Investment Rating - The report assigns an "Outperform" rating to the company, marking its first coverage [5]. Core Insights - The company is positioned as the only green hydrogen-based energy platform under the State Power Investment Corporation, with a dual-track development strategy focusing on "New Energy +" and "Green Hydrogen Energy" [1][14]. - The company has a total installed capacity of 14.44 million kW as of 2024, with renewable energy sources (wind, solar, biomass) accounting for 76.9% of this capacity [1][17]. - The profitability of coal-fired power generation is expected to stabilize due to improvements in the pricing mechanism, transitioning from a single pricing model to a two-part pricing model, which will reduce revenue volatility [1][38]. - The company is actively developing its green hydrogen business, leveraging abundant wind and solar resources to produce green hydrogen and ammonia, with significant projects already in operation and under construction [2][14]. Summary by Sections Company Overview - The company has transitioned from traditional coal power to a focus on renewable energy, with its revenue from renewable sources expected to exceed 50% by 2024 [14]. - The company has established a comprehensive business model that includes power generation, heating, green hydrogen energy, and smart energy solutions [14]. Financial Performance - The company's revenue is projected to decline slightly in the coming years, with net profit expected to drop significantly in 2025 before recovering in subsequent years [3][24]. - The earnings per share (EPS) are forecasted to be 0.15, 0.22, and 0.25 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 47.1, 31.0, and 27.7 [3][4]. Market Trends - The report highlights the ongoing marketization of new energy generation, which is expected to lead to reasonable profit levels for the company as it continues to expand its renewable energy projects [2][60]. - The company is also addressing the challenges of renewable energy consumption, particularly in regions where supply exceeds demand, leading to increased curtailment rates [54][57]. Profitability and Cash Flow - The company's coal-fired power generation is expected to contribute stable cash flow, despite a projected decline in utilization hours due to the rise of renewable energy [51][52]. - The report notes improvements in the company's cash flow management, with operating cash flow remaining stable and financing cash flow increasing significantly [30][32].

行业研究 · 行业投资策略 电子 · 半导体 投资评级：优于大市（维持） 证券分析师：胡剑 证券分析师：胡慧 证券分析师：张大为 证券分析师：詹浏洋 证券分析师：李书颖 S0980521080001 S0980521080002 S0980524100002 S0980524060001 S0980524090005 2026年02月10日 证券研究报告 | 半导体2月投资策略： 存储价格保持强势，模拟芯片周期向上 021-60893306 021-60871321 021-61761072 010-88005307 0755-81982362 hujian1@guosen.com.cn huhui2@guosen.com.cn zhangdawei1@guosen.com.cn zhanliuyang@guosen.com.cn lishuying@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 存储价格保持强势，模拟芯片周期向上 l 1月SW半导体指数上涨18.04%，估值处于2019年以来91.62%分位 2026年1月SW半导体指数上涨18.04%，跑赢电子行业7.53pct ...

- The report does not contain any quantitative models or factors for analysis[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company is expected to achieve total sales of over 400 million units across all categories by 2025, with the product line "THE MONSTERS" alone projected to exceed 100 million units in global sales [2][3] - The company's IP matrix is healthy, with recent hits expected to accelerate IP potential growth during the Spring Festival, indicating strong operational capabilities and overseas expansion potential [2][4] - The current valuation is considered low, with room for recovery, and the company is expected to maintain its profitability forecasts, with net profits projected to grow significantly from 120.2 billion to 208.9 billion from 2025 to 2027 [2][10] Summary by Sections Sales and Distribution - The company announced that by the end of 2025, it will have over 700 global stores, covering more than 100 countries and regions, supported by six major supply chain bases [3] IP Matrix and Product Innovation - The company's IP matrix, anchored by LABUBU and supported by other established IPs like MOLLY and SKULLPANDA, showcases a wide range of styles and strong growth potential [4] - Recent product launches, such as the PUCKY series and collaborations like SKULLPANDA × My Little Pony, have demonstrated the company's innovation capabilities, with significant demand and price premiums observed in the market [6] Financial Projections - The company forecasts net profits of 120.2 billion, 170.5 billion, and 208.9 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 284.4%, 41.9%, and 22.6% [2][10] - Current price-to-earnings ratios are projected at 27.3, 19.3, and 15.7 for the years 2025, 2026, and 2027, indicating a favorable valuation outlook [10][12]

