HHI(SH:601226) Guoxin Securities·2025-12-23 02:52Investment Rating - The investment rating for the company is maintained at "Neutral" [2][6][15] Core Insights - The company signed a significant contract worth 815 million yuan with its controlling shareholder, providing core equipment for a green methanol project, which is the first large-scale "CO2 + green hydrogen" methanol production project in China [3][11] - By 2030, China's green methanol production capacity is expected to reach approximately 10 million tons, with an annual increase of 2 million tons [4][10] - The green methanol equipment market is projected to exceed 13 billion yuan annually, with the company positioned to benefit from the large-scale construction of green methanol capacity [4][9] Summary by Sections Contract Details - The contract includes the supply of electrolysis systems, CO2 compression and purification, methanol synthesis, and storage tanks for the Liaoning project [3][7] - The contract structure consists of three main parts: hydrogen system equipment (649 million yuan), CO2 treatment and methanol system equipment (124 million yuan), and storage tank equipment (42 million yuan) [8] Market Potential - The annual investment in green methanol equipment is estimated to reach 13 billion yuan, with specific allocations for CO2 treatment and methanol synthesis equipment (2.1 billion yuan) and hydrogen, CO2, and methanol storage equipment (800 million yuan) [4][10] - The demand for electrolyzers in the green methanol industry is projected to be 2 GW annually, corresponding to an investment of 10.1 billion yuan for hydrogen systems and supporting facilities [4][10] Company Development - The company is actively developing strategic emerging industries represented by green hydrogen, with various equipment for green hydrogen and methanol production [5][12] - The company has launched the "Huazhen" and "Huahan" series of electrolyzer products, achieving domestic substitution of core materials and establishing large-scale production capabilities [5][13] - In the first three quarters of 2025, the company reported a revenue of 6.534 billion yuan, a year-on-year increase of 32.6%, and a net profit of 120 million yuan, up 11.6% year-on-year [6][14] Profit Forecast - The profit forecast for 2025-2027 has been adjusted downward, with expected net profits of 205 million yuan, 296 million yuan, and 326 million yuan, respectively, reflecting growth rates of 78%, 44%, and 10% [6][15]