GUOTAI HAITONG SECURITIES·2026-03-17 04:30Investment Rating - The report assigns an "Accumulate" rating for the industry [1] Core Insights - The report highlights the government's initiative to promote hydrogen energy applications, aiming for large-scale implementation in urban areas by 2030, with hydrogen prices expected to drop below 25 RMB per kilogram [4] - Key companies such as China Energy Engineering, Huadian Heavy Industries, and China Steel International are positioned to benefit from the hydrogen energy market [3][5][6] Summary by Relevant Sections Key Company Recommendations - China Energy Engineering is expected to maintain an EPS of 0.21 RMB in 2025, increasing to 0.24 RMB by 2027, with a target price of 3.86 RMB based on a PE of 17.5 for 2026 [14] - Huadian Heavy Industries has seen significant growth in major contracts, with a projected EPS increase from 0.17 RMB in 2025 to 0.28 RMB in 2027, and a target price of 15 RMB based on a PE of 60 for 2026 [18] - China Steel International is also recommended for accumulation, with a focus on its innovative hydrogen-based furnace technology [5][6]