Sealand Securities released a research report highlighting that the chromium salt industry is undergoing a value reassessment due to surging demand from gas turbines driven by AI data centers and commercial aircraft engines. According to Wind data, chromium prices have already experienced two waves of increases in 2025. Beyond the overseas "dual-engine" industrial chain driving high demand for chromium salts, SOFC (Solid Oxide Fuel Cell) technology is poised to further elevate the sector, potentially making chromium salts a scarce resource in AI-powered electricity development.
Key insights from Sealand Securities include: - **SOFC Composition and Chromium Demand**: SOFC fuel cells consist of electrodes, electrolytes, and interconnects. Bloom Energy’s patented interconnect design uses 95% pure chromium and 5% pure iron, manufactured via powder metallurgy, significantly increasing chromium consumption. Based on Bloom Energy’s technical specifications, each interconnect weighs 216g, requiring 205.2g of chromium. With a single SOFC generating 25W, 1GW of SOFC capacity would demand 8,200 tons of chromium and 29,500 tons of sodium dichromate. Bloom Energy plans to double its annual production capacity from 1GW to 2GW by 2026.
- **Supply-Demand Imbalance**: Sealand Securities projects a chromium salt supply gap of 340,900 tons by 2028, representing a 32% deficit, underscoring significant market elasticity.
- **AI and Data Center Demand**: Bloom Energy forecasts 35GW of new data center capacity over the next five years—six times New York City’s annual energy consumption. To meet this demand, data centers are adopting on-site power systems, with 30% expected to rely on them as primary energy sources by 2030. SOFC’s higher energy conversion efficiency positions it as a cost-competitive alternative to gas and steam turbines, extending its potential beyond AI data centers to fossil-fuel-based power generation.
**Investment Recommendations**: Sealand Securities maintains a "Recommended" rating for the SOFC sector, citing AI-driven demand and expanding production. Top picks include: - **Zhenhua Chemical (603067.SH)**: Global chromium salt leader. - **Sanhua Group**: Core supplier of electrolyte separator plates for Bloom Energy. - **Yishi Technology (688733.SH)**: Key provider of SOFC materials, with a pilot project slated for 2025. - **Weichai Power (000338.SZ)**: Advancing SOFC commercialization with partnerships in China and CeresPower.
**Risks**: Intensified competition, economic downturns, price volatility, geopolitical tech restrictions, and potential deviations from earnings forecasts.
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