GF SECURITIES·2026-03-10 23:49Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report emphasizes the importance of cost reduction and efficiency improvement in the green methanol industry, highlighting that the economic viability of green methanol will be realized at a price range of 3096 to 3562 CNY per ton under the current EU carbon trading system and IMO net-zero framework [6][15][18] - The report identifies that the current production cost of biomass gasification is lower, while the future potential for electrochemical methanol production is greater due to scalability and cost reduction opportunities [6][15][18] - The report suggests focusing on green methanol producers with cost advantages, including companies like Electric Power Green Energy, Fuan Energy, and Goldwind Technology, which have established projects and technological reserves [6][15][18] Summary by Sections 1. Cost Reduction and Efficiency as Industry Priorities - The EU carbon trading system will fully include the shipping industry by 2026, with a projected price increase of 50% to 79% for fuel prices due to carbon costs [6][22][27] - The IMO net-zero framework will have a limited short-term impact but will cover a significant portion of the global shipping fleet, with implementation expected by 2028 [6][42] - The report stresses that achieving cost reduction and efficiency is crucial for the industry, with a focus on companies that can leverage cost advantages [6][15][18] 2. Current Production Costs and Future Scalability - The production cost of electrochemical methanol is highly dependent on green electricity prices, with potential for costs to decrease significantly in the next five years [6][15][18] - Biomass gasification currently has lower production costs, but scaling up electrochemical methanol production presents greater long-term opportunities [6][15][18] 3. Recommended Companies to Watch - The report highlights several companies in the green methanol space that are well-positioned due to their existing projects and technological capabilities, including Electric Power Green Energy, Fuan Energy, Goldwind Technology, and others [6][15][18]