华电科工（601226）：公司点评：2023业绩超预期，2024有望加速放量

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][11]. Core Insights - The company reported a total revenue of 10.426 billion yuan for 2025, representing a year-on-year growth of 38.26%. The net profit attributable to shareholders was 157 million yuan, up 36.06% year-on-year [3]. - New signed sales contracts reached a record high of 18.229 billion yuan, marking a 27.73% increase compared to the previous year. The backlog of contracts stood at 21.1 billion yuan at the end of 2025, providing a solid foundation for future performance [3]. - The hydrogen energy business achieved commercialization breakthroughs, with annual revenue of 8 million yuan, a growth of 1.37%. Key developments included the selection of a project for national-level pilot status and the successful operation of three hydrogen production projects [3]. - The marine engineering segment saw revenue double to 2.512 billion yuan, a 102.06% increase, benefiting from the booming offshore wind power sector [3]. - Traditional business segments also showed robust growth, with material transportation revenue at 2.290 billion yuan (up 55.78%), thermal engineering at 2.141 billion yuan (up 17.71%), and high-end steel structures at 3.385 billion yuan (up 16.42%) [4]. Financial Projections - The company is projected to achieve net profits of 235 million yuan, 304 million yuan, and 388 million yuan for the years 2026, 2027, and 2028, respectively, with corresponding P/E ratios of 45.96, 35.61, and 27.89 [5][8]. - Revenue growth rates are expected to stabilize at around 15% for the next few years after the significant growth in 2025 [8]. Business Segments Performance - The hydrogen energy business is expected to become a significant growth driver, supported by a complete industrial chain from wind and solar energy to hydrogen production and green methanol [3]. - The marine engineering business is positioned to continue benefiting from high industry demand, having engaged in over 40 offshore wind projects [3]. - Traditional business lines are anticipated to maintain steady growth due to supportive policies and the demand for new energy infrastructure [4].