证券研究报告 | 2026年02月10日 2026年02月10日 电投绿能（000875.SZ） 优于大市 国电投集团唯一绿色氢基能源平台，项目陆续落地发展前景广阔 公司概况：公司为以新能源产业为主营业务的新型绿色能源企业，作为国家 电投集团公司面向全球发展的唯一绿色氢基能源平台，公司确定了"新能源 +"、绿色氢基能源"双赛道"布局发展。截至 2024 年，公司累计装机容量 为 1444.11 万千瓦，其中火电、风电、光伏、生物质装机容量分别为 330、 372、739、3 万千瓦，风光清洁能源装机占比合计为 76.9%。 煤电盈利稳定性提升，公司火电盈利有望趋稳。火电电价机制不断完善，随 着新型电力系统建设推进，火电电价机制逐渐由"单一制电价"转变为"两 部制电价"，煤电收益来源为电量电价+辅助服务+容量电价，火电盈利模式 转变，盈利水平趋于稳健。随着未来容量电价提升，电量电价收入占比逐步 下降，公司火电收入波动性下降，火电盈利趋于稳定。 新能源发电市场化推进，未来有望实现合理收益水平。136 号文在推动新能 源全面参与市场的同时建立新能源可持续发展价格结算机制，促进新能源项 目实现合理收益水平。公司新能源 ...

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [5]. Core Views - The company benefits from a high profitability cycle in the aluminum industry, being a leading player with significant production capacity [1][3]. - The company has a stable supply of bauxite, with over 80% sourced from a joint venture, ensuring cost advantages and reduced resource risk [25][29]. - The company maintains a high dividend payout ratio, committing to a minimum of 80% cash dividends over the next three years [2][43]. Financial Performance and Forecast - The company is projected to achieve revenues of 1662 billion, 1773 billion, and 1773 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 193.1 billion, 292.1 billion, and 303.9 billion yuan [3][66]. - The earnings per share (EPS) are expected to be 1.48, 2.24, and 2.33 yuan for the years 2025, 2026, and 2027 respectively [3][66]. - The company’s reasonable valuation range is estimated to be between 31.4 and 35.8 yuan, indicating a premium of 7% to 22% compared to its current market value [3][5]. Business Analysis - The company has a geographical advantage in its alumina production, with all 19 million tons of capacity located in Shandong, leading to lower transportation costs compared to inland regions [1][29]. - The company’s electrolytic aluminum production capacity is strategically located, allowing for reduced logistics costs and improved profitability [1][39]. - The company plans to transfer part of its production capacity to Yunnan, which is expected to lower costs and carbon emissions due to the use of hydropower [42]. Cost Structure - The company faces higher electricity costs, currently at 0.51 yuan per kWh, but there is potential for future reductions as local electricity prices decrease [2][37]. - The company’s operational efficiency is high, with a focus on maintaining low accounts receivable and managing inventory effectively [46]. Market Position - The company is the second-largest aluminum producer globally, with a significant market share in both alumina and electrolytic aluminum [1][3]. - The company’s strong cash flow and stable supply chain position it well for future growth in a high-demand market [43][66].

2026年02月10日 证券研究报告 | 哔哩哔哩（9626.HK)深度 跨越盈利拐点，A I应用与游戏品类扩张加速商业化价值释放 公司研究 · 深度研究 传媒 · 传媒 投资评级：优于大市（维持评级） 证券分析师：张衡 证券分析师：熊莉 证券分析师：云梦泽 证券分析师：陈瑶蓉 021-60875160 021-61761067 021-60933155 021-61761058 S0980517060002 S0980519030002 S0980525110001 S0980523100001 zhangheng2@guosen.com.cn xiongli@guosen.com.cn yunmengze@guosen.com.cn chenyaorong@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 国内领先的PUGV平台，生态护城河持续筑牢。哔哩哔哩（B站）成立于2009年，历经十余年从二次元社群向全品类视频平台的成功"破圈"，现已发展为国内最大的基于UP主生 态的PUGC（专业用户生产内容）视频平台 。其核心竞争力在于构建了一个高壁垒、强关注且高粘性的视频兴趣社 ...

