GUOTAI HAITONG SECURITIES·2026-03-09 06:31Investment Rating - The report assigns an "Accumulate" rating for the industry [1] Core Insights - The concept of "computing and electricity synergy" has been included in the government work report for the first time, emphasizing the implementation of large-scale intelligent computing clusters and the construction of a new power system [3][4] - The report highlights that integrated computing and electricity enterprises have the most competitive advantages, with expectations for increased operational efficiency and reduced energy costs through smart scheduling software and green electricity operations [4] - The report identifies strong thematic correlations among integrated computing, smart scheduling, green electricity operations, computing operations, power equipment, and design engineering [4] Summary by Sections Industry Overview - The report discusses the significant role of "AI + Energy Power" in the construction of national computing hubs, with major investments in projects like the 41 billion yuan smart zero-carbon data center in Gansu [5] - It notes that the company has a leading position in the design and construction of high-voltage direct current projects and has launched the world's first 660MW compressed air energy storage solution [5] Company Performance - China Energy Construction has a cumulative new energy indicator exceeding 76 million kilowatts by mid-2025, with a total installed capacity of 20.28 million kilowatts [5] - China Power Construction has signed contracts for data center projects exceeding 10 billion yuan for the first time in 2024, with significant contributions from hydropower and wind energy projects [6] - Huadian Heavy Industry has demonstrated strong capabilities in wind and solar construction, with over 3.5 million kilowatts of offshore wind and photovoltaic projects under construction [6] Financial Projections - The report provides earnings per share (EPS) forecasts for key companies, with China Energy Construction projected to achieve EPS of 0.21 yuan in 2025, increasing to 0.24 yuan by 2027 [10][14] - China Power Construction's EPS is forecasted to be 0.66 yuan in 2025, with a target price of 6.58 yuan based on a 10x price-to-earnings (PE) ratio [18] - Huadian Heavy Industry's EPS is expected to rise significantly, with a target price of 15 yuan based on a 60x PE ratio [23]