能源和电力是经济高速增长和硬核科技进步的基石。进入新世纪以来，能源清洁化成为人类文明发展到 一定阶段后基于自身安全提出的重要追求，然而时至今日，氢能作为真正意义上零排放的能源，仍未在 全球能源体系中占据重要角色。追根溯源，这是因为能源替代严格遵循成本逻辑和产业链效益，摆在大 规模应用面前的难题，主要是产业链基础设施不完善导致的成本过高，以及下游难以承受相对较高的用 氢成本。 不过，随着可再生能源时代的来临，可再生能源的规模化发展，使得大规模边际成本为零的电力为压低 制氢成本提供了可能性，同时中国政府持续加大氢能全产业链设施和新基建投入，氢能降本进程有望就 此提速，后续氢能产业或将"跑步"奔向大规模商业化。 氢能产业处在由量变向质变过渡的"前夜"，产业链相关公司的投资价值自然也值得重视。就拿刚刚披露 了中报的国富氢能（02582）来说，公司在氢能领域形成了产业链设备一体化布局，深耕氢瓶、液氢装 备、电解槽等氢能核心设备环节，覆盖"制、储、运、加、用"全产业链，具备卡位优势，预计势必会充 分受益全球氢能行业高速增长的贝塔。 战略投入期蓄势待发 作为国家能源战略转型的重要方向，氢能产业正处于政策驱动向"政策+市场" ...

能源和电力是经济高速增长和硬核科技进步的基石。进入新世纪以来，能源清洁化成为人类文明发展到 一定阶段后基于自身安全提出的重要追求，然而时至今日，氢能作为真正意义上零排放的能源，仍未在 全球能源体系中占据重要角色。追根溯源，这是因为能源替代严格遵循成本逻辑和产业链效益，摆在大 规模应用面前的难题，主要是产业链基础设施不完善导致的成本过高，以及下游难以承受相对较高的用 氢成本。 目前，氢能产业链企业普遍面临着一定的盈利压力。归纳而言，眼下制约相关企业兑现盈利潜力的负面 因素主要有三：其一，由于氢能产业链未形成规模就提前进入市场化竞争新阶段，产品价格面临阶段性 下行压力；其二，目前属于新扶持政策尚未落地的空窗期，部分企业出于消化库存等目的采取降价策 略，加剧了市场竞争；其三，长输管道和液氢等高效储运技术尚未普及导致用氢成本居高不下，燃料电 池汽车市场增长放缓，对上游加氢站等的投资积极性产生一定传导影响。 受行业阶段性调整影响，上半年国富氢能依然未能完成扭亏为盈。但积极的一面是，得益于报告期内公 司收回了部分大额应收帐款，新业务开始贡献收益，以及各项成本开支有所减少，再叠加政府补助和电 费收入，国富氢能的亏损规模同比 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [3][7]. Core Views - The company achieved a revenue of 20.055 billion yuan in 2024, a year-on-year increase of 14.35%, and a net profit of 445 million yuan, up 15.20% year-on-year. The fourth quarter of 2024 saw a revenue of 6.989 billion yuan, marking a 41.61% increase year-on-year and a 58.67% increase quarter-on-quarter [3][4]. - The wind power industry is thriving, with the company's wind blade sales reaching 21.22 GW in 2024, a 33.54% increase year-on-year, generating revenue of 8.2 billion yuan, up 22.37% year-on-year. The first quarter of 2025 continued this trend with revenue of 1.718 billion yuan, a 29.88% increase year-on-year [3][4]. - The automotive parts segment achieved a record high revenue of 7.101 billion yuan in 2024, a 3.51% increase year-on-year. The first quarter of 2025 saw a revenue of 1.668 billion yuan, a decrease of 9.75% year-on-year [4]. - The rail transit segment reported a revenue of 2.355 billion yuan in 2024, a 25.60% increase year-on-year, with both domestic and overseas markets reaching historical highs [5][6]. Financial Summary - The company is projected to achieve revenues of 22.639 billion yuan, 24.583 billion yuan, and 26.628 billion yuan from 2025 to 2027, representing year-on-year growth rates of 12.9%, 8.6%, and 8.3% respectively. Net profits are expected to reach 691 million yuan, 867 million yuan, and 1.063 billion yuan, with growth rates of 55.3%, 25.5%, and 22.6% respectively [7][9]. - The earnings per share (EPS) are forecasted to be 0.84 yuan, 1.05 yuan, and 1.29 yuan for the years 2025 to 2027, with corresponding price-to-earnings (P/E) ratios of 14.1, 11.2, and 9.1 [7][9].

Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Views - The company reported a revenue of 20.055 billion yuan in 2024, a year-on-year increase of 14.35%, and a net profit attributable to shareholders of 445 million yuan, up 15.20% year-on-year [3] - The wind power blade sales have seen rapid growth, with a sales volume of 21.22 GW in 2024, representing a year-on-year increase of 33.54% [4] - The automotive segment achieved record sales revenue of 7.101 billion yuan in 2024, marking a 3.51% year-on-year increase [5] - The rail transit segment also showed steady growth, with sales revenue of 2.355 billion yuan in 2024, up 25.60% year-on-year [6] Financial Performance Summary - The company is projected to achieve revenues of 22.639 billion yuan, 24.583 billion yuan, and 26.628 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 12.9%, 8.6%, and 8.3% [9] - The net profit attributable to shareholders is expected to reach 691 million yuan, 867 million yuan, and 1.063 billion yuan for the years 2025, 2026, and 2027, reflecting growth rates of 55.3%, 25.5%, and 22.6% [9] - The earnings per share (EPS) are projected to be 0.84 yuan, 1.05 yuan, and 1.29 yuan for the years 2025, 2026, and 2027, with corresponding price-to-earnings (P/E) ratios of 14.1, 11.2, and 9.1 [9] Market Data - As of May 13, 2025, the closing price of the company's stock was 11.78 yuan, with a year-to-date high of 14.90 yuan and a low of 8.52 yuan [2]