Shanghai REFIRE Group Ltd. Class H (2570) has received a new Buy rating, initiated by CMB International Securities analyst, Ji Shi.
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Ji Shi has given his Buy rating due to a combination of factors that highlight both policy tailwinds and the company’s strategic positioning. He expects a significantly enlarged national subsidy program for hydrogen and fuel cell applications starting around 2026, which should sharply increase fuel cell vehicle volumes and stimulate related hydrogen infrastructure, directly benefiting Refire’s core businesses.
At the same time, Ji Shi forecasts that technology progress and scale effects will substantially lower fuel cell system costs, making fuel cell heavy-duty trucks increasingly competitive with diesel from around 2027 and unlocking meaningful long‑haul market share. On this backdrop, he projects strong revenue growth for Refire through 2027, a gradual reduction in losses, and eventual operating profitability, supporting a valuation of 4x FY27E P/S and underpinning his Buy recommendation.