HHI(SH:601226) GUOTAI HAITONG SECURITIES·2026-01-05 13:46Investment Rating - The report maintains a rating of "Buy" for the company [3][8]. Core Views - The offshore wind power business of the company is expected to benefit from an increase in demand, with new orders and performance releases likely to accelerate. The hydrogen energy business aims to create an integrated model of "wind-solar-hydrogen-green ammonia," which will benefit from ongoing policy support [2][4]. Financial Forecast - The report forecasts EPS growth of 66%/13%/10% for 2025-2027, with projected EPS of 0.16/0.19/0.20 yuan respectively. The target price is set at 10.50 yuan, corresponding to a PE ratio of 66 times for 2025 [3][21]. - Total revenue is projected to increase from 7,174 million yuan in 2023 to 10,757 million yuan in 2027, reflecting a growth rate of 5.1% in 2024 and 15.3% in 2025 [6][15]. Business Segments - The company has participated in over 40 offshore wind power, offshore photovoltaic, and marine ranching construction projects as of June 2025. A significant contract for a 1 million kW offshore wind power project in Dandong, Liaoning, worth approximately 3.415 billion yuan, was signed in November 2025, accounting for 45.29% of 2024 revenue [3][25]. - The hydrogen energy technology is leading in the industry, with the company achieving mass production of advanced proton exchange membranes, filling a domestic gap. The company’s order backlog and new contracts have reached historical highs, indicating a potential for rapid growth in the latter part of the "14th Five-Year Plan" [4][28]. Market Trends - The report highlights a favorable outlook for the marine economy, with policies supporting offshore wind power expected to open up market opportunities. The average annual installed capacity for offshore wind power is projected to reach 20 GW during the "14th Five-Year Plan" [3][21]. - The company is also expanding its smart port and high-end steel structure businesses, which are expected to benefit from equipment renewal and smart upgrades during the "14th Five-Year Plan" [5][27].