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [5]. Core Insights - The company is a leading player in the aluminum industry, benefiting from a high industry boom cycle, with over 70% of its revenue coming from electrolytic aluminum [1][3]. - The company has a stable supply of bauxite, with over 80% sourced from a joint venture, which helps mitigate resource risks [1]. - The geographical advantage of the company's production facilities leads to lower transportation costs compared to inland competitors [1][29]. - The company has a high dividend payout ratio, committing to a minimum of 80% cash dividends over the next three years [2][43]. Financial Projections - Revenue projections for 2025-2027 are estimated at 1662 billion, 1773 billion, and 1773 billion yuan, respectively, with net profits of 193.1 billion, 292.1 billion, and 303.9 billion yuan [3][66]. - The earnings per share (EPS) are projected to be 1.48, 2.24, and 2.33 yuan for the years 2025, 2026, and 2027, respectively [3][66]. - The company's reasonable valuation range is estimated to be between 31.4 and 35.8 yuan, indicating a premium of 7% to 22% over the current market value [3][72]. Business Analysis - The company has a robust supply chain for bauxite, with stable pricing and a significant cost advantage in alumina production due to its coastal location [1][29]. - The electrolytic aluminum production capacity is strategically located, allowing for lower transportation costs and better access to markets [1][39]. - The company plans to transfer production capacity to Yunnan, which will reduce costs and carbon emissions due to lower electricity prices and a higher proportion of hydropower [42]. Market Position - The company is positioned as the second-largest aluminum producer globally, with a total capacity of 646 million tons of electrolytic aluminum and 19 million tons of alumina [1][13]. - The company benefits from a favorable regulatory environment that restricts new capacity in coastal regions, solidifying its competitive advantage [31][35].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market benchmark by over 10% [5][11][30]. Core Insights - The report highlights significant developments in commercial aerospace, humanoid robots, and AI infrastructure, suggesting a positive outlook for investment opportunities in these sectors [2][3][4][5]. - Tesla's third-generation humanoid robot is set to be unveiled, with an anticipated production capacity of one million units annually, which may catalyze market sentiment [3][18]. - SpaceX's acquisition of AI company xAI is expected to accelerate the development of space computing capabilities, enhancing rocket launch demand and opening new application scenarios [2][18]. - Amazon's projected capital expenditure for 2026 is expected to reach $200 billion, reflecting a more than 50% year-on-year increase, driven by investments in data centers to meet surging AI demands [4][19]. Summary by Relevant Sections Commercial Aerospace - The acquisition of xAI by SpaceX is anticipated to foster synergistic growth in space computing and applications, leading to increased rocket launch demand. The report emphasizes the importance of the rocket segment and recommends focusing on key players in the SpaceX supply chain and domestic commercial rocket manufacturers [2]. Humanoid Robots - The upcoming launch of Tesla's Optimus V3 humanoid robot is expected to enhance its capabilities, including improved dexterity and learning abilities. The report suggests that this development may lead to a recovery in market sentiment for the sector, with a focus on core suppliers and companies with strong market positions [3][9]. AI Infrastructure - The report expresses optimism regarding the AI infrastructure sector, particularly in light of Amazon's substantial capital expenditure plans. It highlights the importance of the gas turbine and liquid cooling segments, recommending key players in these areas to capitalize on the high demand for AI data center energy supply [4][9].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company has crossed the profitability inflection point, with accelerated commercialization of AI applications and expansion in gaming categories [2] - Bilibili has established itself as the leading PUGV platform in China, successfully transitioning from a niche community to a comprehensive video platform, with a strong user base and high engagement metrics [4] - The business structure has been optimized, with advertising and gaming driving revenue growth, showcasing resilience and flexibility in revenue generation [5] - Financial performance has improved significantly, with the company expected to achieve profitability in 2025, marking a pivotal moment in its financial trajectory [6] - The investment logic indicates a short-term safety margin and long-term growth potential, with projected net profits for 2025, 2026, and 2027 at 2.548 billion, 3.366 billion, and 4.576 billion RMB respectively [7] Company Overview - Bilibili, founded in 2009, has evolved into the largest PUGC video platform in China, characterized by a high barrier to entry and strong user engagement [4][16] - As of Q3 2025, the platform's MAU and DAU reached 376 million and 117 million respectively, both historical highs, indicating strong user loyalty [4][23] Business Structure - The company's revenue is diversified across four main segments: value-added services, advertising, gaming, and IP derivatives, with value-added services being the largest revenue source [5][40] - Advertising revenue grew by 21% year-on-year in the first three quarters of 2025, significantly outperforming the industry average [5][52] Financial Performance - The company achieved a significant turnaround in financial performance, with a quarterly profit in Q3 2024 and expectations for full-year profitability in 2025 [6][70] - Operating cash flow turned positive in 2023, with further growth to 5.308 billion RMB in the first three quarters of 2025, indicating strong self-sustaining capabilities [6][70] User Ecosystem - The user demographic has expanded, with the average age increasing from 21 in 2018 to 26 in 2024, indicating a broader appeal and potential for monetization [88] - Monthly active paid users reached 35 million, reflecting a strong conversion of users into paying customers [88] Gaming Business - The gaming segment has seen a strategic shift from a focus on niche genres to broader IP categories, with the successful launch of the SLG game "Three Kingdoms: Strategy" contributing significantly to revenue growth [55][99] - The gaming revenue for the first three quarters of 2025 reached approximately 48.54 billion RMB, a year-on-year increase of nearly 27% [99] Advertising Business - The advertising segment has shown consistent growth, with revenue increasing from 0.817 billion RMB in 2019 to 8.189 billion RMB in 2024, and a 21% increase in the first three quarters of 2025 [52][70] Cost Management - Content costs are significantly lower than traditional long-video platforms, with only 10% of revenue allocated to content costs in 2024, compared to 75% for competitors [6][75] - The sales and marketing expense ratio has decreased to 16% in 2024, indicating a shift away from aggressive spending for growth [80]