Guoxin Securities·2025-07-26 11:10Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [2][7]. Core Viewpoints - The global first large-scale green hydrogen coupled biomass gasification to produce green methanol integrated demonstration project has been officially launched, providing a new technical route and business model for large-scale green electricity consumption [3][4]. - The green methanol market is expected to have significant applications in transportation, chemicals, and energy sectors, with a broad future market space [3][8]. - The project by Hong Kong and China Gas has successfully delivered 5,000 tons of ISCC EU certified green methanol for its Singapore refueling operations, marking a significant step in the green methanol business [6]. Summary by Sections Project Developments - The Shanghai Electric Taonan City wind power coupled biomass green methanol project has officially launched its first phase with an annual production capacity of 50,000 tons, and the second phase is expected to start construction in the second half of the year [4]. - The project includes advanced facilities such as a 67.2 MW wind power system and a 10,000 Nm³ hydrogen storage unit, aiming for a total annual production of 250,000 tons of green methanol upon full operation [4][5]. Market Opportunities - The establishment of joint ventures, such as the one between Hong Kong and China Gas and Fuan Energy, aims to build green methanol production bases with a target annual capacity of 1 million tons across various regions [8]. - The green methanol production is anticipated to provide a new direction for renewable energy consumption, with significant potential in various industries [3][8]. Financial Projections - The financial forecasts for related companies indicate a positive outlook, with Jin Feng Technology projected to achieve a net profit of 1.86 billion RMB in 2024, increasing to 3.66 billion RMB by 2026 [10]. - Yun Da Co., Ltd. is also expected to see growth, with net profits projected to rise from 460 million RMB in 2024 to 960 million RMB in 2026 [10].