Investment Rating - The investment rating for the company is maintained at "Neutral" [2][15]. Core Insights - The company signed a significant contract worth 815 million yuan with its controlling shareholder, Huadian Group, to supply core equipment for a green methanol project in Liaoning, marking a new growth opportunity [3][7]. - The green methanol production capacity in China is expected to reach 10 million tons by 2030, with an average annual increase of 2 million tons [4][11]. - The market for green methanol equipment is projected to exceed 13 billion yuan annually, with the company positioned to benefit from this growth [4][9]. Summary by Sections Contract Details - The contract includes the supply of electrolyzers, CO2 compression and purification, methanol synthesis and processing, and storage tanks for the integrated demonstration project [3][7]. - The contract structure consists of three main components: hydrogen system equipment (649 million yuan), CO2 treatment and methanol system equipment (124 million yuan), and storage tank equipment (42 million yuan) [8]. Market Potential - The annual investment in green methanol equipment is estimated at 13 billion yuan, with specific allocations for CO2 treatment and methanol synthesis equipment (2.1 billion yuan), hydrogen and CO2 storage tanks (800 million yuan), and hydrogen system investments (10.1 billion yuan) [4][10]. - The company’s full-chain equipment for electro-methanol production is applicable to all green methanol projects, enhancing its market position [9]. Company Performance - In the first three quarters of 2025, the company reported a revenue of 6.534 billion yuan, a year-on-year increase of 32.6%, and a net profit of 120 million yuan, up 11.6% [6][14]. - The gross margin for the same period was 11.0%, reflecting a year-on-year increase of 1.8 percentage points [14]. Profit Forecast - The profit forecast for 2025-2027 has been adjusted downward, with expected net profits of 205 million yuan, 296 million yuan, and 326 million yuan respectively, reflecting growth rates of 78%, 44%, and 10% [15].

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2][3] Core Insights - The first large-scale "CO2 + Green Hydrogen" methanol production project in China has been initiated, with a significant contract signed by Huadian Technology for the supply of core equipment, indicating a strategic opportunity in the green methanol equipment market, which is expected to exceed 10 billion annually [3][9] - By 2030, China's green methanol production capacity is projected to reach approximately 10 million tons, with an average annual increase of 2 million tons [4][7] - The investment in green methanol equipment is estimated to reach 13 billion annually from 2026 to 2030, with specific allocations for CO2 processing and methanol synthesis equipment, as well as hydrogen and storage tank investments [4][7] Summary by Sections Project Announcement - On December 19, Huadian Technology announced a major contract worth 815 million (including tax) to supply equipment for a 450,000 kW wind power hydrogen production coupled with green methanol project in Liaoning [3][5] Market Potential - The green methanol equipment market is expected to reach an annual investment of 13 billion, with specific annual investments of approximately 2.1 billion for CO2 processing and methanol synthesis equipment, and 800 million for hydrogen and storage tank equipment [4][7][8] - The annual demand for electrolyzers in the green methanol industry is projected to be 2 GW, corresponding to an annual investment of 10.1 billion for hydrogen systems and supporting facilities [4][7] Project Details - The Liaoning Huadian project is the first large-scale "Green Hydrogen + CO2" methanol production project in China, with a total investment of 3.945 billion, expected to produce 100,000 tons of green methanol and 19,000 tons of green hydrogen annually [8]