Guoxin Securities·2025-10-08 01:12Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][7]. Core Views - The successful production of green methanol at the 500,000-ton green hydrogen project in Inner Mongolia marks a significant milestone for the company, establishing a solid foundation for its strategic transition from wind power solutions to green energy solutions [3][8]. - The company is expected to capitalize on the long-term growth opportunities in the global wind power market while leveraging green methanol to create a second growth curve, thereby expanding its presence in the global green energy market [3][8]. Financial Projections - The company is projected to achieve net profits of 2.698 billion, 3.673 billion, and 4.496 billion yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of +45%, +36%, and +22% [3][9]. - Earnings per share (EPS) are expected to be 0.64, 0.87, and 1.06 yuan for the years 2025, 2026, and 2027, with dynamic price-to-earnings (PE) ratios of 23.4, 17.2, and 14.1 times [3][9]. Project Highlights - The green methanol project utilizes corn straw as the gasification feedstock, producing 70,000 Nm³/h of synthesis gas (CO+H2), making it the largest biomass gasifier in the world in terms of single furnace scale [4]. - The project has been recognized as one of the first batch of national pilot projects for green liquid fuel technology, which will receive priority support in terms of manufacturing loans and policy incentives [4].