Guoyuan Securities·2025-10-31 05:10Investment Rating - The report provides a "First Recommendation" for the deep-sea technology industry [7] Core Insights - The deep-sea technology sector is increasingly recognized as a key area for national development, with significant policy support and strategic importance under the "Marine Power" initiative [2][25] - The industry is experiencing a surge in market activity, with leading companies enhancing their technological capabilities and market presence, evidenced by a substantial IPO financing scale of 11.4 billion yuan in 2024 [3][35] - Key technological breakthroughs are being achieved, moving the industry towards a more autonomous and self-sufficient development model [4] Summary by Sections 1. Development Window for Deep-Sea Technology - Deep-sea technology is crucial for the development of the marine economy, focusing on resource exploration and sustainable development in deep-sea areas [13] - The central government has shifted its focus to deep-sea technology as a strategic pillar of the "Marine Power" initiative, with various supportive policies being implemented [20][25] - Local governments are actively creating plans and measures to foster deep-sea technology, enhancing regional competitiveness [27][28] 2. Insights into China's Marine Economy - The marine economy's total output surpassed 10 trillion yuan in 2024, with a growth rate of 5.9%, outpacing the national GDP growth [35][39] - The marine economy is characterized by a diversified structure, with the tertiary sector contributing the most to the marine GDP [39] 3. Deep-Sea Technology Industry Chain and Key Enterprises - The deep-sea technology industry comprises a complete chain from upstream raw materials and components to midstream equipment manufacturing and downstream applications [45] - Key upstream companies include Baotai Co., West Materials, and Guangwei Composite, which are pivotal in providing essential materials for deep-sea equipment [47][49][50] - Midstream equipment manufacturers are focusing on deep-sea detection and sensing equipment, with significant advancements in manned submersibles and unmanned underwater vehicles [56][61] 4. Investment Recommendations - The report suggests focusing on upstream material and component companies such as Baotai Co., West Materials, and Guangwei Composite; midstream equipment manufacturers like China CNR, Zhenhua Heavy Industries, and China Shipbuilding; and downstream application companies like China National Offshore Oil Corporation [5]