovation can bring to driving change and making positive impacts for our climate. With a focus on providing highly efficient and low-cost green hydrogen at scale, we will be a leader in low-cost hydrogen. (Bloom Energy)\n\nCompared to the conventional Proton Exchange Membrane (PEM) technology using electricity, BE reported that its new combined technology with Heliogen can produce green hydrogen with 45% cost efficiency. BE highlighted that electricity accounts for almost 80% of the cost of green hydrogen. With the use of steam through Heliogen's concentrated solar technology, BE expects to reduce production costs substantially. In turn, it will encourage the mass adoption of its clean energy products. It's because the commercial and industrial sector is responsible for more than a third of global energy consumption and a quarter of global CO2 emissions. BE is working towards replacing fossil fuels in widespread commercial and industrial applications.\nBoth Companies Are Expected To Grow Rapidly\nPLUG & BE Projected Revenue. Data source: S&P Capital IQ\nPLUG & BE Projected EBITDA Margin. Data source: S&P Capital IQ\nBoth companies are expected to report significant revenue growth. PLUG is estimated to post a higher revenue CAGR of 50.81%, compared to BE's revenue CAGR of 26.19%. PLUG is also expected to post higher average EBITDA margins over the next five years.\nNevertheless, if BE can successfully commercialize its applications, we expect BE's estimates to be revised upwards. If we consider BE's electrolyzer efficiency of 45%, BE's green hydrogen cost could potentially rival PLUG's target of $1.5 per kg. Currently, the estimated price in October 2021 for green hydrogen is within the range of $3.18 and $5.75 per kg. Therefore, the potential for both companies could be massive if they are successful in their commercialization initiatives.\nWhich Stock Is The Better Buy Now?\nPLUG & BE EV/Fwd Revenue. Data source: S&P Capital IQ\nPLUG is currently trading at an EV/NTM revenue of 26.7x. It's lower than its peers' comps set mean of 36.09x. Notably, it is significantly higher than BE's 5.2x. Nevertheless, we think there's a considerable amount of growth premium embedded into their current valuation, and more so for PLUG.\nBut, if we observe their EV/Fwd Revenue valuation trend, both companies are expected to grow rapidly. Therefore, if investors are willing to pore over their valuation with a speculative lens, their premium might be justified.\nWe believe that PLUG will be the leader in its field. Moreover, the market also thinks likewise as reflected in its valuation. Nevertheless, BE attracts a much lower premium. PLUG has demonstrated strong leadership and is also expected to grow faster, so we prefer PLUG stock over BE stock.\nTherefore, werate PLUG at Buy for speculative investors only.","news_type":1,"symbols_score_info":{"BE":0.9,"PLUG":0.9}},"isVote":1,"tweetType":1,"viewCount":1394,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["AONE.U"],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":8,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/874705857"}
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