电力设备行业专题：绿色甲醇发展前景分析-交通领域主流替代燃料，融合绿氢发展前景广阔

Investment Rating - The report rates the green methanol industry as "Outperform the Market" [1][2][220]. Core Viewpoints - Green methanol, produced from renewable energy, is an ideal alternative fuel with significant growth potential in the transportation sector. The global consumption of methanol reaches 126 million tons annually, with a market value exceeding 300 billion yuan [1]. - The transition to green methanol is driven by global net-zero emission policies, leading to a shift from traditional coal-based methanol production to renewable energy sources [1]. - The report highlights the economic viability of various green methanol production routes, particularly electrolysis-based methods, which are expected to dominate the market in the future [1][2]. Summary by Sections Industry Overview - Green methanol is produced from biomass, captured CO2, and green hydrogen, achieving near-zero emissions throughout its lifecycle [1]. - The global shipping industry is under pressure to decarbonize, with green methanol projected to account for 42% of fuel usage by 2050, translating to a demand of approximately 190 million tons [1]. Production Routes - The report identifies four main production routes for green methanol: electrolysis, biomass gasification, biomass coupled with green hydrogen, and biomass fermentation to methane [1][40]. - Current production costs for electrolysis-based green methanol are around 4500-4600 yuan per ton, with potential reductions to 2100-2200 yuan per ton in the future [55][61]. Market Demand - The demand for green methanol is expected to grow significantly, particularly in the shipping sector, where it is seen as a key alternative fuel [1][120]. - In the chemical industry, green methanol is anticipated to gradually replace traditional methanol, driven by its applications in producing olefins and formaldehyde [134]. Company Analysis - The report recommends focusing on companies with a forward-looking approach to green methanol, specifically Jin Feng Technology and Yun Da Co., which are expected to see significant growth post-2026 [1][219][220]. - Key companies involved in green methanol projects include Jin Feng Technology, Yun Da Co., and various state-owned enterprises, all of which are actively investing in green methanol production [173][191][197][203].